3 articles tagged “Janseva”

No. No bank in Kolkata or West Bengal is Islamic, because the RBI licenses none. What exists: one interest-free cooperative branch at 25 Bright Street, online halal funds and screeners, and state minority loans that charge 6% to 8% interest.

India's only interest-free business finance comes from co-operative societies, and some terms are published: Al-Khair's 8 and 16 to 18 percent service charges, Janseva's SHG model, Bait-Un-Nas'r's micro finance.
Janseva's founding resolution commits it to Quran and Sunnah within Indian law. Twelve permitted states, qard-e-hasanah deposits, a debt-rescue-first loan ladder and SHG microfinance. The full guide.