First Global launches micro-finance program

First Global Investments Holdings (FGIH) launched its Islamic Micro-Finance program to 24 beneficiaries selected from destitute communities in Maradana, Slave Island, Kirulapone and Dehiwala.

The pioneering micro-finance program is based on the principle of Murabaha or cost plus mark-up where the beneficiaries are supplied commodities by FGIH at cost plus a nominal mark-up which they would have to repay in monthly instalments.

First Global Group Managing Director Muhammad Ikram Thowfeek said when presenting microfinance passbooks that they are making the project a continuous one which should reach a wider range of beneficiaries in the near future.

He said that Islamic Banking is not only for the Muslims but for all mankind, where dealings are done in an ethical and socially responsible manner. FGIH as part of its Corporate Social Responsibility (CSR) obligations had taken this initiative to uplift and enhance the skills of the less fortunate so as to transform them into productive members of society which would also help strengthen the country’s economy.