Masjid.Life has introduced an interest-free loan service, known as Qard-al-Hasana, aimed at improving the socio-economic conditions of the country’s marginalized poor and reducing the wealth disparity between the rich and the poor. This mosque-based social welfare and cottage industry loan program is managed online through its proprietary software. Applicants do not have to make any advance payment or repay anything beyond the amount borrowed. Transactions are conducted via banks and mobile financial services (MFS).
The program is implemented every Friday through the mosque committees, ensuring that even non-Muslims are able to access the loans without any discrimination. As of now, the initiative operates in 42 districts with 245 branches. The entire process is digitized, ensuring that all activities are transparent and available online. This setup allows anyone from anywhere in the world to view the account details and other related information. There is also an option to communicate directly with the management team, mosque committee, and loan recipients, guaranteeing transparency.
In Gaibandha, Hafiz Atik mentioned that loans for health and education are being provided quickly in his area, and cattle are being purchased for the underprivileged ahead of Eid. Mominul Islam from Feni’s Masjid.Life explained that the program is funded by donors and managed online through mosque committees, which keep all accounts open via the Open Book system.
Since its inception in 2020 from the United States, Masjid.Life has been led by expatriate Kamal Ahmed Abul Khayer, a consultant for the Abul Khayer Group. He emphasized that the initiative aims to free marginalized communities from the grip of exploitative moneylenders and help them stand independently. He stated, “In the current scenario, neither banks nor NGOs are in competition with Masjid.Life. Our real opposition is the exploitative moneylender class.” The service aims to help reduce poverty and wealth inequality across the country by providing interest-free loans to marginalized groups, enabling them to access financial aid without the bureaucratic hassles that often waste their time.
