The NGO World replicates Farz Islamic Microfinance Methodology

(Multan 20 July 2011) The NGO World, a registered organization with prime focuses on community development, capacity building and relief & rehabilitation sectors, steps in poverty alleviation grounds through Islamic Microfinance by replicating Farz Methodology.

The NGO World is operating in five districts of  south Punjab, while Farz Foundation is the first shariah certified Islamic Microfinance Institute is among the pioneers of Islamic Microfinance organizations in the world with its own social performance based Methodology and is  engaged in Islamic Microfinance plus activities with, capacity building, institutional development, social welfare, Zakah distribution to the poor with productive manners and handholding of micro and small enterprises with shariah compliant finance products.

Both the organizations signed an accord here in District Multan in the head office of The NGO World. Under this agreement, both the parties are intend to find ways and means to establish linkages and extend cooperation in the matters pertaining to areas of mutual interests.

The NGO World is intended to replicate Islamic Microfinance Farz Methodology  to support the poor for their livelihoods and capacity building with the provision of health and business awareness services along with  other community development and rehabilitation operations simultaneously with its ongoing projects.

THIS MOU WITNESSES AS FOLLOWS:

1. Both the parties shall collaborate and endeavor to identify the priority areas of the services needed by their members and clients.
2. The parties shall create and raise awareness for shariah compliant finance products by conducting training sessions, workshops with the poor community. Depending on the availability and on a pre agreed schedule, The Farz Foundation shall extend its advisory services and an Islamic Microfinance institutional development facility to The NGO World for the fool proof implementation of Shariah Compliant poverty alleviation system.
3. Farz Foundation will extend its expertise and network for conducting field survey/research in mutually agreed areas.
4. Farz Foundation will assist The NGO World to establish Farz Methodology livestock   project as a poverty reduction tool.
5. The parties shall also cooperate in the exchange of information with reference to the   requirements and/or challenges and issues regarding the project.
6. The NGO World will demonstrate its commitment to Implement Shariah Compliant Islamic Microfinance and   assure the implementation of Farz Methodology with efficiency and efficacy.
7. The NGO World will take all necessary steps and initiatives to ensure proper implementation of procedures/methodologies as per instruction & policy of Farz Foundation in its true spirit.
8. The Parties shall nominate focal person(s) from each side to facilitate and coordinate relationship between the two organizations and establish protocols for consultative process and review of progress on MOU.
   1. The Parties are at liberty to amend or change this agreement or request modification with mutual consent at any time after a written notice to other party