An Initiative of MIT Global Group
The empowering of micro, small and medium enterprises in a grass-root level, often leading to explosive economic growth.
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Time to the soft-launch of the MSME’Rise Platform – great things are on the way!
Who is MSME'Rise?
MSME'rise - the brainchild of MIT Global Group which is a diversified, multi-disciplined group with specialisation in Islamic Finance and Ethical Entrepreneurship - inspired by ethical values and driven to bring global best practices to the local market.
MIT Global Group aims at doing ‘one solid, good thing, impactful and creating value to uplift humanity, touching one soul at a time’ – and MSME’rise is one of the many ways in which this motive is explored and worked upon.
Supporting and empowering MSMEs became a trending hot topic sometime back, but apart from the lip service and the glorified speeches and plans there wasn't any actual visible impact or measurable progress anywhere in the world.
Covid-19 pandemic was an opportune time to put these plans to work, to try, test, and empower new and existing entrepreneurs who needed the support to survive and thrive - but again, most succumbed to the lack of help or direction and ended up losing their businesses, livelihoods and sometimes even their lives.
What do we do?
Despite the struggles of the MSMEs and the collective economies that they are in - Financial Institutions keep reporting profits upon profits, exploiting bubbles that are on the verge of bursting - taking away from the mouths that need to be fed and adding to their bottom lines.
Do you see the problem here? Enter MSME'rise - our answer to the growing concerns of the MSME community trying to survive and thrive while adding their due to the economy. Starting small, scaling up and growing - all through touching one soul at a time.
Isn’t it about time we started undoing the wrongs that led us here?
When is good for change?
It’s tiny drops of water that makes a mighty ocean – and that’s the same outlook we have when it comes to MSMEs: they have the passion, the drive and the skill, what we do is to put the catalyst into the mix to make the magic happen. We don’t have grandiose dreams of changing the world, on the contrary what we are striving to do is to change the world of one deserving person at a time.
There are many people out there for whom the only barrier to an independent, self-sustained life is the funding required to get their ventures up and running. But MSME’rise is different from a regular funding operation in the sense that we go into this with a humane approach – our priority is to create value that goes above and beyond profit, more on which we will discuss later.
The best time to start a positive change is now – as the need of the hour is to leave behind a self-sustaining economical environment for the future generations to come.
The crux of our model is based on the Musharaka Partnership Model. It is a joint partnership model where two or more parties combine their capital or labor, forming a business in which all partners share the profit according to a specific ratio, while the loss is shared according to the ratio of the contribution.
Unlike the impersonal and even hostile conditions that need to be compromised on when dealing with a conventional bank or a lending entity, the Musharaka Partnership Model (MPM) ensures safety for both sides. Where the crops come through and profits are made, they are shared in a pre-set ratio – and unlike a conventional loan setup where failure due to even unavoidable circumstances would mean the lendee having to go to extremes to repay, the losses too are shared in accordance to the initial agreement.
Did You Know?
Interest based loans from Lenders (non-Banks) to the MSMEs range from 5% – 10% per month. It boils down to a massive 60% – 120% annually! Many unfortunate souls get caught-up in debt-traps and even commit suicide when they realise the gravity of the situation and how they are unable to service their debts and pay back the capital.
Be an ENTREPROBANKER (entrepreneur cum Islamic banker)
who creates jobs for any ECONOMY.”
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Get in touch with us to find out how you can benefit from our services.MIT – Muhammad Ikram Thowfeek
Founder, Chief Ethical Officer
MIT Global Group
12/4 Abdul Caffoor Mawatha,
Colombo 3, Sri Lanka