[The Islamic Finance Forum of South Asia (IFFSA) awards are hosted by UTO EduConsult (Pvt) Ltd. (UTO), a key player in the MICE industry in Sri Lanka. (File: UTO Edu Consult/Facebook)]
Mumbai: Jan Seva Cooperative Credit Society, India's only interest-free monetary institution, has been awarded a Gold Medal at Islamic Finance Forum of South Asia (IFFSA) Colombo in Sri Lanka.
Islamic Finance Forum of South Asia (IFFSA) awarded Jan Seva Cooperative Credit Society with a gold in recognition of its Cooperative Banking Services.
“In recognition of its outstanding performance, Jan Seva has been selected for the Gold Medal 2017 from Islamic Finance Forum of South Asia (IFFSA) which is headquartered in Colombo, the capital city of Sri Lanka", Liyaqat Ali Khan, Director, Jan Seva Cooperative Credit Society, said while addressing a press conference at Mumbai Press Club on Thursday.
Giving details of the society engaged in micro financing, Liyaqat Khan said, "Jan Seva is the largest institution in the cooperative credit sector which offers interest-free loans."
"It has permission to work from 12 state governments in India", he added.
He said Jan Seva began its journey with a sum of just Rs 191,000 and within seven years its revenue touched the mark of Rs 224 crore in 2016.
"With zero income at the start, its income crossed Rs 3 crore last year,” said Liyaqat Khan.
“It is the only monetary institution which provides non-business loans and investment services to its members free of cost. Last year it distributed 10% profits to its shareholders", Khan claimed.
“Both Muslims and non-Muslims are benefiting from our services in key states of the country,” he said.
The Islamic Finance Forum of South Asia (IFFSA) awards are hosted by UTO EduConsult (Pvt) Ltd. (UTO), a key player in the MICE industry in Sri Lanka.
UTO was the first company in Sri Lanka to host a seminar on Islamic Banking and Finance, with faculty from the prestigious International Islamic University of Malaysia (IIUM).
Post Comments
| Quick links