Ghana Islamic Microfinance, a new microfinance company in Ghana, plans to commence operations in September 2010, providing Shariah-compliant microfinance loans to both the Muslim and non-Muslim community. The company is founded on the principles of Islam and Shariah law, which forbids the receiving and paying of interest on loans. The company has seed money of USD 5 million and will attempt to receive a return on its investment from profit-sharing arrangements with its clients. The company will operate as a project of Edikanfo Progressive Foundation, a registered local non-government organization.
Through its offerings of Shariah-compliant microfinance services, the company plans to operate contrary to predatory lending practices. It is planning to offer such products as loans for education or medical services, loans for customers to repay other microloans with high interest rates and Hajj savings accounts to support religious pilgrimages.
By Jennifer Shevock, Research Associate
About Ghana Islamic Microfinance:
The Ghana Islamic Microfinance plans to commence operations in Ghana in September 2010. Its objective is to provide competitive, ethical, Shariah-compliant, interest-free microfinance services and to discourage predatory loan practices in Ghana.
Sources and Additional Resources:
“Islamic Banking Begins Business In September” June 24, 2010. http://business.peacefmonline.com/finance/201006/51182.php
MicroCapital Universe: Ghana Islamic Microfinance: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ghana+Islamic+Microfinance
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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