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24 April 2024 / 15. Shawal 1445
The World Federation microfinance supports local businessman in Mumbra, India
One of the initiatives of The World Federation is to support microfinance projects to encourage economic upliftment within our community. This is done in a number of ways including supporting new and existing businesses.
Often, our community members have the determination and desire to run and/or expand their own businesses but simply are unable to obtain the investment that is required. Through micro financing, individuals receive interest free loans that are then used for capital investment. By supporting such initiatives, beneficiaries are able to earn independently and increase their earning potential.
Microfinance Project in Mumbra
In Mumbra, a town that is approximately 28 kilometres north east of Mumbai, a family man from the Khoja community runs a business that he has set up himself - an ice cream parlour. Extremely hardworking, he has already purchased an ice cream machine and established a strong customer base. However, sales have reduced over the last year and in order to help increase sales and get the business back on track, he wanted to purchase a soda machine – the cost of which is £1,250. Unfortunately, at this stage, he is unable to purchase this himself.
Through The World Federation Khadija Economic Development Program (KEDP) – a microfinance program which assists families in becoming self-sufficient and financially independent, The World Federation will provide a zero percent loan to the business owner to purchase the equipment he requires. A loan will allow for funds to be recycled, so that funds recouped from one individual can be used to fund another. This can create a long term sustainable fund for economic upliftment from which multiple families and individuals can benefit.
The cost of the machine is £1,250 and he will gradually pay back the loan in installments over a 24 month period. Once repaid, the funds will be put towards other microfinance projects to assist other families and individuals.
Support Microfinance Projects
The World Federation would like to support more microfinance projects all over the world. By making a donation to the KHADIJA ECONOMIC DEVELOPMENT PROGRAM, you will be assisting families to become financially independent, as well allowing them to build a more promising future for themselves. Micro finance programs help families to become self-sufficient, build self-esteem and develop confidence.
Donate online or directly through your Jamaat Treasurer.
For further information email [email protected]
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