Sahyog to empower economically weaker section with interest-free loan
With the aim of empowering the economically weaker section of society to become self-employed and self-sufficient, Sahyog Urban Thrift and Credit Cooperative Society Limited was inaugurated on Sunday at the Milli Model School in Okhla.
Congress leader and former Union Minister Salman Khurshid said just as microfinance and education initiatives have been successful in southern India, similar efforts were made during our Government to implement such initiatives in northern India. “However, due to some negligence, it could not be achieved. But now, witnessing the inauguration programme of Sahyog Thrift Society, I am delighted to see this long-standing desire fulfilled,” he said.
Chairman of Sahyog Urban Thrift and Credit Cooperative Society Limited, Shams Ul Zoha, said in his presidential address that the idea of establishing this thrift and credit society for the welfare of the poor classes of this area came to my mind as got my education in Jamia Millia Islamia and have been residing in Okhla for years.
He said this is a non-profit society. “No interest will be charged from the borrowers, however, a nominal amount will be charged for operational expenses. This will benefit small businesses, such as rickshaw drivers who will eventually become owners of their rickshaws after some time,” he said.
While explaining the vision of the Thrift Society, vice president of the society, Engineer Abdul Mannan, said: “We have been witnessing the struggles of the low-income class people every day, who are engaged in small businesses such as vegetable vendors, fruit vendors, grocery store owners, plumbers, electricians, etc., around us. They struggle for financial access for their domestic or business needs. They even struggle to keep their small savings safe for the future of their children. Therefore, we decided to establish an institution within the legal framework, where the institution itself will be built by the people, and it will serve the people’s interests to alleviate their problems.”
Indian Muslim Far Social Rights president and former Member of Parliament, Mohammad Adeeb, expressed his happiness at seeing the establishment of a non-profit economic system at this time. Mentioning the concerns about interest-related troubles, he said today, a person who takes a loan is burdened with so much interest that he ends his life, but he cannot repay the loan.
COO of Facility Microfinance Society Osama Khan said our institution currently has 111 branches and is associated with 300,000 memberships. “It is a diverse network of cooperatives in 13 States that is rich in experience providing need-based financial services to beneficiaries. We are ready to share our experience with Sahyog and are also ready to help them with all kinds of organisational difficulties in establishment,” he said.
President of Press Club of India Gautam Lahiri, Vice President of All India Socialist Party Syed Tahseen Ahmad, Director of Institute of Communal Harmony and Studies, Father MD Thamos, former Chairman of Delhi Minority Commission Dr Zafarul Islam Khan, journalist Jay Shankar Gupta, social worker Faisal Khan, and economic affairs expert Advocate Brijesh Mathur shared their views on the issue. Certificates were also distributed to some members at the end of the programme.
