About Member IIFCs
IIFC Group has member-IIFCs in 14 provinces of Afghanistan. All of the IIFCs are registered under the laws of the Islamic Republic of Afghanistan. The member-IIFCs are actively involved in providing financial services such as Loans and Savings to the citizens residing in their clientele areas.
Under the slogan “No donation for people and no obtainment of extra money from people, but only work for people’s economical development”, these IIFCs have been working since 2005. These IIFCs provide its members with two types of services, the Islamic Loans and the Members’ Savings. IIFC Group itself does not provide any loans to individuals but the IIFCs do. IIFC Group only works with the IIFCs that are the institutions providing such services.
IIFCs are small financial institutions that mostly operate in the rural areas of Afghanistan. The IIFCs are staffed 10- 15 people on average basis. The staffs working for the IIFCs are employed from their own regions. The IIFCs are governed by a board of 7 members that are democratically elected during the General Assembly each year.
To benefit from the services provided by IIFCs, the person should take the membership of one of the IIFCs in his/her region or province. To obtain the membership of one of the IIFCs, the candidate should be 18 or over that.
The amount of money taken from the member is 100 Afghanis which will belong to the member and could be transferred from one member to the other, but cannot be evicted. Members can invest as much money as they want in one of the cooperatives. Each IIFC is providing its financial services with consultancy of BoD comprising seven members tribal elders, governmental members, religious scholars and others.
Every member of the IIFC can receive from $200 to $5000 sharia compliant loan, it is while these loans are being awarded to them on the basis of Murabeha Islamic Loans and the borrower should return it to the related IIFC within 6 months-two years time. The duration of delivery of the loan is based on how the money is being used.