Showing posts with label microfinance loans. Show all posts

1 Million Poor Have Benefited From AGFUND Microfinance

Posted on Thursday, 17 October 2013 by Rachid AJMAL Leave a comment

Surpassed the number of beneficiaries of the Arab Gulf Programme for Development "AGFUND" for lending to small and medium- 1.3 million people .

The WFP Executive Director Nasser Al-Qahtani said the initiative of Prince Talal bin Abdul Aziz, head of the program aimed to combat poverty in the region, and establish banks for the poor , progressing steadily, expanding horizontally creates more banks , and perpendicular to upgrade the performance of banks .

He said during a post "AGFUND" at the campaign Microcredit Summit to be held in the Philippines during the period from 9 to 11 October / November first , entitled " partnerships to fight poverty " that " team AGFUND to the summit holds success stories impressive for his project , which pursues the principle of social business , within the framework of the initiative of Prince Talal . "

The Qahtani paper at the summit AGFUND 's experience in the fight against poverty and the establishment of microfinance banks in 8 countries, namely Jordan , Yemen, Bahrain, Syria, Sierra Leone , Lebanon , Sudan, and Palestine.

AGFUND organized a seminar on the sidelines of the Philippines to expand the definition of the initiative Prince Talal , and revenue target segments dealing with procedures for the establishment of banks for the poor , and steps to establish a microfinance bank within 6 months from the date of completion of the requirements .

AGFUND

He stressed that the program is moving forward in the implementation of its strategy to combat poverty through two approaches essential first is vertical , a concentration of the ingredients for success in the banks, microfinance institutions established by , and the other horizontal established Binary Prestige banks in the countries where it is satisfied the usefulness of microfinance, and has a willingness to cooperate with the requirements of AGFUND , improve their environments legislative favor this mechanism of development actors.

He is scheduled to meet AGFUND team to the top of the Philippines Filipino businessmen , in a move that paves the way for the launch of Bank of the Poor in Manila, where it is expected that the Prince Talal NARC early 2014 .

The current summit to be hosted by the Philippines is the sixteenth of microfinance that are organized around the world since 1997 , led by " Microcredit Campaign " , based in New York.

The Binary Prestige program of cooperation with lending campaign in 2004 in the establishment of the Regional Conference of micro- lending in the Middle East and North Africa in Jordan , which was opened by Prince Talal Bin Abdul Aziz , and was one of the most successful conference that specializes in microcredit at the level of the Arab countries.

And participate in the summit of the Philippines thousand international expert viewing the most successful Same Day Profits models and progress of partnerships between the public and private sectors in the field of microfinance.

According to the current rate of progress , almost a billion people remain in extreme poverty by 2015, and today there are approximately 2.6 billion people in the world do not have access to formal financial services .

Sudan Monitors 3 Trillion Pounds To Fund Youth Projects

Posted on Saturday, 10 March 2012 by Anonymous Leave a comment

The Sudanese government Spotted 12% of the budget of each bank to support the microfinance industry to advance its role in supporting young people and the fight against poverty and the empowerment of women, as was done at the crossroads of Islamic Microfinance, which concludes its work in Khartoum in the coming days with the participation of a number of experts, specialists and researchers in the field of microfinance experience Bangladesh Grameen Bank

Microfinance in Sudan

The support and banking institutions of the Islamic Microfinance in Sudan a major anchor to the success of microfinance has helped figure the more I said to the sustainability of microfinance projects

The microfinance institutions in Sudan services associated with the microfinance are on both sides of social and economic, such as education, health and combating poverty It also provides technical services such as training in providing funding, training and awareness to enable customers to benefit from funding in the specific project and its sustainability.

The percentage of beneficiaries 97% of the poor as a result of training, rehabilitation and education, most of the loans and mass less than 1% of individual loans

MasterCard Management Scholarships

Posted on Wednesday, 13 April 2011 by Rachid AJMAL 1 Comment

The MasterCard Foundation will be providing MCF Management Scholarships for MFI Managers from Developing Countries to attend the 17th Annual Boulder Microfinance Training Program. This Program is held at the International Training Centre of the ILO (ITC-ILO) from July 18th through August 5th, 2011.

