By TCN News,
New Delhi: While the talks and demand for interest-free Islamic banking system is gaining momentum with Muslim clerics and groups holding conferences on the subject in different parts of the country, an all-India level microfinance society called Sahulat Microfinance Society was formed yesterday in New Delhi after marathon discussion among 21 eminent scholars, economists, professionals and social activists drawn from across the country.
The Sahulat Microfinance Society will be a national-level NGO of non-political, non-profit nature. It will be a social service organisation with the set purpose of providing interest-free microfinance options for removing socio-economic disparities and to achieve justice and equity for educationally and financially backward sections of the public at large.
The meeting to form the NGO was held in India International Islamic Cultural Centre. Twenty one eminent scholars, professional and social activists attended the meet chaired by Mr. Sherif Ahmed Cadri from Kerela. After detailed discussion and deliberations on issues relating to socio-economic upliftment of poor mass, it was unanimously resolved to launch a national NGO to be registered in the name of “Sahulat Microfinance Society” with its headquarter in New Delhi and Branch Offices in different regions of the country.
The Society shall be a facilitating and promoting agency for launching interest-free microfinance cooperative movement all over the country. The target for the next five years is to establish at least 500 microfinance units at different places all over the country. A five year Perspective Plan and Budget has been approved.
As per the projected plan, during the next five years, the NGO will set up 500 cooperative units to provide micro-credits to about 7.7 lacs of micro-enterprisers and poor persons without charging any interest. The Perspective Plan with financial projection was thoroughly discussed by financial experts and management professionals in the light of several years’ experiences of other interest-free microfinance institutions running in the country.
The meeting resolved to achieve a 16-point target relating to registration of the NGO and Cooperatives, survey, training & research, establishment of microfinance cooperative branches at ten places and setting up administrative and managerial units of the NGO during the preparatory year 2010-11. The Action Plan and the Budget for 2010-11 was also approved.
The idea of launching the national NGO was actually mooted by Prof. K A Siddique Hassan, Chairman of the Human Welfare Trust as part of the Vision 2016 of the Trust which has envisioned a multi-pronged development plan for socio-economically backward families of the country. The Trust had constituted a Task Force under the guidance of renowned Islamic Economist Prof. Nejatullah Siddiquee in February, 2009. Convener of the Task Force Mr. Arshad Ajaml presented the Action-Completion Report of the Task Force. During the last one year, the Task Force met several times to finalize the blue print of the proposed NGO and the roadmap for launching interest-free microfinance institutions, organized orientation and training camps at the national and State levels, conducted a research study on Interest-free Microfinance Institutions in African, Middle-East and South Asian countries, considered the status report by Dr. Rahmatullah on existing interest-free institutions running at 221 places in the country, finalized the working model of Interest-free Microfinance Cooperative institution prepared by Mr. Arshad Ajmal.
With unanimous voice of the present members forming the General Body, Prof. Hassan has been elected as President and Mr. Arshad Ajmal as Vice-President besides 11 members of the Governing Body of the national NGO. Mr. Amir Ali, Manager of Islamic Bank, Muscat offered Rs.11 lacs for establishment cost of the NGO and Interest-free Microfinance Cooperative Branches and also offered his services for raising fund for sponsoring new Cooperative branches at some more places.
Mr. Kaul from BSICS stressed that the proposed microfinance cooperative units should develop a ‘transformational relationship’ with poor beneficiaries rather than ‘transactional relationship’. He viewed that various developmental components of Vision 2016 should converge with the microfinance activities as inclusive strategy towards enabling the poor mass to get livelihood opportunities. Mr. Shashi Bhushan shall prepare a blue print of the functional description of the NGO Secretariat and the job description of the CEO required for implementing the Perspective Plan of Sahulat.
Following sponsors attended the formation meeting of SAHULAT and formed the General Body of SAHULAT Microfinance Society to be registered as a national NGO under Societies Registration Act, 1860.
1. K.A.SIDDIQUE HASSAN (KERELA)
2. SHERIF AHMED CADIRI P.M. (Kerela)
3. ARSHAD AJMAL (Bihar)
4. K.K. AlLIKUNJ (Kerela)
5. MD. SALAUDDIN KHAN (Bihar)
6. MD.ASLAM PARVEZ (W. Bengal)
7. ABUZAR KAMALUDDIN (Bihar)
8. AMIR AFAQUE AHMAD FAIZI (Bihar)
9. SHAHEED RAMZAN C.P (Kerela)
10. SHASHI BUSHAN (Andhra Pradesh)
11. ANOOP KAUL (Delhi)
12. TAHIR BEG (UP)
13. NASIMA KHAN (Delhi)
14. RAHMATTULLAH (Maharashtra)
15. ABDUR RAHMAN (Assam)
16. MOHMMAD ABBAS ANSARI (Maharashtra)
17. S. RAFI AHMAD (Karnatka)
18. MD. ABDUR RASHEED (Maharashtra)
19. H.ABDUR RAQEEB (Tamil Nadu)
20. AUSAF AHMAD (UP)
21. AMEER AHMAD (Kerela)