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{
    "id": 236184,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/236184/?format=api",
    "text_counter": 175,
    "type": "speech",
    "speaker_name": "Dr. Kuti",
    "speaker_title": "",
    "speaker": {
        "id": 60,
        "legal_name": "Mohammed Abdi Kuti",
        "slug": "mohammed-kuti"
    },
    "content": "Mr. Speaker, Sir, it has been clearly stated here that the Government will negotiate with financial institutions to design products that will be affordable, even in the remotest areas. Such products will not only be affordable, but also acceptable. Specifically, for Muslims, we have special considerations. Lately, I have been moving around the country to clarify some issues regarding this Fund. I have specifically stated that for Muslims, there will be no interest. Currently, banks have products specifically designed for the Muslim community. We will negotiate with banks to apply those products while lending money from this Fund to Muslims. Secondly, I would like to point out that the interest rate chargeable will not be 18 per cent, as stated by Mr. M.Y. Haji. Eighteen per cent is the current lending rate by commercial banks. With regard to this Fund, we are currently talking about an interest rate ranging between 5-7 per cent, which is meant to cover administrative costs."
}