An awareness day on micro Islamic finance was held last Sunday in Hayableh district of the town of Balbala. The advent has targeted a total of 300 women from 11 sectors Hayableh who received a loan of fifty thousand francs now each.
The Djiboutian Social Development Agency held last Sunday in Hayableh- area of ​​the town of Balbala- an awareness day on micro Islamic finance for the benefit of the inhabitants of Hayabley.
A total of 300 beneficiaries spread over 11 Hayableh sectors have received a loan of fifty thousand francs each. The system of Islamic finance is based on the principles of Shariah ‘Sharia’ which prohibits interest is dedicated to women with income generating activity.
The objective of this awareness day is to raise a total membership of women around best practices for refund of Islamic finance micro, aims to reduce urban poverty in the municipality of Balbala.
In addition to the general manager of the ADDS, Mr. Mahdi Mohamed Djama, This day saw the participation of parliamentarians of the common Balbala, Mr Yusuf Hassan Nouho President of the Common Balbala and chairman of the district.
The Director General of the ADDS and the Director General of microfinance have in turn said that the amount awarded to these individuals could be doubled if the beneficiaries repay on time and become credible.
The Director General of the ADDS Mahdi Mohamed Djama also explained that the distributed funds are part of a first financing up to 15 million CFA francs, and we hope that soon we will increase this round of funding. ”
Unlike conventional finance, Islamic finance does not practice speculative methods and does not offer interest taken to pay the loans. Islamic banks have used other levers to be remunerated.
Islamic finance is based on five principles which bans taking of interest, uncertainty related to speculation and illegal assets such as alcohol, games of chance or tobacco, all prohibited by Sharia. It is based on the sharing of profits and losses, and the existence of an underlying asset. It requires no collateral in contrast and is devoted exclusively to the vital needs of the country.