Leader of Afghanistan CUs Upbeat Despite Taliban Threats

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GLASGOW, Scotland – For the first time ever at a World Council of Credit Unions event, the flag of Afghanistan stood with the flags of the other 54 nations whose members are represented by the group when WOCCU hosted its annual World CU Conference here.

But the person who is leading the effort in the country reported his work has led to him being listed on a list of enemies by the Taliban, with one other person on that list having already been killed.

Still, in remarks to the conference, Mahir Moman, CEO of Islamic Investment and Financial Cooperatives Group (IIFC Group), was very upbeat about his country’s economy, and noted that by “contextualizing” credit unions for Afghanistan and adhering to Muslim law, credit unions have been able to flourish and have even helped to create 300,000 jobs.

The average IIFC in Afghanistan has 2,600 members, average assets of $750,000, and averages between 10 and 15 employees. Most of the 30 IIFCs, which serve 73,000 members and have cumulative assets of $54 million, are based in rural communities. Moman said the IIFCs are projecting they will be sustainable within three years, with no long-term dependency on donors.

 

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