Loans

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.

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.