AMA launches banking project for the poor

International Islamic News Agency - 9/2/2004 5:00:00 PM GMT

The African Muslim Agency (AMA), a branch of the Kuwaiti Direct Aid Society, launched a project of “Bank for the Poor” by providing interest-free loans, to undertake small projects, which will aid poor people to improve their financial situations and to increase their income.

The first experimentation of the projects took place in Niger Republic and the first to benefit from this project was the Women Association specialized in the integration of woman into the development through liberating them from ignorance and analphabetism, in Koussa village, East of the capital Niamey, with the population 2,000 people.

The project, implemented in cooperation with the government, consists of rearing sheep, then selling them. 60 women have already benefited from the project. Every one of them was given one sheep to rear it for 2 months then sells it.

The profit reached 66 %, which enabled the beneficiaries to improve their income, treat their sick relatives, and met some of their demands.

At present 50 cows are being bought and will be handed over to women for the purpose of selling them on the Eid El-Kabir in order to gain money from them.