News and Events
Kaah Islamic Microfinance Services( KIMS) is short listed and attended pioneer award for 2015 child and youth financial inclusion ( 2015 CYFI 2015 CYFI Awards Ceremony held in UK Parliament in London. There are three short listed candidates including:
- Al-Amal Microfinance Bank –Yemen
- Kaah Islamic Microfinance –Somalia
- HFC Bank –Ghana
This CYFI is held yearly by the Youth Finance International organization based Amsterdam in Netherlands. The award is related to encourage financial institutions, practitioners, policy makers, to advance economic citizenship for children and Youth. It is major achievement for KIMS to become finalist for this important ceremony.
KIMS back ground:
Leading Somali money transfer business Kaah Express joined with regional social initiative Silatech and the American Refugee Committee (ARC) to launch Kaah Islamic Microfinance Services (KIMS). This is Somalia’s first commercial microfinance institution, and has the objective of expanding financial inclusion and stimulating economic development throughout Somalia.
KIMS was established in March 2013 as the first microfinance institution in Somalia/Somaliland targeting youth aged 18-35. Youth are the most marginalized group in Somali society in general and young people have serious
difficulties in accessing financial services. The unemployment rate is also much higher amongst youth than in other demographic groups in Somalia.
Overview of activities:
KIMS prioritizes enterprise financing through Sharia compliant products but also offers savings to meet community needs, with particular attention paid to female and youth entrepreneurs. KIMS provides a diversified set of commercially viable Islamic financial services to meet the unmet demand for microfinance and to reduce poverty in the region. KIMS provides financial inclusion and education to youth entrepreneurs with existing and start up enterprises. KIMS provides affordable Islamic sharia compliant finance which has significant economic, social and educational impacts on Somali youth.
The KIMS loan recipients created nearly 2000 new jobs to run through their enterprise loans, reaching nearly 15000 indirect beneficiaries through the employees’ households.
KIMS has provided financing to over 2500 enterprises with a 99 per cent repayment to date and its operations are set to expand to include South-Central Somalia soon, with services provided in the capital city of Mogadishu before the end of 2015.