IslamicFinance.de

Al Rayan Bank has appointed Islamic Relief as its exclusive charity partner for 2017. The bank will work with Islamic Relief by supporting Sharia-compliant microfinance projects through fundraising activities. The projects will help people living in poverty to establish social enterprise businesses in their home countries and become financially independent. One of the projects is in Mali, West Africa. The project helps local women by making money available using the Islamic finance principle of Qard Hasan (loan without benefit). The women are then able to use the money to commercially harvest the nut of the African Shea tree and create Shea Butter, which they can then use to make various products. Seema Khan, head of major gifts at Islamic Relief UK, said the microfinance partnership with Al Rayan Bank is an intelligent solution to helping people around the world out of poverty.