Sharia, Islamic law, prohibits usury, the collection and payment of interest, as well as investing in businesses that are considered unlawful. But with some modifications, microfinance can be made Shariah-compliant, opening up access to credit and poverty alleviation services to many Muslims. The department of Noun, in western Cameroon, has a population of 1 million, […]
Islamic Saving and Credit Cooperative of Cameroon (ISCCC)
A microfinance institution in western Cameroon based on the principles of Islamic law.
The cooperative model in microfinance: More current and pertinent than ever
In the microfinance sector, cooperatives reach significantly more individuals and families than other financial institutions making them the actors who are truly responsible for improving access to financial services for all, and thereby increasing local economic growth and reducing poverty. Knowing that 2.5 billion individuals, three quarters of the world’s poor, still do not have […]
A focus on youth in rural Uganda
Established in 2004 and based in Buwenge sub-county in Eastern Uganda, JoyFod Savings and Credit Co-operative (SACCO) has over 1,400 members who have savings accounts with them and are taking loans. People in rural areas find it difficult to access the formal banking sector as most banks are far away in town and there […]
JoyFod Savings and Credit Co-operative (SACCO)
JoyFod SACCO is based in Buwenge sub-county in a small village called Igombe. Differently to other SACCOs, they specialise in opening accounts for young people between 18 30 years old. JoyFod provides training and sensitisation to young people on how to save and why to save and helps them think about which business would […]
Serving the cooperative movement in Cyprus
The Cyprus Cooperative Central Bank was established in 1937 by the cooperative institutions and started operating on the 1st of January 1938. The main reason leading to its establishment was the need for a cooperative central body which would make the work of the cooperative movement more efficient. The Bank evolved rapidly and thanks to […]
Cooperative Central Bank Ltd.
Cooperative Central Bank is one of the biggest financial organizations in Cyprus. Serving the Cooperative Movement and society in general, it offers a complete spectrum of banking products and services. Cooperative Central Bank has 279 cooperative institution members.
More than 50 years of experience in banking sector
The Co-operative Movement in Cyprus, considered as one of the most well organized and the strongest in the world, was introduced at the beginning of the 20th Century and the first Co-operative Society was founded in 1909. In 1937 the Co-operative Central Bank was founded. Its purpose was to provide credit for those member societies […]
Cyprus Turkish Cooperative Central Bank Ltd.
Cyprus Turkish Co-operative Central Bank Ltd. was established in 1959 and members of the Bank are the Co-operative Societies, which are obliged by the Co-operative Law to deposit their liquid funds with the Bank. Koopbank has 217 member co-operative societies and 19 branches which carry out the activities throughout the country and render services to […]
Bulgarian cooperative supports tiny town
Malki Lom is an agricultural cooperative in Sadina, a village with 1,000 inhabitants in Northern Bulgaria. The cooperative, named after the nearby river, was established in 1993, at a time when no bank was willing to provide it with funding. The situation improved in 2000 when Tihomir Todorov was elected chairman. In 2002 Malki Lom […]