The Charity Bank for Small Businesses
The Charity Bank for Small Businesses facilitates and provides interest-free loans to the most needy of Iraqis, and in particular, widows, divorcees and other vulnerable women who are responsible for supporting their families. The aim of the Charity Bank concept is to promote and grow micro businesses which in turn will guarantee a return to the economy of the local Iraqi community, whilst teaching a skill and empowering the Lender.
All potential loans follow a selection procedure, wherein applicants are interviewed and assessed according to their abilities and interests. Successful candidates are then required to participate in training programmes relevant to the type of micro business they wish to develop. Cognitive rehabilitation and vocational training (technical) empower these disadvantaged groups with the skills to enter the labor market and become confident, self-sufficient and develop a sense of worthiness through the establishment of their own businesses.
Currently there are 5 on-going programmes which fall under the Charity Bank for Small Businesses Project, namely
- The Power of the Sewing Machine Programme (domestic and industrial)
- Charity Shops & Charity Bazaars Programme
- The Bread Oven (Tanoor) Programme
- Housing Loan Programme
- Small Business Development Programme (e.g. Kiosks)
What are the future prospects for the charity fund?
The Charity Bank Project aspires to support and promote the development of small micro businesses, with the intent to empower communities to become self-sufficient and productive, especially women, widows, divorcees and the disabled who are unable to find work and are in most cases the breadwinners of needy families. Ultimately, the Bank hopes to reach out and promote entrepreneurship with up to 1,000 people in the field of micro businesses that fall within the scope of the Project.
How can you contribute to the Fund's support?
You can either buy shares in the Bank where your money will be lent and re-lent to Iraqis starting their own business. (Your donation will act as a continuous form of charity (Sadaqa Jaariah). Alternatively, you can buy guaranteed returnable shares as a good-deed loan (|Qardha Hassana) where you money will be lent to potential business owners and paid back to you after a minimum of one year, as guaranteed by Shakiry Charity.
You can donate to the Charity Bank business support centres
b) Purchases and Donations
d) Design/Production Programme/Maintenance
Nominate a particular programme that you would like to identify with (see above 5 programmes).
Buy clothing made by beneficiaries of the fund under the Iraqi Home Products label, and donate these items of clothing to needy children in Iraq.
Iraqi Home Products will be marketed and sold through Charity shops and markets in Iraq. The shops will sell both new and used clothing at a nominal cost, and a percentage of the sales will be paid into the charity fund in order that other would be entrepreneurs may also have the opportunity to take advantage of the benefits the Charity Bank offers.
What does the Charity Bank support in addition to funding and training?
Supports raw materials suppliers (e.g. textiles and other similar suppliers) through the purchase of material required for the fabrication of Iraqi Home Products.
Promotes and advertises projects for charitable fund products and beneficiaries of its loans.
Encourages institutions and individuals to support local made clothing and donate these items to the poor and orphans in Iraq.