Reg No. MSCS/CR/136/2002
AL-Khair Co-Operative Credit Society Ltd.
Regd Office - Haroon Nagar Sector-2 Phulwari Sharif, Patna-801505, Bihar (India)
Multistate
Call Us: 0612-2250434,9304774124
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ELECTION OF BOARD OF DIRECTORS-2025

What is AL-Khair

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Introduction of AL-Khair Co-Operative Credit Society

  • AL Khair Co-operative Credit Society Ltd is a multi-state Co-operative Credit Society.
  • It is registered under the MSCS Act 2002, with registration number [MSCS/CR/136/2002].
  • The Society's registered office is located at Haroon Nagar, Sector 2, Phulwari Sharif, Patna - 801505.
  • Society has permission to operate in four states, namely Bihar, Jharkhand, Uttar Pradesh & Delhi.
  • Currently, we have a total of 13 branches across all four states.
  • Society works under the guidelines of the MSCS Act 2002 & bylaws. And now the Bye-Laws Amendment Act 2023.
  • Previously, the Ministry of Agriculture, Government of India, was the competent authority. However, it is now working under the Ministry of Cooperation, Government of India.
  • The scope of Society's activities is restricted to its members only.
  • Any deposit is accepted only from a member.
  • No interest is paid on any deposit.
  • The board of directors manages society.
  • The tenure of the board of directors is for five years.
  • The general body elects the board of directors.
  • Board members elect a chairman & vice chairman.
  • The board appoints a chief executive officer.
  • The board of directors meet every quarter to evaluate the work & provide directions.
  • Bye-Laws of the society amended after the amendment of the MSCS Act-2023, which is pending with the Ministry.

A brief Introduction of AL-Khair Cooperative Credit Society Ltd

  • AL - Khair Co-operative Credit Society Ltd. is a truly people-centric co-operative. Established in 2002, the organisation was founded by around 20 individuals who pooled their resources to create a positive impact. Registered under the Multi-State Co-operatives Act, 2002, our society is governed by the Cooperative Societies Act, 2002, of the Government of India. AL-Khair operates uniquely as a completely interest-free microfinance institution, offering hope to those in need.
  • The disadvantaged section of society needs money for their survival during difficult times. In this situation, they fall prey to moneylenders. It is worth noting that moneylenders charge interest monthly, which can range from 60% to 120% per year.
  • Al Khair Co-Operative Credit Society Ltd. penetrated the society of slum dwellers and helped them understand the habit of small savings and thrift. We kept their accounts always unlocked and catered to their day-to-day financial needs. They were freed from the ruthless moneylenders and the biased financial market.
  • This service to Society is greater than that provided by conventional financial institutions.

Objective:

  • The primary objective is to combat poverty through collaboration.
  • To defeat the business of interest-based, cruel system of money lending, which is eroding the productive capacity of micro-entrepreneurs.
  • To finance enterprises that create a self-sustaining economic system and help reduce poverty.
  • To provide a range of social benefits to its members, enhancing their lives.

Management:

  • The Board of Directors manages the society. The term of the Board is 5 years. The Board is elected by the general body at the Annual General Meeting.
  • The Board appoints the Chief Executive of the Society. There are also other staff members, including managers, accountants, and Daily Deposit Business Facilitators. All of them play their respective roles in the development of society.
  • The Board has a Chairman and a Vice Chairman. The chief executive is an ex officio member./li>

Share/Membership:

  • Each member has to purchase shares in the Society. Each share is worth Rs. 10, and a minimum of ten shares must be purchased initially by a member. An admission fee of Rs. 50 and a donation of Rs. Fifty are also mandatory for the person to become a member of our Society.

Deposit:

There are various kinds of deposits in our Society. Only members are eligible to deposit money in the Society.
  • Amanat account: This is like saving account, members open their account in the Society and withdraw their money anytime. Minimum balance in this account is Rs.100.
  • Daily Deposit: This is an account where members deposit their small amounts through daily collectors appointed by the society. In this account, the minimum balance is Rs 50.
  • Sahyog: Philanthropists deposit their money in this account for six months or multiples of that to help the Society grow its business.
  • Earmarked fund: This account is for such loans for which a member deposits the amount as a guarantee to facilitate a loan to a needy member of the Society. This amount is retained until the loan is recovered.
  • Haj Account: Members can deposit their spare amount in the Haj account and withdraw it at the time of their Haj.
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