MASL launching comprehensive microfinance programs

Ruwanthi Abeyakoon

Partnership: Islandwide comprehensive development programs will be launched establishing new partnerships in Sri Lanka, Country Director, Muslim Aid Sri Lanka (MASL), Amjad Mohamed Saleem said at a press conference held after a five day workshop.

"The consultation workshop provided the opportunity for sharing the experience and perfecting the unique microfinance policy of MASL. The workshop focused on developing different models that work on basis of zero interest and identifying better projects in advocating a sustainable future in Sri Lanka," he said.

He also said a diverse range of tested, effective and sustainable microfinance products which are distinctively interest free by 2010 will be created. "Interest free micro finance projects have helped to reduce extreme poverty, creating employment and livelihoods in several countries.

We are currently working in Muttur and have provided loans for two farmers who were unable start their businesses. MASL is in the process of starting a comprehensive entrepreneurship program in Muttur setting up at least 400 new businesses," Saleem said.

"Micro financing is not a social protection program. Moving from the traditional safety net we provide assistance to reduce poverty making people more self reliant.

Microfinance is the principle vehicle in reaching poverty reduction which is a Millennium Development Goal. It is targeted at household level enterprises and towards women," Rural development expert, Institute of Development Studies, University of Sussex, Dr. Martin Greeley added.

MASL has also conducted entrepreneurship training in Kantale and Matara to be followed by setting up of small businesses in these areas.