MICROCAPITAL BRIEF: African Charitable Society for Mother and Child Care of Sudan Obtains $100k for Microfinance from Islamic Solidarity Fund of Palestine

The African Charitable Society for Mother and Child Care, a Sudan-based nongovernmental organization (NGO) also known as the African Maternity and Childhood Welfare Society, reportedly has signed an agreement to access USD 100,000 from the Islamic Solidarity Fund, a Palestinian fund that aims to elevate the living standard of Muslim people worldwide. The money will be used to establish 225 microfinance projects targeting widows and poor women in the outskirts of the Sudanese capital Khartoum. Further information on the transaction, such as whether it is a loan or a grant, is unavailable.

The Islamic Solidarity Fund is an affiliate of the Organisation of Islamic Cooperation (OIC), an organization based in Saudi Arabia that is made up of 57 member countries with the stated goal of promoting international peace by “protecting the interests of the Muslim world”. For the financial year 2011, the Fund reported total assets of USD 1.77 billion. Financial information for the African Charitable Society for Mother and Child Care is unavailable.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

Sudan Vision Daily: “African Maternity Society Signs Agreement with Islamic Cooperation Fund,” http://news.sudanvisiondaily.com/details.html?rsnpid=217547

MicroCapital.org story, July 26, 2012, “MICROCAPITAL BRIEF: AlHuda Centre of Islamic Banking and Economics of Pakistan Creates Centre of Excellence in Islamic Microfinance,” http://www.microcapital.org/microcapital-brief-alhuda-centre-of-islamic-banking-and-economics-of-pakistan-creates-centre-of-excellence-in-islamic-microfinance/

MicroCapital.org story, January 4, 2012, “MICROCAPITAL BRIEF: Silatech Sponsors Financial Literacy Training Course Expected to Benefit 1,000 Credit Officers in Sudan,” http://www.microcapital.org/microcapital-brief-silatech-sponsors-financial-literacy-training-course-expected-to-benefit-1000-credit-officers-in-sudan/

MicroCapital.org story, July 27, 2009, “MICROCAPITAL.ORG STORY: Islamic Solidarity Fund for Development Approves $5m Loan for Kyrgyz Republic and $10m Loan for Tajikistan to fund Micro-enterprises and Boost Microfinance Sector,” http://www.microcapital.org/microcapitalorg-story-islamic-solidarity-fund-for-development-approves-5m-loan-for-kyrgyz-republic-and-10m-loan-for-tajikistan-to-fund-micro-enterprises-and-boost-microfinance-sector/

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