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The prime motive of this organization was to set this society free from interest, high rate of interest and compounding of interest bring the new concept of profit and loss sharing system (PLS System) Organization was established to encourage the habit of saving and to utilize the collected amount through its members for the promotion of various social enterprises. In a short span of time, Sarokar became one of the popular cooperative and brought various social programs to attract stakeholders.

Mudaraba Share
Foundation for any co-operative is its shareholders (often called “members”). Shareholders support their co-operative financially by contributing start-up funds and/or using its services. Co-operative that raise funds by selling shares need to have a good idea of who their members are and how they can contribute to set the co-operative up for success.
Becoming a member of a co-operative also makes you an owner. This usually includes getting to vote on major decisions, an opportunity to run for a board position, dividends, loan and credit and other different facilities and access to information about the co-operative. However, being a member also comes with responsibilities, including financially supporting the co-operative, participating in its governance, holding directors and staff accountable, and offering suggestions on how to improve the business.
Sarokar has founder shareholders and common shareholders but both have the same values and respect. Act of becoming a shareholder gives a shareholder more control of the co-operative and gives you the right to vote or run for the board.
Firstly 29 youth gathered and invested their part to establish a fund of 1,00,000 (NPR One lakh only). So there were only 29 share members but currently, the organization has more than 3000 shareholders constituting the share capital more than 20 million.
Share members are the building blocks of the organization as they invest their part as an investor for long-term purposes and get the benefit as share bonuses and many more. More the number of shareholders more the fund to be utilized without any risk and return. Shareholders make the organization stronger and stronger.
Share Bonus:
Shareholders entertain the share bonus in against their investment under the profit-loss sharing system (PLS) after the completion of fiscal year and approval received from the annual general meetings is also called dividend either in form of cash or account/share deposits.
Share Purchase Procedure
A person interested to become the share member of Sarokar has to perform the following procedures.
  1. Should open an account by paying 100 as an account opening charge and 500 as minimum account deposit requirement, so NPE 600 in total.
  2. Should pay NPR 100 as share application charge and NPR 500 as an entrance fee and 1000 as 10 kitta share costing 100 for each share. So, 1600 in total.
  3. Should submit a copy of the citizenship certificate, photographs of own, and nominee.
Mudaraba Deposit Schemes

Sarokar Saving & Credit Co-operative Society Limited Harinagar has developed different types of account deposit schemes that are developed to meet the choices of customers. A local resident should open their accounts in the organization so that funds may move among the local public to serve local people and finally helps in local development because it may create local employment by promoting business activities.

Documents required for account opening:

  1. Copy of Citizenship Certificate
  2. Two latest Stamp Sized Photographs
  3. Cash receipt of Account Opening
  4. Copy of Nominee’s Citizenship Certificate
  5. Photograph of Nominee

Loan & Credit

Sarokar Saving & Credit Co-operative Society Limited Harinagar has developed different modes of loan and credit system and trying to save customers and itself from interest. There are four techniques to manage the loan and credit system. They are Purchase and Sale Mode, Rent and Leasing Mode, Partnership Mode, and Service Mode.

The special feature of the Investment Policy of the Bank is to invest on the basis of the profit-loss sharing system in accordance with the tenets and principles of Islamic Shari’ah. Earning of profit is not the only motive and objective of the Bank’s Investment Policy rather the emphasis is given in attaining social goals and objectives in creating employment opportunities.

Conditions to enjoy the loan facility

  1. Only share members can apply for the loan
  2. has/have to finish three months from the date of the account opening.
  3. Account transactions are necessary.