Islamic Relief Kosovo recently celebrated a landmark 12,500 client receiving an interest-free loan to help support a small business.
Islamic Relief established the interest-free loan programme in 2012 and it is still the only Islamic microfinance initiative in the country. It currently has a loan portfolio of Euro 2.3 million, which has resulted in 12,500 people being able to take a small loan to help with a small business or other needs.
These loans have supported numerous businesses such as goat rearing, the purchasing of manufacturing equipment, or expansion of shops. This support has meant that people have not needed to take interest-based loans, and they have been able to grow and support their families and local communities.
The programme has not only been essential in supporting thousands of families, the high rate of loan return has meant that the money can be used many times over to support family after family.