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Islamic microfinance expands globally
3-5-2017
The largest Islamic Bank in the United Kingdom, Rayan Bank, concluded a partnership with the Islamic Relief Worldwide charity organization (IRW) to promote the latest microfinance initiatives and make them available to its client database in the UK and the Middle East region. On the subject, the head of the Islamic Microfinance Business Unit at IRW, Dr. Mohamad Kroessin, said the purpose is to raise awareness on the significance of Islamic microfinance enterprises which currently represent only 1% of total similar projects globally. According to the Islamic Microfinance Report, and despite the accessibility of financial services to support underprivileged populations, yet many people are hesitant or totally reject benefit from such financial products that are in conflict with Islamic Sharia principles, as they claim. Among projects backed by Rayan Bank, is the Shea Butter initiative in Mali, that was originally established by one woman and later developed into a cooperative comprising at present some 74 women who work in the production of shea butter. As for the proceeds, they go to support the entire community or are re-invested in the project, like for example, in the construction of an enterprise specialized in manufacture and storage, thus enabling more community members to benefit from women entrepreneurial ventures. For his part, Rupert Scofield, president of one of the world’s leading microfinance providers, FINCA International, explained that high unemployment rates in the region, particularly among women and youth, could be improved by microfinance plans. (Al Mustaqbal, April 30, 2017)
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- العربية
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