Save regularly, borrow wisely and repay promptly, stresses Corniche Sacco AGM
Savings and credit cooperative organisations are the most popular channels for Kenyan expatriates, through which they save and get access to affordable credit. This credit comes much cheaper than offered by banks
AS expatriates living far away from home, it’s important to embrace saving and investing through a saving and credit cooperative society so that they don’t have to go back home empty handed once the time comes for them to leave Qatar.
With this motive in the back of their minds, members and officials of Corniche Diaspora Kenya Qatar Savings and Credit Cooperative Society (Corniche Sacco) gathered for their annual general meeting (AGM) on Friday, November 29.
Kenyan Ambassador to Qatar HE Paddy C Ahenda and his deputy Washington Oloo were among those who attended the event. An official from Fair Deal Properties was present to showcase residential properties in different areas of Kenya where Sacco members can mull over investments.
Savings and credit cooperative organisations are the most popular channels for Kenyans through which they save and get access to affordable credit. This credit is much cheaper than that offered by banks.
Speaking at the gathering, Ahenda urged Kenyans to save and invest while living in Qatar. “I urge you to welcome these Kenyans who are coming to Qatar to the Sacco. Make them feel welcome. Make it open to anyone who wants to join the Sacco. The higher the number of members, the better for Sacco. Make it open for everybody.”
The ambassador’s deputy, Oloo, said, “AGM is one of the tenets of Sacco. It’s through the AGM that the members get educated and show them that Sacco belongs to them.”
The members were contributing to the economy of Kenya through Sacco, he noted. “Some of things we are proud of as a country is that, the remittance that comes from the Diaspora, especially through Sacco, keeps on rising and rising.”
Omar Farah, who was appointed chairperson, said that people dedicate their time, skills and talents for the success of Sacco. “I am looking forward to a wonderful journey. I know challenges will always be there but I look challenges as opportunities. Therefore, in as much as the challenges will come, we’ll be better together.”
Feisal Saad, the head of Investment Committee who was also the acting chairperson before Friday’s meeting, said the gathering aimed at reviewing Sacco’s past as well as projecting for the future. “We believe the management of Sacco has achieved its goals of steering it on a successful path because we have observed that the members have put confidence in us.”
He noted that Sacco was stable and had not faced any liquidity problems at any time since its inception in 2016. “The number of members has grown this year compared to last year. We are on a mission as the management committee to recruit more members. This is because by having more members, we can have more deposits and funds to invest in different types of innovative products and we can ultimately improve the financial stability of Sacco.”
He said Sacco had introduced Sharia-compliant products this year to allow Muslims to participate in it. “Islamic finance prohibits payment and receipt of interest and also investment in certain types of products and services.”
Earlier this year, Sacco held an education day at the Kenyan embassy to enlighten members about the Sharia-compliant products.
Saad said that Sacco partners with friendly organisations to bring brand new products that add value in savings. “We are happy to introduce Fair Deal Properties. This is just the beginning. We’ll be working harder to have more such partnerships in the future.”
Offering advice to the members, Saad noted, “Save regularly, borrow wisely and repay promptly.”
Saad also thanked the Kenyan embassy for supporting Sacco.
Vin Patel, an official from Fair Deal Properties, showcased its apartments and houses for sale in Kenya.