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AICMEU’s Baitulmal Cooperative Credit Society Ltd. |
AICMEU’s Baitulmal Cooperative Credit Society Ltd., established in the year 1984 with a meager amount of Rs. 25,000/- only. During the period of last 25 years (September 1984 to March 2009) this society issued paid up capital of Rs. 21,07,538/- to its 7056 members.
As on 31st March 2009, the society maintained total deposit of Rs. 1,30,38,508 at 5686 active deposit accounts for Saving (3676), Current (33), Fixed (51), Recurring Investment (665) and Spot Collection Deposits (1133) under thrift schemes of the society. During last 25 years of operation AICMEU’s Baitulmal has granted and paid interest free loans amounting to Rs. 13,38,03,891/- to 6688 members of the society. As on 31st March 2009, the society has total Rs 92,83,171 as outstanding loans on 198 members of the society under Personal Loan (56), Loan against gold ornaments (139) and RID amounts (2), while other (01) members got lease finance.
The society is working on principles of interest free banking and finance. Its operation is mainly targeting the middle and lower income group people. Beside Head Office at Bhendi Bazar, the society has two branches at Kurla and Govandi areas.
The society induces the members for savings and offers loan on service charge basis. The operational cost being proportionately charged from the members depending on their outstanding loans. The Society is economically self-sustaining but if we manage to disburse larger amount of loans, the service charges could be a challenge to the conventional banks and, more importantly, attract the general public towards principle and practice of Islamic banking and finance.
No. of Years
Endings
Total
Deposits
Outstanding Loans
Shares
Capitals
Granted loans
Nos.
Amount
01
30.06.1985
2,08,927
1,76,535
91,560
122
2,42,911
02
30.06.1986
3,36,657
3,06,916
1,48,530
129
3,50,114
03
30.06.1987
2,91,912
4,07,669
1,95,530
138
5,29,595
04
30.06.1988
7,81,499
1,62,440
2,04,760
58
3,02,750
05
30.06.1989
6,49,173
1,65,091
2,70,050
143
11,36,819
06
30.06.1990
13,45,977
9,40,944
3,07,450
207
21,13,370
07
30.06.1991
24,14,564
20,34,607
3,86,130
265
23,88,524
08
30.06.1992
42,89,029
37,50,081
5,41,040
404
44,87,882
09
30.06.1993
81,83,229
75,17,539
7,28,000
595
79,85,537
10
31.03.1994
83,59,277
81,53,533
8,61,990
604
65,68,139
11
31.03.1995
88,96,719
82,94,864
10,39,500
416
50,97,400
12
31.03.1996
1,10,76,402
96,96,021
11,73,310
282
48,73,200
13
31.03.1997
1,17,52,480
92,48,413
12,32,450
238
43,42,800
14
31.03.1998
1,12,67,220
1,00,33,850
13,36,170
331
66,46,800
15
31.03.1999
1,10,46,145
99,55,921
14,60,760
337
58,04,600
16
31.03.2000
95,16,545
91,02,282
15,71,460
327
69,29,200
17
31.03.2001
89,11,824
90,66,476
16,70,670
319
74,17,300
18
31.03.2002
90,78,631
92,54,871
17,22,740
283
81,03,650
19
31.03.2003
86,86,800
90,09,115
18,09,320
301
81,91,400
20
31.03.2004
95,79,066
89,48,516
18,73,420
257
88,87,900
21
31.03.2005
88,06,464
81,59,481
18,79,860
227
73,60,000
22
31.03.2006
93,72,954
72,57,842
18,77,810
168
59,00,100
23
31.03.2007
1,03,00,687
88,72,004
19,37,500
186
90,50,500
24
31.03.2008
1,04,10,171
92,30,818
20,17,258
183
97,60,800
25
31.03.2009
1,30,38,508
92,83,171
21,07,538
168
93,32,600
Total amount of Granted Loans with Number of Loans
6,688
13,38,03,891
In during last 25 years the society has provided interest free credits worth Rs. 13,38,03,891 to its 6,688 members. While the maximum limit of granted loan against gold ornaments is Rs. 1,00,000/- per member, the limited for loans against personal surety has been Rs. 20,000/- only. To meet the operational expenses of the society, there is provision of collecting service charges from the beneficiaries. The rate of service charges has been varying during different periods. At present a person with loan repayment of Rs. 1,00,000/- in a year with 12 monthly installments practically pays Rs. 6,640/- as service charges. This may be reduced to considerable extent, condition we succeed in increasing society's deposits and with that the outstanding loan amounts.