Amana Sacco

Published on April 9, 2014 um 11:23

Summary of your idea

Amana Sacco will be a local based Micro finance Institutions that will help youth and women to economic empowerment. This will seek registration of members who will contribute to the organizations(saves) and later get a zero interest loan from the Sacco for their business. Amana Sacco will be a unique institution that will charge zero interest on the loans taken by members. This will enable young people and women to economically help themselves and their family in a situation where getting access to credit services is very hard.

Expected impact of your idea on sustainable development

Youth and women empowerment, poverty reduction, economic development of the region and entire country, Kenya. Over 4 Million people in Northern Kenya have no access to credit services that are shariah complaint, which are taken by Muslims. At Amana Sacco, we will avail this services to them. We will only charge administration charges that will sustain the operation of the Sacco. Members can borrow and start their own businesses,repay and borrow bigger amount again for sustainability. Amana Sacco will also invest in other projects that so as to make profit and grow over time.

Plans for implementation and sustainability

The registration of the institution is already in place, and i have recruited 10 members with me that will help me in the process who will be in the board membership. This are young professionals who share same ideology with me and success is certain. There are no financial institutions running which are friendly to the people who are Muslim communities in the region. In collaboration with other institutions and government agencies this program will succeed. We plan to recruit over 100,000 members in the next 3 years and more in near future.

Your profile

I am a Bachelor of Commerce- Finance graduate and also finalizing on Msc Finance and Economics which I am doing research on Islamic Finance and Economics and its relevance to Kenya. This is a specific gap I saw in Kenya's aspect which give me a golden opportunity to implement. I have started from scratch in starting many business which have succeeded.

Stage of Idea

planning stage, start-up stage

Your idea has a positive impact on

food security, poverty reduction, elderly, sustainable trade, cultural diversity , empowerment of women, youth

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Comments

July 2, 2014 18:03