About us

First Islamic Microfinance Foundation was founded in 2001 by the humanitarian organization Islamic Relief, http://www.islamic-relief.ba/, headquartered in Birmingham, UK. Islamic Relief in Bosnia and Herzegovina exists since 1992, and its large and significant humanitarian projects have helped thousands of people across the country.

First Islamic Microcredit Foundation ("the Foundation") is the only Microfinance Foundation in Bosnia and Herzegovina, which operates under Islamic banking principles. This means that in the course of its business, the Foundation does not charge interest, therefore there is no nominal interest rate, it does not use the default interest rate, and does not accept corresponding interest rates arising from court proceedings.

In 2013 the Foundation was subject to Sharia audit by the Sharia audit firm "IFAAS" from England, which issued the Foundation a certificate that the entire business of the Foundation is in accordance with Sharia AAOIFI business standards.

Since its establishment in 2001 and all the way to 2017, the Foundation has placed more than 17,000 interest-free Qard Hassan loans in Bosnia and Herzegovina, and helped many citizens to improve their standard of living. With our interest-free loans, our customers have been able to start up small businesses, finish school and rebuild houses.

Maximum loan amount: 10.000 BAM

The Foundation grants loans on the territory of Bosnia and Herzegovina to all citizens of Bosnia and Herzegovina.

The microcredit program of the First Islamic Microfinance Foundation is designed to allow socially vulnerable categories, to apply and receive interest free loans in a simple way. Target groups are: orphans, widows, the disabled, farmers, socially vulnerable groups, pensioners, employees, etc.

The Foundation gives great attention to the empowerment of women and improving their position in the society. Women are the pillars of the family, and should have an active role in society and decision-making process. By 2017 the Foundation has issued more than 8,000 interest-free loans to women, many of whom launched their own business or finished school.

In March 2016. at United Nations Headquarters in New York, USA, the Director of the Foundation presented the work of the First Islamic Microfinance Foundation on the theme "Empowering Women in Bosnia and Herzegovina”.

The future of the Foundation is seen in the support of agriculture, and in the future it plans to implement a number of projects in this field.