Celebrating 16 years of excellence, The Boulder Institute of Microfinance once again brings its renowned faculty and thought-provoking course offerings to the Boulder MFT in Turin, Italy.

This program offers a space for reflection and analysis dedicated exclusively to sustainable microfinance training where participants and world-renowned faculty are brought together to discuss and analyze issues surrounding Microfinance. This is an excellent opportunity for learning, dialogue, and debate with expert faculty and microfinance professionals from all over the world.

Source: Mix

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Equitas Microfinance in India

Posted on Monday, 21 March 2011 by Rachid AJMAL Leave a comment

Equitas Microfinance

Equitas is Microfinance institution in India, their Objective is extending microfinance to the poor who are otherwise unable to access finance from the Commercial banking in India.

"Equitas Microfinance" provided many microfinance products like Loan for business expansion, Loan for starting business ,To repay the high interest borrowing, Loan consolidation and Education.

Equitas has achieved more than 1 Million customers, his partners is Life Insurance Corporation of India and Microsave.

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Microfinance Products in Morocco

Posted on Friday, 18 March 2011 by Rachid AJMAL Leave a comment

Microfinance

Morocco is one of the pioneers in the microfinance industry in the Arab world where Provide microfinance associations in Morocco, three types of Products:

1 - Solidarity loans:

known as the group solidarity apply the principle of solidarity among themselves, so that in case of failure to perform the due payment by an individual belongs to the same group is imperative for the rest of the group and Iwduha him. The group consists of 3 to 5 individuals - according to all the Assembly - and, in solidarity loan does not request any guarantees, but the only guarantee is the same group, ranging in value of loans granted between 1000 to 30000DHs period of time between 3 and 18 months, and is satisfied premiums loan on a semi-monthly or monthly.

2 - Individual loans :

Go and this type of loan at the beginning of 2006 and the reverse loan solidarity must be having a specific guarantees to benefit from this type of loan and can generally distinguish between the inside two types:

- Individual loan-oriented small businesses :

Is a loan intended for small businesses and micro enterprises for the development of their projects and business plans and small loans range in value between 1000 to 50000 dirhams in the time period between 6 months to 5 years. This type of loan should provide specific guarantees one Calcgel commercial or personal guarantees (such as the monthly wage ...).
In terms of the special conditions that must be provided in the beneficiary: it is to be the holder of entrepreneurship, and to be the capital of the latter than the predecessor.

- Housing Loans:

Started work in recent years is directed to those who wanted to improve the residence, repair, or to link housing connected to drinking water, or electricity, ranging from the value of loans granted between 1000 to 50000 dirhams in the time period between 6 months and 7 years. The request is specific guarantees as collateral furniture for home or personal guarantees or to ensure a relative. These are the various financial services provided by microcredit associations in Morocco, in addition to the specific safeguards that should be available to take advantage of individual loan, which is in the development in Morocco since its inception in 2006, and to reduce the hardness in the performance of their clients, and the risk of debt recovery as well as financial services, Association provides microcredit, Morocco, non-financial services in parallel to the beneficiaries, such as training programs, guidance and counseling them through the field agents who are tracking the project, in addition to marketing the products of customer service at the regional level or national level, through the establishment of special exhibitions in this regard, we note In this regard, the "TASWIK" of the AL-AMANA, which was launched in 2008, which helps more than 200 customers in the industry of traditional marketing to sell their products, contributing to poverty alleviation.

3- Microinsurance Products :

is Modern Products in Microfinance in Morocco Like death and disability insurance and personal accident insurance, at 2 Euro (per year per product, and should cover the beneficiaries of microloans, up then do not qualify for hedge risks.

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Social Business Definition

Posted on Tuesday, 15 March 2011 by Rachid AJMAL 1 Comment

Social Business

In recent times spread a new concept is linked to the microfinance industry, is "social business" concept, to learn more about this new concept take a look at the Wikipedia definition:

A social business is a non-loss, non-dividend company designed to address a social objective. The profits are used to expand the company’s reach and improve the product/service. This model exists in some countries (Italy and others), but has recently been revived from the work of Muhammad Yunus and others.

