Making Development Assistance Sustainable Through Islamic Microfinance
AbstractMicrofinance 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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Bibliographic InfoArticle provided by IIUM Journal of Economis and Management in its journal IIUM Journal of Economics and Management.
Volume (Year): 15 (2007)
Issue (Month): 2 (December)
Islamic finance; Islamic Economics; Microfinance.;
Find related papers by JEL classification:
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- Z12 - Other Special Topics - - Cultural Economics - - - Religion
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- Abdul Rahim Abdul Rahman, 2007. "Islamic Banking And Finance: Between Ideals And Realities," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 15(2), pages 123-142, December.
- Abdul Rahim Abdul Rahman, 2010. "Islamic microfinance: an ethical alternative to poverty alleviation," Humanomics: The International Journal of Systems and Ethics, Emerald Group Publishing, vol. 26(4), pages 284-295, September.
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