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Sunday, June 23, 2024

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ABC Investments to support SME sector

ABC Investments Ltd., a market leader in Islamic Finance will launch micro financing this year to support the SME sector and help eradicate poverty in the rural sector, Managing Director, ABC Investments Ltd., M.I.M. Razeek said.

He was speaking at a ceremony on Wednesday to launch the tour, health and education packages Safar, Ilaaj and Ta’leem. Razeek said all business activities are carried out in line with the Shari’ah principles that advocate profit sharing and strictly prohibit interest bearing.

“Our primary objective is to ensure that funds lent by the company are fully utilised on projects”, he said.

ABC Investments made significant developments in trade and services during its first year in operation. The company was the first to launch an Islamic Credit Card (ABC Barakah Credit Card) this year.

“Micro credit is an innovative tool that empowers the poor to initiate business and help eradicate poverty in the country. Supporting the poor with access to funds is far more important than giving them a plate of rice”, Razeek said. The special tour package offers customers an opportunity to perform Umrah during the sacred month of Ramadhan with a reasonable upfront payment and a six-month period to repay.

ABC Investments was launched in July last year and today with branches across the country it is one of the market leaders in Islamic finance.. LF

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