JIH state presidents’ meeting on interest-free microfinance project

New Delhi 9th July: JIH state presidents’ meeting on interest free microfinance project was held at the headquarter of JIH, New Delhi on 9th July 2010.
The meeting was chaired by Prof. K. A. Siddique Hassan, president of Sahulat microfinance society and vice president of Jamaat-e-Islami. He presented the success of Sahulat microfinance (which is under vision 2016) achieved till now.
Thereafter, Arshad Ajmal, vice president of Sahulat microfinance gave full information about interest-free microfinance project, the process of registration, need and scope of interest-free microfinance in Indian situation, functioning of interest-free cooperative credit society, project and expected impact of Sahulat scheme of interest-free microfinance. He also gave the example of Al-Khair which is registered and functioning as interest-free cooperative since 2002. He said that Al-Khair an eight years of interest-free cooperative experiment has proved the viability of interest-free micro-financing in India.
Arshad Ajmal also said that Sahulat microfinance will promote and facilitate 500 cooperative branches by the end of 2016 and mobilize seed money for new cooperatives and branches. “It will establish 4 Regional offices and training and research unit along with it will provide framework for networking of cooperatives at the national level,” he added.
Participants agreed to establish the interest-free microfinance institution and Al-Khair co-operative credit society Ltd. in all the states mainly in Bihar, Jharkhand, U.P. & Delhi with the help of Sahulat microfinance and Jamaat zonal office.
Amir-e-Jamaat concluded the speech and appealed everyone to help for establishing and well functioning of interest-free microfinance institution in almost all places of India for the sake of Allah. He further said that when interest-free institution will work and give the benefit to people then the downtrodden section of the society will automatically be uplifted and the souls of people will be awaken from the message of Allah. “Our strategy should be inclusive and effective to cast a positive impact on society,” said Jalaluddin Umri. He wished success to the alternative model of microfinance being launched on interest-free basis with a vision to bring justice and equity in Indian society.