The activities of the National Solidarity Week continued yesterday with a open day aimed at presenting the advantages of Islamic microfinance in social action center and Women’s Empowerment ( CASAF ) Balbala , and a awareness session market traders Riyadh on the opportunities offered by the Caisse Populaire and Credit Djbouti (CPEC ) in micro finance.

As part of the National Solidarity Week , Secretary of State for National Solidarity went yesterday to the Social Action Centre and Women’s Empowerment , located in the municipality of Balbala .

For this second appointment, the theme of Islamic microfinance was the highlight of the day. Accompanied by the president of the municipality of Balbala Nouho Youssouf , the director of the ADDS Mahdi Mohamed , Secretary of State for National Solidarity met with representatives of the committees Balbala on the many benefits Islamic microfinance.

Indeed, the pilot unit micro Islamic finance is similar to a support structure specializing in Islamic finance , whose mission is to promote the creation and development of income-generating activities .

Islamic microfinance is a component of integrated urban development project Balbala funded by the Islamic Development Bank and executed by the Djibouti Social Development Agency (ADDS ) and thereby assures missions benefits under the program fight against poverty initiated by the government .

Shari’ah , and based on an interest-free financing , Islamic microfinance is based primarily on participation, profit sharing , the principle of prohibition of interest and uncertainty , but also the principle of existence of an underlying asset and the prohibition of illicit assets.

The missions of the unit micro Islamic finance are , among others, to improve the living conditions of the residents Balbala ( Sheikh Moussa , former Balbala Bahache , District 5, Karawill ) but also help small and medium enterprises financing and support and advise the promoters .

President of the Municipality of Balbala Yusuf Hassan Nouho , reminded delegates of the various committees meeting CASAF , the importance of Islamic microfinance for youth and persons wishing to create an income generating activity .

Based on the principle of mourahaba , it is in fact set up a sales contract with a stopped car ahead and the possibility of margin payment with time , such as the purchase of goods or equipment … Secretary of State Zahra Youssouf has its share recalled the objective of this meeting was mainly to present the many benefits of Islamic finance.

The day ended with a frank discussion with members of neighborhood committees that have not failed to present their grievances to officials out of poverty .

Detour Market Riyadh …

After meeting with the inhabitants of the town of Balbala , Secretary of State visited Riyadh market where a stand with the credit union and credit Djibouti was built.

Indeed, throughout this week, market traders Riyadh can learn about how to register with the CPEC , and even within the largest market for Riyadh .

Thanks to this proximity , small traders can also put their money with confidence with the various agents of the Caisse populaire on the scene . The terms of microcredit and different means repayments will also be presented to traders who will benefit from this initiative.

Indeed, CPEC is a credit union operating under the cooperative principle , namely an inclusive institution, with total freedom of accession.

Its mission is to organize and provide urban and rural populations of financial services to improve their living conditions and promoting local development while ensuring the sustainability of the institution .

It devotes its efforts to make financial services accessible (availability of an account and lending ) to micro-enterprises and primarily the poorest and those excluded from the traditional banking system , such as low-income households , women , young people and the unemployed. Its action also extends to associations, collectives and small enterprises .

In addition, CPEC ‘s objective to promote the socio- economic integration of the poor by creating sustainable employment.

In his speech , the president of the municipality of Boulaos , Said Abdi Elmi said that this kind of initiative contributed to roll back the specter of poverty in our country.

” Microfinance is important for the government opportunities to fight against poverty and CPEC , lines of credit, grants credits Djibouti city and regions are all financed from the national budget and this demonstrates the commitment that has taken the state to support the development of the microfinance sector is a sector with great potential when looking at small income-generating activities that microfinance can support.

We hope that with the arrival of hawkers who left Harbi square, CPEC will be a new customer that will strengthen the beneficiaries of CPEC , “said Zahra Youssouf Kayad .

Several traders introduced the Secretary of State and officials, many credits they could get through the CPEC , and changes in their daily lives and through the facilities of reimbursement offered by the credit union and credit of Djibouti .