Takaaful Cooperative Society introduces interest free loan to Malawi farmers

Taakaful corporative society has introduced a 10 million kwacha interest free loan program for over 500 farming families across the country.

Speaking with radio Islam executive director of the society Adil Chilungo said the program will be rolled out in August this year.

Chilungo said the loan has increased from last year’s 3 million kwacha.

“We are committed in providing communities with services which are in compliance with Islamic principles,” said Chilungo.

Meanwhile, some communities in Machinga district have hailed Taakaful corporative society for providing them interest free loans to purchase fertilizer in the past growing season.

Some of the beneficiaries Lukaya Asima and Laziya Faki said “we managed to increase our food production this year due to interest free loans we received from the corporative.”

The program was initiated in three communities of Nselema, Mbere and Mposa in Machinga.