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Interest Free Financial institutions (IFFI) of India are the forerunners in the
history of global Islamic financial movement. Tracing the history of growth of
interest free financial institutions in India, it is reported that such organized
credit society had shown its presence as early as 1890. According to the
directory of Islamic banks in India, such efforts in the organized sector in the
style of the Patni Cooperative Credit Society Ltd. was established in
1942
A recent study conducted by Bagsiraj (2003) shows that there are
institutions that have grown to a size of 14 Islamic Cooperative Credit Society
(ICCS) in India. It may be noted that these institutions primarily fulfill the
casual social needs of the people at a very small scale.
(Dr Rahmatullah-IFFI of India in crisis/Bagsiraj-IFII,published by KAU, Jeddah
in 2003)
Concept of cooperative:
- From the beginning of human society, cooperation has
always been a vital factor in human development.
- As a social creature, it is the natural urge of man to
cooperate with each other.
- Cooperation conveys the idea of helping each other
and making joint efforts to achieve a common goal.
7 principles of cooperatives:
Why IFC?
1. Conceptual framework
Cooperate with all in what is good and pious and do
not cooperate in what is sinful and wicked. (Q-5:2)
2. Legal framework is less regulated than the corporate
sector (Cooperative Societies Act ,CU Act) Shariahcompliant
3. Values - Islamic Financebased on Islamic ethics:
justice, sharing, cooperation.
- Cooperatives based on values: honesty, equity,
equality, solidarity, self-help, etc.
4. Easy formation & more elastic
5. Small capital requirement
6. Community based & more people-oriented( IEViews..)
7. Spread ownership of business and reduce
concentration of wealth
8. Different purposes - open to any type of economic
activity
9. Incentives & Benefits Tax
10. Democratic
Murabahah
Ijarah
Mudarabah
Musharakah
Diminishing Musharaka
Istisna
Qard-ul-hasanah/IFL
Al
Barakah
Multipurpose Cooperative
Society
Limited
Mauritius
Keen
4.
Formation of Al Barakah
(Registered on 10th June 1998)
Operates:
Within the Co-operative Societies Act
2005
Within the framework of its rules and
regulations
In accordance with Islamic Financial
Laws.
VISION
MISSION
GOALS
Objectives
1.
2.
3.
4.
Statutory Reserve
Profit Equalisation Reserve
Dividend Equalisation Fund
Social Takaful Fund
Creating awareness about Islamic Finance.
Organizing lectures, seminars,
conferences and workshop.
Organizing mini trade fair, socio-cultural
programme.
1.
2.
3.
4.
5.
6.
7.
Individual/organisational/government
level
Legal framework
Public acceptance
Economic potential
Human Resource
Mass Education
Competition
Legal
1.
2.
3.
4.
10 years of operation
An eye-opener
Islamic finance at different levels
Well-being of all citizens