Janseva Cooperative society which is the largest cooperative player in the Interest Free Financial field because of its impressive performance has bagged gold award in the annual event organised by Islamic Finance Forum of South Asia (IFFSA) with its headquarters in Colombo in Sri Lanka. This Forum monitors the activities of Islamic Finance Institutions and organisations involved in the promotion and development of Islamic financial system in South Asian countries. Interest free Micro finance is one of many fields where IFFSA awards three prizes namely Gold Award as first prize, Silver Award as Second prize and Bronze Award as third prize for the best performing institutions on the yearly basis. JANSEVA has earned Gold Award with tag as Micro Finance Institution of the year 2017. This award was handed over by IFFSA to the winners at a Gala Function organised by IFFSA at Ramada Hotel Colombo Sri Lanka where representatives of Sri Lanka, Indonesia, Malaysia, Bangladesh, India, Pakistan and Maldives participated in the function.
The second marvellous achievement unparallel in the interest free micro finance practitioners in India is that Janseva has abolished the practice of levy and collection of service charges which is a common practice adopted by interest free micro finance institutions to recover the actual cost of operation. Although permissible, people dislike the practice and blame it to be interest like. Janseva has become the first institution to abolish this practice and provide general purpose loan facility without Interest as well as without service charge.
Janseva is a financial institution in the style of Multistate Cooperative Credit Society Ltd registered with Union Ministry of Agriculture Government of India under Multistate Cooperative Society’s Act 2002 (MSCS Act 2002). Availing the provision of zero interest in the said Act, Janseva decided to conduct its financial business totally free from interest. This is because interest is an evil design of the imperialists and capitalists to enslave people economically. Therefore it becomes essential to take steps to arrest its growth and protect and liberate people from becoming slaves economically. And it is here the promotion and practice of interest free financial system becomes the need of the hour.