Update:This project is fully subscribed, alhamdulillah! closed for donations.
Assalamu Alaikum Warahmatullahi Wabarakatuh!
I got this call this morning from a 35 year old girl, unmarried, who is looking after her family of widowed mother and three school going siblings. she has set up a successful preschool in Dematagoda ( once I went as a chief guest for their annual convert and was pretty impressed with the performance, totally Islamic, and the discipline) with about 50 students and afternoon tuition classes which has 20 teachers.
She has borrowed 300,000 for initial payment to start the institute and has been paying Rs. 24,000 monthly as “profits” to the lender (whatever the actual profit was and during the holidays too) .
In spite of the institute running very efficiently she says she ends up hardly with Rs.10,000 a balance,after paying the rent of Rs.20,000, salaries, incidental expenditures and this “profit”, which is hardly enough for her family.
She appealed to me
1.either to get her a loan of 300,000 which she is willing to pay at the rate of rs.20,000 a month
2. someone to take over the institute and run it so that she can get a decent salary. She will continue to run it for them if they want to.
26.4.2007 By evening there is an offer to help her with mudharaba partnership, insha Allah.
14.5.2007: Her loan setteld through a sponsor who loaned her the money to be paid back in instalments.
Project closed. alhamdulillahi rabbil ‘aalamine!