State urged to expand sharia compliance loans to Muslims
As coronavirus pandemic continues to disrupt businesses in Kenya, the Muslim community has been urged to take advantage of financial institutions offering low bank charges to jump-start their businesses. Islamic finance expert Khalfan Abdallah has urged the government to rethink how to accommodate Muslims in various financial support programmes such as Youth and Women Fund. Mr. Abdallah said the government should borrow a leaf from Momentum Credit Micro Finance which has started offering Sharia compliance loans to Muslims using logbooks as collateral. The official said to bail out Muslims during these hard times, such affordable credit facilities which are sharia compliance are required.
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