JanSeva Chennai Branch Launched – Interest Free Credit Society – Loans

Jan Seva Chennai branch was launched at a gala function in Preston International College building in Chennai onĀ  22-1-11.

Jan Seva

Jan Seva

Jan Seva ( www.janseva.in ) a Cooperative Credit Society Ltd registered with Govt of India under Multi State Cooperative Societies Act 2002 has been functioning successfully in other parts of India including Mumbai and Vaniyambadi.

Jan Seva takes inspiration from economic guidelines given by Quran and Sunnah, and practices a interest free model, where risk and reward are both shared by donor and also the acceptor who in essence are also cooperative society members.

The launch function was well attended by the elite of the muslim community including businessmen, muslims organizations, financial providers like WealthCity etc. Arrangement was also made for muslim women.

After the opening qirat by Sheik Omar Khan Madani, brother S.Ahmed Meeran, owner Professionl Couriers gave the welcome speech introducing all the speakers, where he stressed the need for interest free economic model keeping in view the explicit warning seem in Quran and Sunnah for those who deal in Riba or Interest. Brother Ahmed Meeran is also the one of the Directors of Jan Seva and president of local Chennai branch.

His introduction was followed by Dr.Rahamatullah, Chairman, JanSeva speech where he detailed how JanSeva function and activities it is involved into. He highlighted the fact that 77% of Indian population has no access to organized financial system, and also reminded the spate of suicides linked with micro finance institutions recently, where organizations have taken advantage of this lacuna to exploit the poor and the needy with exorbitant interest rates.

He also clearly stressed that this Janseva service is open to all Indian irrespective of religion o caste or creed and also that JanSeva is not a Charitable organization but a Social Business on self sustaining model based on profit/loss and ethics.

He explained in detail how risk management strategies adopted by big banks and rbi are in a smaller scale adopted by JanSeva, so that members can have professional management and how janseva works as a micro bank itself on its own. JanSeva also provides both secured and unsecured loans to its members ranging from 2000 to 51 lakhs he pointed out and as laid out in their info flyer.

He was followed by Brother Dr.Jawahirullah President TMMK, who spoke eloquently and highlighted the need for these kinds of initiatives to be taken for the economic upliftment of muslim community.

Later H Abdur Raqeeb, Secretary, Indian Center for Islamic Finance, highlighted the need to bring in Islamic Finance and Banking in India. He pointed out that in almost all major countries Islamic Banking is operational and govt have legalized it and in countries like Malaysia about 40% of depositors are non muslims, hightiting the fact that Islamic Banking will be beneficial to all.

He also detailed the meets he had with Finance Minister Pranab Mukarjee, Salman Khursid, RBI personals etc and other muslims leader to take up the cause of Islamic Banking forward.

The chief Guest of the function Mr.Macca Rafeeb of Farida group, President South India FICCI,( who has also been awarded Padma Shri) stressed the need for muslims to take initiatives on their own and not get isolated from the main stream. He pointed out that during apartheid many black had left educating their children etc and due to the consequence of it even today they are a generation behind the other communities. He pointed out the muslims in south Africa had educated their children gotten involved in financial activities etc and in almost all major business courses commercial establishments we can see Indian in South Africa occupying high positions.

He stressed the need to take example from it and for muslims to form self help group, NGO or credit societies for financial upliftment of the muslims.

A brief question and answer session followed and vote of thanks given by Jiffery Qasim who is the Treasurer of the Chennai branch of JanSeva.

A call was also made to all Muslims to join as members and invest through JanSeva buying shares etc so that the poor and the needy can be benefited.

Even though it was a small initiative it hold the platform and potential for larger interest free financial institutions of the betterment of muslims community and other at large.


WealthCity / MuslimVoice