(Ecofin Agency) - The humanitarian organisation Mercy Corps announced, in a statement published on December 4, 2018, that it commissioned the council cabinet Islamic Finance Advisory & Assurance Services (IFAAS) to prepare the launch of an Islamic microfinance institution in Ethiopia.
The Islamic institution which will be partially financed by the British department for international development will offer interest-free products to local communities, the source added.
IFAAS has conducted studies on interest-free financing in Ethiopia, a country where more than 30 million out of 100 million residents are Muslim. "The study carried out by IFAAS into interest-free finance in Ethiopia is instrumental to our financial inclusion work in the country", said Josh Ling (photo), director of financial inclusion at Mercy Corps.
Based in the United States, Mercy Corps operates in thirty-eight countries which experienced various forms of economic, environmental, social and political instability. These countries include Afghanistan, Central Africa and Somalia. This institution claims it has helped more than 220 million people survive conflicts and improve their living conditions.