AL – MASRAFUL ISLAMIU – TCCS LTD, SAMMANTHURAI

1.Corporate Information:

1. NAME OF COMPANY : AL MASRAFUL ISLAMIU TCCS LTD
2. DATE OF ATE OF ESTABLISHMENT : 1996.05.09
3. PIONEER MEMBERS : 28 PERSONS
4. THE INITIAL DEPOSIT : 28000.00
5. NO OF BRANCHES : 06
6. NO OF EMPLOYEES : 18
7. COMPANY REGISTRATION NUMBER : KAL /801 OF 2019.06.25
8. BUSINESS : INTEREST-FREE GOLD LOAN
9. COMPANY SECRETARY : A.J.M Haniffa
10. AUDITORS : CO-OPERATIVE DEVELOPMENT DEPARTMENT

2. Introduction:

Sammanthurai is an important and historical place of Eastern Sri Lanka. It was the first place where Dutch people arrived in Sri Lanka. Sammanthurai has a population of 77,284 (2021), Islam is the dominant religion in the town. There is a small Hindu minority and also a small number of Christian and Buddhist are also live in some isolated villages under the Sammanthurai Divisional Secretariat area. The majority are Tamil speaking Muslims and Sammanthurai is a home to many victims of the Tsunami of 2004. 

Traditionally natives of Sammanthurai rely on paddy farming. Agriculture is the most important source of income and paddy is the major crop cultivated in approximately 55,000 acres in both rainy seasons (Yala and Maha). Other sources of revenue include the service sector and small businesses.

Sammanthurai culture is strongly influenced by Islamic thoughts. As many as 45 Masjids and 6 Shrines are in Sammanthurai. Sammanthurai houses five religious institutions: the Thablighul Islam Arabic College, Hifz Madrasa and a Markaz Darul Iman (Arabic College), Assalihath Ladies Arabic College, Dirasatu Islam Arabic College and Dahwa Education Islamic Centre. 

3. Birth of Al – Masraful Islamiu – TCCS Ltd:

The peasants, mostly for the seasonal paddy farming expenditures during the growing season experienced short of funding for which they first handedly relied on state and private bank in the region. Banks charged the farmers a considerable high rated interest as the bank policy. Later at the harvest, the farmers were forced to pay entire dues for which all the earnings from the harvest had to be utilized. Ultimately the farmers are with empty hand, and it has been repeated for the proceeding season as well.

This continuous trend in economic dry out has been a food of thought of religious philosophers in the region. An interest free Micro Financing System to the paddy farmers initially has been discussed among them and was successful as it has been whole heatedly accepted by the religious philosophers, leaders and senior citizens in the area.

Al – Masraful Islamiu – TCCS Ltd is a brainchild of these proceedings, and its service oriented microfinance system has been initially established and pioneered in Sammanthurai on 19 May 1996 with 28 pioneer members. The office space was granted by the grand mosque of Sammanthurai by judging the need for and importance of such institution. The initial deposit of LKR 28,000 (USD 225) was made by the pioneer members and then its operations were begun.

The Al – Masraful Islamiu – TCCS Ltd is operated currently with 6 branches, all are in area grand Jummah mosques, with the headquarters which is located in Thableequl Islam Arabic College also in Sammanthurai. It has 18 permanent workers with reasonable wages compared to the state and private institutions also with the provident fund payment to the Central Bank of Srilanka to conform with the sates labor ordinance.

4. Registration of Al – Masraful Islamiu – TCCS Ltd:

Al – Masraful Islamiu – TCCS Ltd, is a state registered institution (registered under the Co-operative Development Ordinance of Srilanka – Registration No: KAL/801 of 25.06.2019), periodical visits of Cooperative Development Officers are made and periodical, annual financial audits are done and certified for publications. So far, no financial irregularities were found, and this has been persistently inspired by the public