Social business is a cause-driven business. In a social business, the investors/owners can gradually recoup the money invested, but cannot take any dividend beyond that point. Purpose of the investment is purely to achieve one or more social objectives through the operation of the company, no personal monetary gain is desired by the investors. The company must cover all costs and make revenue, at the same time achieve the social objective, such as, healthcare for the poor, housing for the poor, financial services for the poor, nutrition for malnourished children, providing safe drinking water, introducing renewable energy, etc. in a business way.

The impact of the business on people or environment, rather than the amount of profit made in a given period measures the success of social business. Sustainability of the company indicates that it is running as a business. The objective of the company is to achieve social goals.

Source: Wikipedia

What is Microinsurance

Posted on Thursday, 10 March 2011 by Rachid AJMAL Leave a comment

MicroInsurance

Microinsurance is a financial services geared to low-income people to face various risks of life, such as contagious, and death caused by accidents, disability, loss of property due to theft or fire, and the loss of agricultural crops, natural disasters and disasters resulting from man-made. The poor are more of these risks than other people, knowing that they are least able to adapt in the event of any crisis.

MicroInsurance is one of the smaller ways in which to provide poor protection against these risks. It is by helping low-income families to manage the risks and difficulties they faced, the microinsurance can assist them in that they have a sense of financial confidence even in the face of major weaknesses.

Microfinance MicroInsurance in Morocco

The ‎microinsurance is modern products in the microfinance industry in the Arab world. In Morocco, the "Inmaa" is the first microcredit institution that provides microfinance services to its clients.

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Support Muhammad Yunus

Posted on Wednesday, 9 March 2011 by Anonymous Leave a comment

More than 12 Microfinance institutions and organizations signed An Open Letter in Support of Dr. Muhammad Yunus. A Bangladeshi court on Tuesday upheld an order removing Yunus as head of Grameen Bank.

Open Letter:
"Muhammad Yunus has diligently served the poor for decades. No one has done more to inspire generations to work to reduce poverty.

We are increasingly concerned and dismayed with the troubles Nobel laureate Muhammad Yunus is facing in Bangladesh. As we understand it, the Government of Bangladesh is resorting to technicalities to remove Dr. Yunus from the Grameen Bank, without presentation through legitimate and transparent legal processes of any evidence of wrong-doing.

We deeply deplore this lack of justice and unproven allegations that not only impugn Dr. Yunus' character and the integrity of his flagship bank, but reach much further. Forced removal creates unnecessary risk for the more than 8 million borrowers-owners of the bank. The Government of Bangladesh previously had respect for the bank's independence as a majority client-owned microfinance institution; it is our sincere hope that a return to the status quo can be made quickly.

Dr. Yunus has played a seminal role in the development and recognition of microfinance -- the provision of small, working-capital loans and other financial services for the entrepreneurial poor. He has our strong support, and our wishes for a just and speedy resolution to this sad turn of events."

Sincerely,

ACCION
Calvert Foundation
Co-Operative Bank
FINCA
Freedom From Hunger
Grameen Foundation
Grassroots Capital
Microvest Fund
Opportunity International
Pro Mujer
Triple Jump
Visionfund International
Women's World Banking

Muhammad Yunus Out Grammen Bank

Posted on Tuesday, 8 March 2011 by Anonymous Leave a comment

Muhammad Yunus

Muhammad Yunus Out Grammen Bank According to the Wall Street Journal, the court has removal of Muhammad Yunus as managing director of the Grameen Bank.

And is Microfinance Guru Muhammad Yunus the founding father of microcredit programs, one of the financial innovations that have arisen with the Grameen Bank in Bangladesh, which was founded in 1976 as a project to turn later to the Bank of specialists in the year 1983, the most famous microcredit programs in the world , where the proportion of women constitute more than 90%, with the rate of recovery of loans amounting to more than 95% , and in this regard, Muhammad Yunus was awarded this status with his Grameen Bank, Nobel Peace Prize in October 13, 2006 by the Swedish Academy in recognition of greeted the visit to the fight against poverty.

