Islamic organisation in India provides interest-free loans to people of all faiths
The Islamic Welfare Society Bhatkal provides interest-free Islamic loans to those who need it unlike traditional banks that often charge high interest rates. As a result, this is a very convenient option for borrower, many who are poor. The money being lent out is financed by the mosque.
Rather than charging interest, the Islamic Society accepts jewellery and gold as collateral.
However, in their 33 years of service, they have yet to sell or auction off a single piece of jewellery or gold, showing how sustainable their model is, for both themselves and the borrower.
This service is not designed for Muslims only and people of any faiths are welcome to take our loans. 30% of their customers are non-Muslim!
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