poor farmer intends to cultivate three acres of paddy but the necessary credit facilities for such farming. The farmer needs money to prepare and till the land. Farmer approaches you for expert advice on how to get the necessary credit facilities. Advise the farmer on the best mode of Islamic microfinance for their needs and explain the procedure and conditions for the validity of the contract.

Question

03-04-2022
Business

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poor farmer intends to cultivate three acres of paddy but the necessary credit facilities for such farming. The farmer needs money to prepare and till the land. Farmer approaches you for expert advice on how to get the necessary credit facilities. Advise the farmer on the best mode of Islamic microfinance for their needs and explain the procedure and conditions for the validity of the contract.

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jayilych4real jayilych4real · Answer 1 · 2022-04-07T10:09:24+02:00

The advice which I would give to a poor farmer who intends to collect a loan to cultivate three acres of paddy with Islamic microfinance is that he should show his business plan to the bank.

The procedure which he needs to take include:

Submitting his business plan.
Checking his credit history/worthiness.
Talk to the bank finance advisor about their loan plans and validity.

What is a Loan?

This refers to the money collected for the purpose of solving a need or making an investment in a business.

Read more about business loans here:
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