In recent years, VICOBA, a microfinance organization, has rapidly spread in Tanzania, including Zanzibar.　This study clarified how people in the Islamic fishing villages of Zanzibar use VICOBA and examined its significance and challenges.　For people in fishing villages, especially women, the most important function of VICOBA was recognized as the stable savings of small and frequent cash income obtained from fishery processing.　These women realized livelihood diversification by saving the small amount of cash obtained from fishery processing in VICOBA and operating other small businesses with loans from VICOBA.　For people who operate fishery processing business, securing cash to stably purchase fish catches from fishing boats was an important function of VICOBA.　The maturity of VICOBA was set in accordance with the Islamic calendar, and all VICOBAs were set to mature after the end of Ramadan.　People enjoyed spending money on special occasions to celebrate the holiday with the maturing savings, which played an important role in strengthening the social ties of the people in this area.　However, since the maturing savings will be fully repaid in one year, VICOBA will temporarily lose its loan provision function, and fish processors will have to face challenges in terms of long-term savings function and continuous lending capacity in order to stably cover their procurement costs.

The purpose of this study is to reexamine the policies of nation and prefecture for fisheries cooperatives, and the internal dynamics of fisheries cooperatives in order to establish the foundation of fisheries cooperatives during the establishment of Meiji Fisheries Law system.

First, regarding the establishment of former Fisheries Law and Fisheries Cooperatives Regulations of 1901 and 1902, which was characterized by the fact that it was a measure intended to create a “bureaucratic-led cooperatives” with strong administrative supervisory authority.　And we considered the establishment of fisheries cooperatives in the case of Shimane Prefecture.　Second, in 1910 revision of Fisheries Law and Fisheries Cooperatives Regulations, we considered the policy of Ministry of Agriculture and Commerce and both Fukuoka and Shimane Prefectures on the development of fisheries joint facilities in 1910’s.　Third, with regard to the low-interest loans of fisheries cooperatives, we first examined the notification of the Director General of Fisheries Bureau, “Handling of Funds for Fisheries Cooperatives,” in 1911, and reviewed the flow of the low-interest loans by fisheries cooperatives.　Furthermore, according to “Fisheries Yearbook 1917”, we picked up “the loans of fisheries cooperatives in Low Interest Funds,” drew a conclusion that nearly half of the loans for the development of joint sales facilities were accounted for, but the uses of loans were only for a part of fisheries cooperatives.　Fourth, we examined the processes for the activity of Uppurui Fisheries Cooperative in Shimane prefecture, which positively borrowed low-interest funds in fiscal 1914 to develop joint facilities, as a result they were listed on “Excellent Fisheries Cooperatives and Meritorious Persons in Shimane Prefecture of 1918.”