By Orchestra Kamanga
Muslims Association of Malawi (MAM) has launched Global Islamic Financial service Firm in Blantyre which will provide loans to all Malawians despite their religion affiliations without paying interest.
The Firm which was set up in 2013 and soon will start its operations will reduce poverty to many unprivileged Malawians in the country.
Secretary General for MAM Alhaj Twaibu Lawe said the Firm will provide loans to all people so that they should live with affordable life and live decently.
“Our aim as MAM of establishing this programs is to promote financial muscles to enable for people who have no access of borrowing money from the banks and the financial institutions,” he said.
Lawe observed that people are suffering with banks loans when they fail to pay back loans because of heavy interest and the banks seizes their properties and sell their houses.
He said his organization together with South Africa Mufti Ismail Ebrahim Dessai has brought up the financial solutions to resolve the issue of poverty.
He therefore urged the Government to speed up the finalizing of the whole process of registering the Firm so that people should start accessing loans.