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Sahulat Microfinance Society organizes launching ceremony of SBCG project

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IMO News Service

Kolkata: Sahulat Microfinance Society, a Delhi based national level NGO, recently held a launch ceremony of SBCG project to promote interest free microfinance in India. The SBCG project was launched at Metiaburz in Kolkata city on on January 3, 2012.

The features of this model are that it is member-owned, participatory and works on the principle of interest free mechanism that provides a great leverage to the members. Sahulat is implementing this project at various areas of the country.

The ceremony introduced the experimental project called Sahulat Business Cooperation Group (SBCG). People of the locality attended the ceremony function in large numbers. This concept of micro business by mutual cooperation is based upon the interest free mechanism.
Speakers at the ceremony were from various expertises and delivered their valuable speeches.
The function started with welcome speech by regional coordinator of Sahulat at Kolkata, Rabiul Islam.

Md. Zakaria Siddique, an Assistant Professor with Institute of Developmental Studies, Kolkata spoke about the cause of recent financial crisis in the world due to interest based finance.
Usama Khan of Sahulat Microfinance society, New Delhi, explained to the audience in detail about SBCG project. Prof. Faisal Fasih, a lawyer and serving as Research Assistant with West Bengal National University of Juridical Sciences, said that the interest free financial model can prevent the malfunctioning in any financial system.

Sikandar Ahmad, Senior Manager at State Bank of India, also spoke about the benefits of group harmony and how it relates to socio-economic development of society. “Sahulat model of interest free finance would help those who are financially excluded and will help in developing saving habit among those who have small earning and earn on daily basis “, said Prof. Zafeer Ahmad, ND College, Howrah while speaking on the occasion.

Overwhelmed by the idea, few people of the locality took the initial membership of SBCG in launching ceremony.

Sahulat Microfinance Society is currently installing canopy at various locations in the city to promote the concept and invite people to join the group.
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