Micro Finance

Issue of interest-free loans in Kishanbagh through Safa Baitul Maal

            Through Safa Baitul Maal, Kishanbagh area had been surveyed after the riots that occurred in 2014 and during the survey it has gauged that there are small traders in this area who are trapped in the curse of usury and they do trade on push carts by taking Rs.800-1000 as loans on interest. Safa Baitul Maal after knowing the nature of the area decided to promote micro-finance department in the region in order to save the people from the scourge of usury. Alhamdulillah, this service is functional in an organised manner for more than three years; there has been almost cent percent recovery of loans.

            Through Safa Baitul Maal, during the year 2016, loans totalling Rs.2093500 were issued to 355 small traders which were repaid; an additional sum of Rs.167312 has been issued last year and they were made aware of the curse of interest and were encouraged to stay away from interest. The loans are issued periodically under the supervision of the central president of Safa Baitul Maal; the in-charge of the Safa centre Kishanbagh, Mufti Fayaz Ahmad Sahab is assigned to this service, while Abdul Kareem Faheem Sahab, the representative of Kishanbagh area is monitoring.