This post is also available in: Melayu
90% of the middle income families are essentially trapped in the vicious cycle of RIBA.
>70% of their monthly income has to be allocated for loan repayments. Leaving a small amount of money to spend on essentials to survive every month. Financial savings will be just a dream in a far distance.
Our pursuit of material wealth to own a big house, a big car, exotic vacations, branded lifestyles and expensive dinner outings – more often than not are financed with interest bearing loans.
Unable to pay off all our loans, we are stuck in monthly loan repayments well beyond our retirement years.
NORIBA Fund is established to financially assist our fellow muslim brothers and sisters who are in similar financial predicament.
However, since they are real concerns the problem will not be resolved without addressing the root cause. Applicants will be required to attend a special training to assess the level of financial assistance. And only qualified applicants will be given the opportunity to repay their existing interest bearing loans with NORIBA Fund. Applicants will be required to repay the NORIBA Fund without any interest.
This will enable NORIBA Fund to function as a revolving fund to assist qualified applicants.