In the unsettling atmosphere across parts of Afghanistan, small business owners and farmers are getting the capital they need from the country's Islamic investment and finance cooperatives.
The World Council of Credit Unions said in the last quarter alone, 30 IIFC or credit unions distributed nearly 8,000 loans worth $7.4 million and increased total membership by 10%.
"The IIFC structure is quite different from other microfinance institutions and banks in Afghanistan," said Barry Lennon, WOCCU's senior vice president who oversees the council's programs in Afghanistan. "The Afghans who become IIFC members each own a piece of these Islamic cooperatives. They see the IIFCs as Islamic financial institutions where they can access fully Shari'a-compliant products and services."
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