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CEI’s Shari’a Compliant Loans

CEI’s Shari’a Compliant Loans. Why? What? How?. CEI’s Shari’a Compliant Loans. Why? Majority of recent StartSmart clients Muslim (Somali). CEI’s Shari’a Compliant Loans. What? Non-interest loan to meet religious need Profit- truck example Fee – TA agreement w/loan.

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CEI’s Shari’a Compliant Loans

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  1. CEI’s Shari’a Compliant Loans Why? What? How?

  2. CEI’s Shari’a Compliant Loans • Why? • Majority of recent StartSmart clients Muslim (Somali)

  3. CEI’s Shari’a Compliant Loans • What? Non-interest loan to meet religious need • Profit- truck example • Fee – TA agreement w/loan

  4. CEI’s Shari’a Compliant Loans • Example: Loan: $10,000 Term: 3 years Prevailing rate: 9% Monthly Traditional $318/month Profit $11,447.90/36= $318 Fee $277.78 + $40.00= $317.78

  5. CEI’s Shari’a Compliant Loans How: Interviews: economist, local leaders, clients, other programs, CEI Presentation (internal selling) Lawyer, LLC, $$

  6. CEI’s Shari’a Compliant Loans Lessons Learned: - Worth it - Community trust - Would only offer ‘fee’ loan-working capital (if doing it over) - Involve key clients at the beginning of process (buy-in/ marketing)

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