The Jeddah-based Indian Forum for Interest-free Banking (IFIB) has launched a goat-farming project in Kerala with the support of a local organisation, said V.K. Abdul Aziz, secretary-general of IFIB. The forum mobilised interest-free finance for the project aimed at poverty alleviation. He was reported as saying: “We decided to support the project in order to show that Islamic finance is a good solution for eradicating poverty in India, and strengthening the country’s economy. The project will benefit not only investors but also poor farmers.”
He said the project in Naduwil (Kannuar) was officially inaugurated by Syed Munawar Ali Shihab Thangal, who commended IFIB for funding such projects aimed at improving the condition of the poor and enabling them to get money required for a decent living.