Rising new promises in the journey towards financial inclusion, Sanghamam started its first branch in Kerala at Aluva. Mr. T. Arifali, Ameer, JIH Kerala inaugurated the branch in a ceremony held at Priyadarshini Town Hall, Aluva.
Addressing the gathering, Mr. T. Arifali said that Sanghamam is an attempt to present a viable model of participatory financing as an alternative to the present interest-based financing. The humanistic approach of this model — shared risk and common responsibility — will create a positive impact on the whole economy of the country, and help eradicate the exploitation and evils of the present interest-based economy. As Sanghamam focuses on micro-financing, it can reach out to the economically marginalized sections and uplift them through participatory financing, he added.
Mr. T. K. Hussain, President, Sanghamam presided the meeting. Sanghamam aims to combine the benefits of the co-operative movement and participatory financing for attaining the goal of financial inclusion, he said.
Dr. K. K. George, Chairman, Centre for Socio-Economic and Environmental Studies; Mr. Sabir Hussain, Co-ordinator, Kudumbasree; and Mr. C. H. Abdul Raheem, Director, KIMS Hospital addressed the gathering.