by Sanath Nanayakkare
Adam Capital Micro Credit (Pvt) Ltd.launched operations yesterday at 264, Grandpass Road Colombo with the participation of Finance Minister Ravi Karunanayake as chief guest. Adam Capital will
offer Sharia compliant lending facilities for all communities in the country, irrespective of any religious considerations or gender discrimination.
Adam Capital offers Sharia compliant lending and leasing facilities up to Rs. 2.5 million.
The company focuses on providing micro credit facilities to the members of the under-served communities in the urban and the semi-urban areas initially, and will extend its operations throughout the island in the next phase.
Finance Minister Ravi Karunanayake speaking at the launch said,”Adam Capital’s micro credit scheme is in line with the government’s priority in creating an enabling environment for entrepreneurs at the grassroots to obtain small-business loans.
Innocent small scale entrepreneurs who obtain loans ranging from Rs. 500,000-800,000 have to pay the biggest interest. Some pay an annual interest around 54% for micro-credit facilities. So, the government has decided to lower the penal rate in order to transfer its advantage to those who obtain micro credit facilities. I hope Adam Capital will offer the best interest rates to its customers and achieve its success through that offer.”
Speaking at the event Ajita Pasqual-chairman, Adam Capital Micro Credit Pvt Ltd. said,”Our target customer base is the members of underserved communities involved in any kind of income generating activities and any other entrepreneurs below the SME level.”
Adam Capital Micro Credit (Pvt) Ltd., is a member of the diversified Adam Investments PLC Group.