Investors In Idlib Supporting Small Service projects
Though the money he had was little, Firas decided to contribute to several service projects adopted by the al- Irada Foundation, operating in Northern Syria, optimistic about the spirit of teamwork and the goals he called “noble”, despite the little profits he is to make from these projects.
Firas Abdulkareem, an investor in the al-Irada Foundation, working in Killi town, northern countryside of Idlib since the beginning of 2019, indicated to Enab Baladi the importance of such projects in transforming the society from being a consumer into a producer.
Priority given to low-income people
Yasser Erhim, a member of the Administrative Council of the al-Irada Foundation, stated that the foundation employs the funds of their affiliated investors to unleash small service projects that will support poor families, create new job opportunities and eliminate unemployment.
Erhim, in an interview with Enab Baladi, pointed out that the foundation consists of 90 associate members with a capital of about 22 thousand USD. It primarily aims at utilizing the frozen capital, the owners of which are afraid to invest in the opposition-held areas, particularly the unstable ones.
He added that the foundation employs capital in small projects for encouraging people in Idlib to work and not rely on “short-term” relief aid, in addition to helping the unemployed people, the widows and the poor to enter the labor market, and thus, these projects will achieve financial benefits for both parties.
Manaf Rukia, a beneficiary of the service projects, undertaken by the al-Irada Foundation, told Enab Baladi that his main job was to repair motorcycles. However, in the deteriorating economic situation in Killi town, where he lives, he was unable to earn a monthly income to support himself and his family.
Manaf, a married man with two children, mentioned that being financially incapacitated, he had proposed to the al-Irada Foundation a project; buying broken motorcycles, making the required repairs and then reselling them. The benefits he is to gain are a part of the project’s revenues.
He added that the foundation had conducted a feasibility study of the project he proposed, measuring its potential profits; the proposal was approved.
Now, Manaf is working under the motorcycle project with the al-Irada Foundation, noting that he takes 60% of the profits while the foundation takes the remaining 40%.
Small but leading projects
According to the member of the Administrative Council of the al-Irada Foundation,Yasser Erhim, the foundation has many projects, summarized as follows:
- Calf raising project with a capital of 2500 USD, aiming at feeding calves and selling them.
- Dairy farming project, depending on buying cows and then selling their products (milk, cheese, yogurt, butter and ice cream ) and their calves ( heifer and bull )
- Motorcycle project, depending on buying and repairing broken motorcycles and reselling them.
- Service transport office, consisting of two buses, a Van and the privately-owned cars of contractors with the office. Buses are used for transporting school and university students for a nominal fee.
Erhim said that there are projects under study such as opening a car wash, and a supermarket, buying sewing machines for widows, in addition to raising cattle.
Fares Abdulkareem, an investor in al-Irada Foundation, believes that such a project is both leading and unique, asking to mainstream it in the area of Northern Syria, which remain out of the Syrian regime’s control.
However, he suggested to the Administrative Council the idea of conducting an inventory and performance evaluation every three months instead of an annual assessment, and shifting from long-term projects to short-term ones that contribute to economic activities on a daily basis.
Concerning the profits, Firas said that the objective of investing his money in the project is to bring success into the collective work and to contribute to creating job opportunities, as well as supporting the low- income people, before thinking about the value of profits, preferring not to disclose the amount of money invested and the value of profits.
Foundation’s work mechanisms
The internal system of al- Irada foundation, which was shared with Enab Baladi, indicates its method, which is based on raising capital form the members of the foundation in addition to its existing assets and its investments in the geodynamic scope. Further, according to the “Sharia-based” rulings of investment, profits or losses are distributed annually among the members and by the prorated capital contribution of each member.
Though operating throughout the year, the al-Irada Foundation starts liquidating its profits and losses between June 1 to 15, according to the capital contribution of every member after profit deduction as follows:
- 10% of the profits remain with the Foundation as reserve capital.
- 15% of the profits are allocated to the members of the Administrative Council equally.
- 3% of the profits go to the Director of the Administrative Council.
- 2% of the profits go to the Secretary of the Administrative Council