Sahulat Microfinance Society to promote interest free Islamic banking at all India level
The Sahulat Microfinance Society has decided to promote and facilitate atleast 500 interest-free cooperative branches across the country by the end of 2016. The Society in its meeting held on July 9,2010 also decided to establish four regional offices and training and research units.
The newly formed Sahulat Microfinance Society will mobilize seed money for new cooperatives and branches. It will also provide a framework for networking of cooperatives at the national level.The meeting was inaugurated by Prof. K. A. Siddique Hassan who is the Vice President of Jamaat-e-Islami and has been elected the President of Sahulat Microfinance Society.
In the meeting the working model of Al-Khair Trust was discussed. Al-Khair is registered and functioning as interest-free cooperative since 2002. Al-Khair currently has more than 3000 members with branches in four cities/townships of Bihar.
About Sahulat Microfinance
Sahulat Microfinance was formed on March 2010 in New Delhi after discussion among 21 eminent scholars, economists, professionals and social activists drawn from across the country. Sahulat has been registered as a national-level NGO of non-political, non-profit nature.