Realization Process of Islamic microfinancing under the VOLIP program

The consultative meeting on progress of work on Islamic microfinancing principles with the participation of Mr. Sirojiddin Ikromi, Deputy Chairman of NBT, Mr. Isroil Ismoilov, Coordinator of VOLIP program, representatives of the credit institutions and Ministry of Education and Science of RT was held on February 21, 2018 in the National Bank of Tajikistan.

Mr. Sirojiddin Ikromi, Deputy Chairman of NBT during his speech has noted that the purpose of realization of VOLIP programs is population’s poverty alleviation by rising professional skills, providing favorable opportunities for training and obtaining profession, provision of microfinancing for continuation of entrepreneurial activities.

Then, NBT experts had presented reports and presentations on realization of the Islamic microfinancing according to credit agreement on financing within “Vocational literacy program for poverty reduction (VOLIP) in Tajikistan”.

It has been noted that with the view of acceleration of financing process, given that the Founder of Peace and National Unity - Leader of the Nation, President of the Republic of Tajikistan, His Excellency Emomali Rahmon in the next Address has declared 2018 “The Year of tourism and folk-crafts in the country” it is taken concrete measures on increase in additional target groups of borrowers within the limits of VOLIP program, to increase of credit organisations responsibility level, encouragement of clients and carrying out of explanatory works among borrowers.

During the meeting participants also succeed to get some information on the Islamic financing basis, problems and planning of finance according to Islamic microfinancing principles, microfinance institution and maintenance of explanatory works among users of VOLIP program, and also documents preparation mechanisms for microfinancing according to Islamic banking principles, organization of financing and preparation of individual business plans and realization of banking activity on Islamic micro financing within “Vocational literacy program for poverty reduction (VOLIP) in Tajikistan”.

At the end of meeting Mr. Isroil Ismoilov, VOLIP Program Coordinator has presented the work plan at the end of 2018 for maintenance of successful realization of the given program.

It is necessary to note that the given project is implemented by national credit institutions (OJSC “Agroinvestbank”, OJSC “Eskhata bank”, CJSC “Spitamen Bank”, CJSC “International Bank of Tajikistan”, OJSC “Commerce Bank of Tajikistan”, CJS MDO “Imon International”, LLC MDO “Humo”, LLC MDO “ARVAND”). At present, “Vocational literacy program for poverty reduction (VOLIP) in Tajikistan” is implemented in 11 cities and districts of the republic, such as, Dushanbe, Hissor, Norak, Sarband, Shahrinav, Fayzobod, Nurobod, Huroson, Muminobod, Hamadoni and Zafarobod.

Press Division NBT