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Tuesday 09 Jun 2015 - 12:29 Makkah mean time-22-8-1436
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Lilongwe, Malawi (IINA) - Offering financial support to Malawi Muslims, a leading Islamic association is set to introduce Shariah-compliant loans to help Muslim youths in the extremely impoverished Southern African nation, according to media reports.
The Muslim Association of Malawi (MAM) has launched interest-free loans for Muslim youths in cooperation with a Kuwaiti businessman, said MAM Treasurer General Bujad Kalera. The Shariah-compliant loans aimed to help unemployed Muslim youths who don’t have income-generating activity.
Besides unemployed youths, those who are running businesses can also take advantage of the loans which are Shariah-compliant.
“Islam taught us to work hard to earn a living, so we are very concerned with our youths,” Nyasa Times daily reported quoting Kalera as saying.
For Muslim video and audio producers, the free-interest loans will also help in spreading the message of Islam in the African country.
With a minimum form of K1 million, the loans should be refunded within a year with a charitable donation, OnIslam reported.
Malawi is considered a youthful nation, with about 75 percent of the country’s 16 million population are youth.
Islam is the second largest religion in the country after Christianity. Muslims account for 36 percent of Malawi's population.
SM/IINA
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