Financial Services (105)
The Russian post office has launched a new financial product for consumers. They can get a microcredit loan (between $100-200 USD) in any post office branch simply by presenting a piece of identification.
Why it matters
Microcredit is something that has really taken off in underdeveloped countries and is usually associated with business development. Will this niche offering attract local customers considering the small amounts loaned?
Kiva is the Facebook of investments, enabling individuals to lend to an entrepreneur across the globe. Lenders browse loan requests with the ability to fund as little as $25. Kiva is creating a global community of entrepreneurial investors expressing support and encouragement for start-ups.
According to the Sharia (Islamic law), interest-based financial affairs and speculations are generally not allowed for Muslims. In Germany, home to approximately 4.3 million Muslims, Istanbul-based banking house KuveytTürk will now offer a range of 'halal' (approved by the Sharia) finance products.