Microfinance firm, Afro-Arab have launched a product that would enable Islamic schools, mosques and groups from Zongos and Muslim communities to save with the company and also secure interest-free loans.

The product called the Masalachi Account comes with interest-free loans, free professional advisory services, no charges on all transactions and services via mobile phones.

The account also guarantees no minimum operating balance, qualification of short and long-term loans for clients.

Speaking at an event held at the headquarters of the firm, the Chief Executive Officer of Afro-Arab Microfinance Limited, Alhaji Salami Amadou said the product was tailored to the specific needs of mosques, Islamic school institutions and groups living in the various Zongo communities.

He explained that the though the product was designed for the Muslim community, Christian groups and institutions from other religions with the intention to open an account will be welcomed with open arms.

“The Masalachi account is a product made specifically for mosques, NGOs and other societies in Zongo communities across the country. It will operate using the concept of Islamic Banking, so trust that there will not be any charges on interest on monies saved in this account.

'This is in support of government's efforts to ensure that the majority of the Ghanaian population save with financial institutions, he said.

The event was graced by the Chief Imam, Sheikh Osman Nuhu Sharubutu and the Minister of Business of Ibrahim Awal Mohammed. The Chief Imam commended the CEO of Afro Arab Microfinance for the initiative.