Mumbai: A launching ceremony of Sahulat Business Cooperation Group project was organized by Sahulat Microfinance Society; a Delhi based national level NGO to promote interest free microfinance in India, on 8th January 2012 at Malvani area of Malad, Mumbai. This project is a member-owned, participatory model based on interest free mechanism targeting small business owners.
Representatives from different NGOs, businessmen, social activists and people of the locality attended the ceremony function. This concept of SBCG by mutual cooperation is based upon the interest free mechanism to nurture the habit of savings, mutual help along with transacting on interest free basis among members. Speakers at the ceremony were from various fields of expertise and delivered their valuable words in the ceremony.
The function started with welcome speech by Mr. Adil Sayad, Regional Coordinator Sahulat Micro Finance Society for Mumbai region. He introduced to the ceremony the aims and objectives of Sahulat microfinance society and its community development initiatives.
Mr. Syed Zahid Ahmed, Founder- Economic Initiative & Adviser BSFL, spoke on “Participatory Microfinance and Interest Free Model”. He emphasized the need to take more participatory community development initiatives for benefitting poor. He reminded the duty of social activist and social change maker that, society can only succeed if their services are combined with spirituality, ethics and efficient management systems.
Dr. Irfan Shahid, Lecturer, IBS-AMT Mumbai, spoke on the topic “Global Economic problem- the root cause in Indian perspective”. He mentioned that such people who are outside the reach of financial institutions are also facing multitude of issues like health, water, sanitation and education. He appreciated efforts of Sahulat Microfinance society to uplift people who are exploited.
Mr. Amulya Pokhrel of Sahulat Microfinance Society, Delhi explained to the audience in detail about SBCG project. A question and answer session was also held.