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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