Announcement

Islamic Investment and Finance Cooperative Opens in Kunar

New access to financial services to boost economic growth in Kunar Province

Kunar Province, Afghanistan  | Wednesday, October 15, 2008

Photo: USAID/Afghanistan

Officials at the Grand Opening Ceremony for the Kunar Islamic Investment and Finance Cooperative (IIFC).

On October 8th, officials held the Grand Opening Ceremony for an Islamic Investment and Finance Cooperative (IIFC) in the eastern province of Kunar.  The event was attended by new members of the cooperative and local government officials.  

Like many Afghans, the people of Kunar are in dire need of financial services to rebuild their livelihoods. The USAID-supported investment and finance cooperatives provide a range of Sharia-compliant products to their members.  The loans empower families to improve their farms and businesses, purchase quality products, and build a better future.

The World Council of Credit Unions (WOCCU) has established six investment and financial cooperatives in eastern Afghanistan.  As of September 2008, the cooperatives in this area have disbursed a cumulative amount of US$1.6 million to support over 900 active borrowers.  Current membership has increased to over 5,000 individuals, including 450 women.