Adam Group launches microfinance project to serve low income communities
“Serving the Underserved”, the motto of the newly undertaken project by Adam Capital Micro Credit (Pvt) Ltd, reflects the operations that were commenced by the company on Wednesday at their headquarters in Colombo.
In an event presided over by Finance Minister Ravi Karunanayake, the company which is a member of Adam Investments PLC Group, launched its operations offering Sharia compliant lending and leasing facilities for all Sri Lankan communities, irrespective of any religious considerations or gender discrimination. Ajita Pasqual, Chairman, Adam Capital Micro Credit Pvt Ltd speaking at the event said their target customer base would be members of underserved communities involved in any kind of income generating activities and any other entrepreneurs below the SME level.
The company will focus on providing their facilities to a target population, comprising members of the underserved communities involved in any income generating activities and others below the SME level businessmen and women.
The company also hopes to eventually extend their opera- tions throughout the island in the near future.. General Manager Abdul Wahab Abdulkany told the Business Times that as a startup the company is focusing on improving the lifestyles of four of their existing customers. “We wish to improve their lifestyles and we are trying to bring them out of poverty,” he said. “We have a capital of 75 million rupees and we hope to invest it in people involved in income generating activities.”
Mr. Abdulkany also stated that as per company motto they hope to serve the underserved regardless of their religion or gender.