Rachid AJMAL
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Islamic Microfinance

Posted on Tuesday, 22 December 2009 by Anonymous Leave a comment

Islamic Microfinance

Islamic banking is one of the fastest growing sectors of the financial industry. But in order for Islamic Financial Institutions (IFIs) to remain competitive with conventional banks, IFIs must be able to deliver specialized products and services to meet customer needs. Microfinance-a division of finance ideologically compatible with Islamic finance, capable of Shariah-compliancy, and possessing a sizeable potential market-is a perfect fit for inclusion in IFIs' new products and services.

Microfinance is comprised mainly of microcredit practices-the extension of very small loans, known as microloans, to those who do not have access to traditional financial services due to lack of collateral, employment and credit history.

Microfinance has a proven history as an economically viable credit program, as well as a proven history of serving customers in the Muslim world. In 1976, Muhammad Yunus, a Muslim Bangladeshi economist and economics professor, founded the Grameen Bank, the world's largest and most successful microfinance institution or MFI. Since its inception, Grameen has provided more than $5 billion in microloans to several million borrowers in the Islamic nation of Bangladesh and boasts a repayment rate as high as 98%. Last year, the institution made a profit of $20 million. Since its creation in 1987, Egypt's National Bank for Development's (NBD) microfinance program has been so successful that the Bank has implemented it in half of its branches. Unlike Grameen, which operates not for profit, Egypt's NBD has proven microfinance to be a profitable venture for private commercial banks in the Middle East.

Microfinance shares the same goals as Islamic finance. Islamic Banking began as an effort for Muslims to engage in financial services consistent with the principles of the Shariah, which promotes social and economic fairness. Likewise, the modern microfinance revolution began as an effort to combat poverty and social injustice in developing countries. Both the principles of Islamic finance and microfinance seek to prevent economic exploitation by prohibiting usury. In 2006, in recognition of the great humanitarian impact of microfinance, the Nobel Committee awarded Muhammad Yunnus and the Grameen Bank the Nobel Peace Prize.

Microfinance is a flexible tool capable of being tailored to satisfy the needs and conditions of various environments, including the Islamic financial sector which forbids riba, or the payment and receipt of interest. The use of interest found in conventional microfinance products and services can easily be avoided by creating microfinance hybrids delivered on the basis of the Islamic contracts of mudaraba, musharaka, and murabaha. For example, in a mudaraba-based transaction, the IFI and the customer may enter into a partnership in which the IFI invests capital in the customer's microenterprise while the customer invests labor. The profits are shared according to a mutually agreed ratio while losses are borne by the IFI. In a musharaka-based transaction, both the customer and the IFI invest capital and share profits according to a mutually agreed ratio; losses are borne in proportion to capital contribution. In a murabaha-based transaction, the IFI purchases a specific good which the customer will purchase from the IFI at a deferred mark-up that may be paid in installments.

Perhaps most alluring to IFIs is the large potential market for Islamic microfinance products and services. There are an estimated 1.3 billion Muslims worldwide, of which over 35% are living in poverty. In the North African and Middle Eastern region alone, there are approximately 4.5 million entrepreneurial poor who lack access to financial services. Of this number, only 112,000, or 2.4 %, of the potential demand are being served. There are only $95 million of outstanding microloans-a fraction of the $1.4 % demand. Egypt, the nation with the most borrowers, barely reaches 5 percent of its potential customer base. Three of the region's countries-Algeria, Iran, and Syria-lack any sort of microfinance program at all.

Islamic microfinance is the perfect opportunity for IFIs to promote the humanitarian principles of Islam, and to make a profit while doing so. Microfinance is a proven success. Shariah-compliant products are feasible. And a huge potential market is waiting to be seized.

Source:

Eagle, L. (2009, January 28). Microfinance and Islamic Finance - a Perfect Match. Retrieved December 22, 2009, from http://ezinearticles.com/?Microfinance-and-Islamic-Finance---a-Perfect-Match&id=1931908