MAKING DEVELOPMENT ASSISTANCE SUSTAINABLE THROUGH ISLAMIC MICROFINANCE

Rodney Wilson

56 citations0/0 files storedRePEc: Research Papers in Economics

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Islamic Finance and Banking Studies Microfinance and Financial Inclusion Religion, Society, and Development

Abstract

Microfinance schemes have been operational since the 1960s, however, they mostly involve conventional finance, whereas many low income Muslims would prefer to have shar¥cah compliant finance. The aim of this paper is to explore how microfinance can be provided on a shar¥cah compliant basis and what instruments and structures could be used. The implication of this paper is that shar¥cah compliant microfinance is best provided by non-banking institutions, which in the case of the wakOElah model, may have links to the waqf and zakOEh authorities.With muèOErabah profit sharing microfinance, there is scope for commercial undertakings, but arguably specialized finance companies rather than banks, even Islamic banks, may be more appropriate institutions to get involved.

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References

2011An Introduction to Islamic Finance 2007Islamic finance: law, economics, and practice 2005Islamic Perspectives on Management and Organization 2002FINANCING MICROENTERPRISES: AN ANALYTICAL STUDY OF ISLAMIC MICROFINANCE INSTITUTIONS 2011Waqf-Based Microfinance: Realizing the Social Role of Islamic Finance 2004Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk

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2017Equity financing and debt-based financing: Evidence from Islamic microfinance institutions in Indonesia 2018An Inquiry into Islamic Finance from the Perspective of Sustainable Development Goals 2015The key players’ perception on the role of Islamic microfinance in poverty alleviation 2018Potential of Sharī’ah compliant microfinance in alleviating poverty in Nigeria 2017The role of moral transaction mode for sustainability of banking business 2016Islamic banking contribution in sustainable socioeconomic development in Indonesia 2014Al-Tawhid in relation to the economic order of microfinance institutions

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