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Promoting interest free microfinance

A launching ceremony of Sahulat Business Cooperation Group project initiated by Sahulat Microfinance Society held at Okhla, New Delhi, on January 9 was a huge hit with a few local residents becoming members. Aimed at small business owners of the locality, Sahulat is a Delhi-based national level NGO to promote interest free microfinance in the country and to attract more residents a canopy too was erected. 

To make the project more popular, the SBCG management has planned to hold more such people-interactive events in the coming days in nearby areas of Abul Fazal Enclave, Shaheen bagh, Zakir nagar and Okhla head in the city. The main purpose will be to educate people about the importance of interest free microfinance. 

While addressing the crowd, Usama Khan talked about mission of Sahulat and activities it has undertaken to promote interest free microfinance in the country. Other speakers too took their tun to impress upon the residents. 

Madhavan Srivatsan, a corporate lawyer, threw some light on the interest free finance. He said: "It is very fruitful for those who are fighting to improve their socio-economic level and this model of Sahulat will help to make inroads among poor and persons engaged in unorganized business sectors of economy." 

He further explained about the crisis evolved out of interest-based financial activities that has caused havoc in financial system.

Vikash Kumar of Sahulat Microfinance Society explained in detail about SBCG project. Tahmina Laskar of Sahulat Microfinance Society spoke about the benefits of group harmony and the benefits it accrues to socio-economic development of society.

Suhail KK, director for Public Relations, Human Welfare Foundation, New Delhi, said the interest free system of finance as a revolution is necessary because interest is a phenomenon which keeps piling up and has lead to a vicious circle of debt crisis on individuals, affecting fabric of the society. 

He lauded the initiative of Sahulat Microfinance Society’s SBCG initiative which is tailored as an exclusive interest free model, a step forward towards a revolution for interest free financial transaction. The programme concluded with vote of thanks from Sadiq Shabibi, Asst Manager, Sahulat Microfiannce Society, New Delhi.

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