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HomeLatest NewsJamaat Expands Interest-Free Finance Network to Boost Economic Stability in Karnataka

Jamaat Expands Interest-Free Finance Network to Boost Economic Stability in Karnataka

Bengaluru: Jamaat-e-Islami Hind (JIH) Karnataka is stepping up its drive to promote economic stability by expanding interest-free financial institutions across the state. At a meeting with Souharda Cooperative Society leaders, JIH Karnataka State President Dr. Belgami Mohammed Sa’d stressed the need to free people from exploitative moneylenders.
Dr. Sa’d outlined plans to set up interest-free cooperative societies in major cities and towns as the first step in a state-wide mission. “Economic stability is a cornerstone of positive social change,” he said, urging community support to replicate the model in more regions.
JIH Karnataka State Secretary Mohammed Yusuf Kanni highlighted the success of existing Souharda Societies. About 18,000 members are part of these societies in Bidar, Kalburgi, Raichur, Ilkal, Bellary, Davangere, Bhatkal, Udupi, and Mangalore. Last year, they handled transactions worth ₹125 crore.
Mr. Kanni announced expansion to Sindhanur, Hubli, Hassan, and Bijapur by March 2026. He said the aim is to give more people access to interest-free finance, promote equitable participation, and reduce reliance on conventional banks.
Mriza Abid Baig Falahi from Jamaat’s Shariah Council recently visited societies in Bidar, Kalburgi, Raichur, Ilkal, and Bellary. His inspection focused on Shariah compliance and staff training in Islamic finance modules like Mudarabah, Musharakah, and Murabaha. “Interest-free finance is an ethical necessity for a just and inclusive economy,” he said.
Prominent members from different districts attended, including Mujtaba Khan from Bidar, Hamza Muazzam from Kalburgi, Imtiaz Baig from Davangere, Nazeer Ahmed Qazi from Bhatkal, and Riaz Ahmed from Koppal. Souharda Societies’ convenor Rafiq Ahmed opened the meeting, focusing on operational expansion, Shariah compliance, and greater community involvement.
The initiative is part of Jamaat’s mission to drive societal reform through ethical measures. By offering cooperative, interest-free finance, it aims to empower individuals, support small businesses, and protect vulnerable people from debt traps.
With planned expansions, JIH Karnataka hopes to build a strong network of Shariah-compliant institutions. Leaders believe sustained community participation will make interest-free finance a widely accessible reality in the state.
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