Interest-free loan
Interest-free loan
This fund aims to provide good and easy loans to individuals in order to assist them in establishing small projects of crafts and professions. The resources of this fund are collected from alms, endowments, cash endowments, temporary endowments, and zakat.
This fund does not charge the borrowers any fees or fees for these loans, as this fund takes the management wage from the protection fund (Takaful), and therefore its value does not decrease with administrative expenses – just as cases of disability, death, or default are protected by the Takaful Fund, and therefore it has protection for these cases The good loan fund has protection against inflation through two things:
- Investing the funds of the Protection Fund (Takaful) in Sharia Mudaraba, so that it will have (70%) of the profit.
- Investing the funds of the fund itself from the beginning so that these funds are invested in investment deposits in Islamic banks, or in securities (shares and instruments) that can be facilitated quickly