The event celebrating the completion of Sahyog Urban Thrift and Credit Cooperative Society in Okhla saw the participation of several prominent figures, including Lok Sabha MP Tariq Anwar, who praised the organisation’s work in uplifting the weaker sections of society.
Speaking to a packed audience at Milli Model School in Dawat Nagar on Sunday, former Union Minister and MP from Katihar, Anwar, emphasised the crucial role cooperative banks and societies like Sahyog play in supporting individuals with their business and personal needs.
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“These institutions are vital in uplifting the lives of small-scale entrepreneurs,” he said. “Sahyog, in particular, has provided interest-free loans to many underprivileged individuals, making their lives significantly easier.”
Offering Sahyog to small-scale entrepreneurshttps://t.co/4M9koh50CR pic.twitter.com/Yfzltk9qG7
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Dr Majid Ahmed Talikoti, Chairman and Managing Director of MediKent Hospital & Research Center and a specialist in cancer treatment, also addressed the audience. He highlighted how financial cooperation, such as Sahyog’s interest-free loan model, helps individuals maintain their livelihoods and sustain their businesses.
Dr DK Dhosia, Head of the Commerce Department at Jamia Millia Islamia, discussed the concept of microfinance, mentioning that its foundation was laid by Bangladesh’s Muhammad Yunus. He explained that the primary objective of microfinance is to liberate people from exploitative traditional money-lending systems by pooling small amounts of money to provide loans to those in need.
Congress leader Engineer Hidayatullah spoke in favour of an interest-free financial system, noting that all religions, including Islam, discourage interest-based transactions. He said Islam prohibits both the giving and receiving of interest, making an interest-free financial model a better alternative. Hidayatullah called for widespread support for the one year old body, as it represents a platform for mutual cooperation.
Shamsuz Zaha, Chairman of Sahyog Urban Thrift and Credit Cooperative Society, highlighted the organisation’s achievements over the past year. He noted that it is a registered, government-approved institution that operates within legal frameworks. As a microfinance institution based on an interest-free model, it protects individuals from exploitative interest rates and aims to help small entrepreneurs become self-sufficient, he said.
Osama Khan, CEO of Sahulat, elaborated on the body’s goals to protect small business owners from financial exploitation and the burden of interest. He described how it provides interest-free loans to small business owners, shopkeepers, street vendors, and other micro-entrepreneurs, helping them achieve financial stability and grow their businesses.
Other speakers who addressed the gathering included Saurabh Shekhar, Syed Tahseen Ahmad, and several others. The Vice Chairman of Sahyog, Abdul Mannan, and directors Irfan Ahmad, Nisar Ahmad, Mushir Ahmad, Furqan Ahmad, Syed Faizal, and Amarjit Costa were also present.
The event concluded with a vote of thanks delivered by Asif Ansari, while Shoaib Raza Fatmi conducted the proceedings. Additionally, mementos and cheques were distributed to some attendees in recognition of their contributions.
A resident Abul A’la Syed Subhani later shared their thoughts on social media: “Overall, it was a very productive programme. The CEO of Sahyog Microfinance Delhi, Osama Khan, gave an insightful and practical talk on microfinance. Other guests and members also shared valuable perspectives. The president of Sahyog Society Delhi, Brother Shams-ul-Zuha, shared his reflections and experiences eloquently.”
“Within just one year, Sahyog has created almost 700 members in Delhi, raised approximately one crore in deposits, and released loans totaling around forty lakh,” he said.
