Ghana Islamic Microfinance Wins Prestigious Islamic Development Bank Awa
Suwaiba Mohammed Amin-Programs Manager The Islamic Development Bank is to award the Ghana Islamic Microfinance the first and only Islamic Microfinance institution in Ghana that have carve a niche for fighting against predatory loan practices through innovative asset delivery Shariah compliant microfinance services unprecedented in the history of Ghana.
The Islamic Development Bank Women’s For Development Award 2014 will be presented to the organisation at a high level event of the Board of Directors of the Islamic Development Bank under the patronage of the Custodian of the Two Holy Mosques taken place in Jeddah, Saudi Arabia from 22nd-26th June 2014.
The Islamic Development Bank established the IDB Prize for Women’s Contribution to Development in 2006 to draw international attention to the vital role women play in developing their communities and the world.The prize which aims at recognising,encouraging, inspiring and rewarding women’s participation in the socio-economic development process will be bestowed to the Ghana Islamic Microfinance in recognition for their outstanding interest free loan scheme to smallholder women farmers in the form of provision of inputs, technical services, tractor services and marketing which makes farming more profitable and improves overall food security and provides guaranteed market for their produce boosting their incomes and securing their livelihoods. This approach helps to stem smallholders’ losses and indebtedness, both of which often cause rural poverty.
Briefing the media ahead of the ceremony the Programs Manager of the Ghana Islamic Microfinance Ms Suwaiba Mohammed Amin said
‘’Our operations in the last four years in Ghana has convinced us that it is indeed possible and viable to promote and operate an asset based Islamic Microfinance in a non-Muslim country based on the principles of Shariah. Although it will take some time for all Shariah compliant products to be fully embraced and integrated into the financial systems in Ghana we are convinced that asset based Shariah compliant microfinance can be easily integrated and offers the hope as the vehicle of introducing and promoting Islamic Microfinance in non-Islamic countries.
Our aim is not to bring Shariah law to Ghana but use its principles to promote ethical financing and fight against the exploitative loans currently going on in the country.’’