Business

Banks in Eastleigh in new push to entice women with interest-free loans

Bank managers have sent representatives to educate women in Eastleigh on the benefits of Islamic banking. (Photo: Abdirahman Khalif)

By Abdirahman Khalif | Friday, October 27, 2023

Amina Hassan, a middle-aged woman who spoke to the Eastleigh Voice, said women are disadvantaged when it comes to running businesses as they lack capital.

Various bank managers have sent representatives comprising of Islamic ulamas and other officials to educate women in Eastleigh on the benefits of Islamic banking.

As most banks in Eastleigh offer an Islamic way of banking, the majority of the residents, especially women are not well educated on its mode of operation.

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Jaafar Sheikh, an Islamic finance consultant, believes the community is not taking advantage of the financial benefits offered to them by these banks.

"Most of our women do not understand Islamic banking, it is our duty to teach them," Jaafar said.

Most businesses in Eastleigh are run by men though there is also a significant number of women who are engaged in trading.

Amina Hassan, a middle-aged woman who spoke to the Eastleigh Voice, said women are disadvantaged when it comes to running businesses as they lack capital.

She added that women like her are ready to learn how to access loans without any interest to kick-start their business dreams.

"We are Muslims and we don't take loans with interest. We would like to know how Islamic banking works. We are ready to learn," Amina said.

There are six commercial banks in Eastleigh which mostly offer Islamic banking.