By: Mariama Njie
The Yonna Islamic Microfinance has drawn attention for its readiness to support small scale business holders, farmers and youth in The Gambia to contribute immensely in boosting the country’s socio-economy.
Yonna Islamic Microfinance, a full-fledged Islamic micro financial institution in The Gambia was granted license in April, 2021. It has many services suitable for low income people such as small scale businesses holders, farmers, youth and women.
Officials say the institution aims to help Muslims who are reluctant to work with interest making banks and support low income people.
Speaking exclusively in an interview with this medium, Dr. Abubacarr Fatty, head of Shariah Compliance said Yonna Islamic Microfinance is willing to support entrepreneurs with good business ideas and little resources to expand their businesses. “We can finance them and at the end we share the profit gained from the business. They can have forty percent (40%) and we can have sixty percent (60%) from the business.”
He said the financial institution is looking forward to investing in the agricultural sector aimed at empowering farmers. In this case, he said the financial institution will finance farmers to cultivate more crops and then purchase their products at a good price but later deduct its cost.
According to him “We will also support people with skills such as carpenters, welder men and others to expand their businesses.” adding “We are going to do the financing and our partners are going to do the labour.”
Dr Fatty further said his institution is willing to have business deals with potential partners such as small business holders, saying in this case the institution will finance small-scale business people to expand their business and if profit is generated both parties will share it.
Explaining further on their packages, he said the financial institution also has a service called sell plus micro, where it buys assets for customers and sells them profitably. However, the customer will pay to the financial institution on installment basis either for a number of months or a period of one year.
More so, the financial institution also has a partnership service where it finances a partner to invest in a business. “In such a business, the partner will manage the business and if any profit is made we will share it,” he added.
However, he added, if the business progresses and the company recovers its cost then the partner would be opportune to buy the other share from the company to become a hundred percent owner of the business.
Lamin Sisawo, head business development for Yonna Islamic Microfinance assured customers’ deposits in the financial institution are hundred percent secured, justifying that the institution is licensed by the Central Bank of The Gambia and all requirements had been met.