First Global launches micro-finance program

First Global Investments Holdings (FGIH) recently launched its Islamic Micro-Finance programme which was targeted at alleviating poverty in the suburbs of Colombo.

There were a total of 24 beneficiaries selected from destitute communities in Maradana, Slave Island, Kirulapone and Dehiwala. This pioneering micro-finance program is based on the principle of Murabaha or cost plus mark-up where the beneficiaries are supplied commodities by FGIH at cost plus a nominal mark-up which they would have to repay in monthly instalments.

Muhammad Ikram Thowfeek, Managing Director, First Global Group, speaking at a ceremony held to hand over the microfinance passbook and commodities to the beneficiaries at the First Global Knowledge Centre, delved on the importance of Islamic Microfinance.

He stressed on making the project a continuous one which should reach a wider range of beneficiaries in the near future. He also highlighted the fact that Islamic Banking is not only for the Muslims but for all mankind, where dealings are done in an ethical and socially responsible manner. He noted that FGIH as part of its Corporate Social Responsibility (CSR) obligations had taken this initiative to uplift and enhance the skills of the less fortunate so as to transform them into productive members of society which in would also help strengthen the country's economy.

The Managing Director of First Global Group, Ikram Thowfeek seen here addressing the beneficiaries of the micro-finance program.