- Politics and Social Issues
JANSEVA, Towards Islamic Banking
What is Jan Seva?
Janseva is a credit cooperative society, with its head office in Chennai, to promote interest free banking and to encourage Islamic way of business. Janseva started its first ever branch in Vaniyambadi a few days back in the month of November 2010.
The reason to start Janseva in Vaniyambadi is because, this small town is very much familier with the concept of Islamic Banking and the elite of this town are making sincere efforts to introduce the Islamic Banking facility with the approval of the Government of India. In the past several efforts were made to introduce this system, but due to so many undefined reasons these efforts were not fruitful. After a long time, it was found that by establishing a cooperative society, the Islamic Banking System can be practiced. This led to the formation of Janseva with the inaguration of its first branch in Vaniyambadi.
As it is a well known fact that the poor rarely access to financial services through the formal financial sector. They address their need for financial services through a variety of financial relationships, mostly informal i.e. Money Lenders which is very exploitative and burdensome because of high rate of interest charged. The Janseva Society is committed to undertake financial and business transactions on free from interest, speculation, gambling and exploitation. In the absence of a social/Islamic Bank in the country, Janseva is the alternate option for all classes of people in the society irrespective of income level, caste, religion and region.
- Encourage to save some amount from your hard earned money and keep it safe and liquid.
- Assist you to have acess to interest free credit debt cost to fulfill your financial requiements.
- To Provide business loans on the basis of profit and loss sharing.
- To assist solve the housing and other needs through special purpose vehicle being designed for the benefits of the members.
- The Society aims to provide interest free loans to the tune of Rs.5 lakhs to each member who wishes to avail the loan on profit sharing basis. In such case the society also becomes a partner to this business till the amount of loan is repaid in fully.