On April 25, the Jawzjan-based Aqcha Islamic Investment and Finance Cooperative (AIIFC) celebrated its third anniversary at its annual general assembly meeting. Since its launch in April 2007, the AIIFC’s highly motivated and committed employees served as volunteers, formulating and adopting the governing laws and articles of incorporation, and developing the policies that govern the cooperative’s overall operations.
Today, the AIIFC is one of Afghanistan’s most successful IIFCs, due to its strong business operations and outstanding performance that yields strong income growth. Through extending crop production and livelihood projects and providing its members with a micro-credit program, the AIIFC increased its net income by 45 percent from March 2009 to March 2010, a record one-year net income improvement. With the increased income, AIIFC members are receiving a larger share in the form of dividends credited directly to their member shares and savings accounts.