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Micro Finance
Introduction
Purpose
Eligibility
Modes
Securities
Profit/Rent Rates
Other Charges
Repayment
Savings
Documentation
AIBL News

04 Feb, 2016
executive committee meeting of al-arafah islami bank ltd. held

31 Jan, 2016
al-arafah islami bank limited halishahar branch shifted to new premises

30 Jan, 2016
business development conference of al-arafah islami bank limited chittagong zone held

28 Jan, 2016
board meeting of al-arafah islami bank ltd. held

25 Jan, 2016
‘induction course for the newly recruited officers’ started at al-arafah islami bank limited

21 Jan, 2016
executive committee meeting of al-arafah islami bank ltd. held

20 Jan, 2016
delegates led by deputy governor of reserve bank of zimbabwe visit al-arafah islami bank ltd. projects

19 Jan, 2016
al-arafah islami bank ltd. donates bus to chittagong university

18 Jan, 2016
al-arafah islami bank ltd. signs deal with election commission of bangladesh

15 Jan, 2016
business development conference 2016 of al-arafah islami bank limited held

14 Jan, 2016
executive committee meeting of al-arafah islami bank ltd. held

13 Jan, 2016
workshop for new women entrepreneurs held at al-arafah islami bank limited

11 Jan, 2016
training on ‘islamic ideology, courtesy and customer service’ held at al-arafah islami bank limited

10 Jan, 2016
workshop on ‘foreign account tax compliance act (fatca) compliance for bfco’ held at al-arafah islami bank limited

07 Jan, 2016
executive committee meeting of al-arafah islami bank ltd. held

06 Jan, 2016
board meeting of al-arafah islami bank ltd. held

10 Dec, 2015
al-arafah islami bank limited donates blankets to prime minister’s relief fund

Micro Finance
Introduction
The economy of Bangladesh mostly depends on rural development. Poverty stands in the way of the growth of this economy. Although a number of NGOs and financial organizations work in the sub-urban and villages with a view to alleviating poverty, a very few are found working with the compliance of Islamic Sariah. It is a national responsibility to alleviate abject poverty from the rural area. To help change the socio-economic condition of the impoverished people of the villages, Al-Arafah Islami Bank Limited has initiated a project entitled "Krishi O Grameen Khudra Biniog Prokolpa (Microfinance). With this project, Bank is working for reduction of poverty, development in agricultural sectors, creation of job opportunities etc. We hope this will develop the socio-economic condition of a large segment of the rural folk.
It is a group based work. The main characteristics are:
This is a supervised investment programme
A group consists of 5 (five) members
8 (eight) groups make a Samitee. It means that a Samitee contains 40 members
Every group has a Group Leader and a Deputy Group Leader
Every Samitee has a Samitee Leader and a Deputy Samitee Leader
All members must attend the weekly meeting
Ceiling of Microfinance Investment is from Tk. 3,000 to Tk. 50,000.
Purpose
To facilitate rural entrepreneurs
To develop socio-economic condition of rural people
To save rural people from usury
To facilitate the growth of agro-industries
To create employment scope
To broaden the base of Islamic Banking in the rural society
To encourage women entrepreneurs
Modes
Working Capital Investment
Bai-Muajjal
Fixed Capital Investment
HPSM (20% Equity required)
Securities Against Investment
Members in a group are the guarantor of each other
Personal guarantee of local eminent personalities
Hypothecation of stock-in-trade and goods to be fixed delivered under deferred payment
If necessary, Bank may lien personal savings and Long term deposits
Documentation
Nationality Certificate from Union Parishad Chairman or Birth Registration Certificate or National ID card,
Letter of group guarantee
Letter of agreement
Some necessary Charge Documents
Photographs
Eligibility
Permanent resident of branch's commanding area
Age must range between 18 to 50 years
Physically fit and capable of working hard
The person borrowed any amount of money from other institution is not eligible to be our microfinance member
All members in a group are the guarantor of each other
Other terms and conditions stipulated by the bank
Savings
Members of the group have to open a Non-operative Savings Account in their individual names
Minimum Weekly compulsory savings is 0.2% of approved investment
Normally members cannot withdraw their savings before adjustment of investment, but when emergency, they can take it by fulfilling some terms and conditions.
Rate of Profit/ Rent
Working Capital Investment : 15%
(On Reducing Balance Method)
Other Charges
Risk Fund :
01% of Investment Limit
(Payable before disbursement)
Repayment
Weakly installment basis
Number of installment is 50
(2% of Investment per week).
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