Awarded Gold Medal as Recognition of its Cooperative Banking Services
Mumbai: “Jan Seva Cooperative Credit Society is the only interest-free monetary institution in the country. With a sum of just Rs 191,000, it began its journey and within seven years its revenue touched the mark of Rs 224 crore in 2016. With zero income at the start, its income crossed Rs 3 crore last year,” said Liyaqat Ali Khan, Director, Jan Seva Cooperative Credit Society, while addressing a press conference here on Thursday.
Addressing the media at the Mumbai Press Club, Liyakat Khan said: “It is the only monetary institution which provides non-business loans and investment services to its members free of cost. It is no more taking any charges from them. Not only this, last year it distributed 10% profits to its shareholders.”
He further said that in the cooperative credit sector, Jan Seva is the largest institution that offers interest-free loans and it has got permission from 12 state governments to work.
“I am pleased to inform you that as recognition of its better performance, Jan Seva has been selected for the Gold Medal 2017 from Islamic Finance Forum of South Asia (IFFSA) which is headquartered in Colombo, the capital city of Sri Lanka. I want to congratulate and thank all members of Jan Seva who have cooperated me to reach this stage,” he said.
Main Services of Jan Seva:
- Saving Accounts like conventional banks
- Facility to earn Halal profits through interest-free investment
- Loans up to Rs 1 Lakh for non-commercial needs without any interest and charges
- Commercial loans up to Rs 25 lakh
“Both Muslims and non-Muslims are benefiting from our services in key states of the country,” said Liyaqat Ali Khan.
Speaking on the occasion, Dr Ismail Shaikh, Director, Jan Seva said: “It is due to Allah’s blessings that Jan Seva has been able to establish its identity in a very short period of time. People have posed faith in it and have taken it to new heights.”
“There are several institutions in the country but the position Jan Seva has got is rare. Our clean leadership has adopted such business patterns in a clean environment that now all people are appreciating it,” he said.
On the occasion, Wajid Qazi, Regional Manager, Jan Seva, invited the audience to visit the office of Jan Seva.