By TCN News,
Kolkata: Sahulat Microfinance Society, a Delhi-based national level NGO to promote interest-free microfinance in the country, launched Sahulat Business Cooperation Group (SBCG), an interest-free microfinance unit here at Metiaburz area of Kolkata city on 3rd January.
SBCG is member-owned, participatory and works on the principle of interest-free mechanism that provides a great leverage to the members. Sahulat is implementing this project at various areas of the country. The concept of micro business by mutual cooperation is based upon the interest free mechanism. People of the locality attended the inaugural function.
Launching ceremony of SBCG project, organized by Sahulat Microfinance Society in Kolkata
The function started with welcome speech by regional coordinator of Sahulat at Kolkata, Mr. Rabiul Islam. Md. Zakaria Siddique , assistant professor at Institute of Developmental Studies, Kolkata spoke about the cause of recent financial crisis in the world. Mr. Usama Khan of Sahulat Microfinance Society, New Delhi explained to the audience in detail about SBCG project. Prof. Faisal Fasih, a lawyer and serving as research assistant with West Bengal National University of Juridical Sciences said that the interest free financial model can prevent the malfunctioning in any financial system. Mr. Sikandar Ahmad, senior manager at State Bank of India spoke about the benefits of group harmony and how it relates to socio-economic development of society.
Overwhelmed by the idea, some people of the locality took the initial membership of SBCG in launching ceremony.
Sahulat is currently installing canopy at various locations in the city to promote the concept and invite people to join the group.
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