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Financial Inclusion and Poverty Alleviation in Muslim-majority Countries: The Role of Islamic Finance and Qard Hassan

In: Financial Inclusion and Poverty Alleviation

Author

Listed:
  • Amin Mohseni-Cheraghlou

    (University of Tehran)

Abstract

Global Findex database reports that 75% or about one billion adults among self-identified Muslims do not have an account in a formal financial institutions. The first part of this chapter suggests that overall access to Islamic financial products is positively correlated with levels of financial inclusion in Muslim majority countries. One such product is Qard Hassan and the second part of this chapter highlights its theoretical potentials in reducing poverty and increasing shared prosperity. This theoretical treatment is then complemented with the third part of the chapter where a case study of Akhuwat Foundation, a Pakistani Islamic microfinance organization operating on a Qard Hassan model is presented in some detail and its relative success in breaking the cycle of poverty through Qard Hassan is highlighted.

Suggested Citation

  • Amin Mohseni-Cheraghlou, 2017. "Financial Inclusion and Poverty Alleviation in Muslim-majority Countries: The Role of Islamic Finance and Qard Hassan," Palgrave Studies in Islamic Banking, Finance and Economics, in: Muhamed Zulkhibri & Abdul Ghafar Ismail (ed.), Financial Inclusion and Poverty Alleviation, chapter 0, pages 141-197, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-319-69799-4_4
    DOI: 10.1007/978-3-319-69799-4_4
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    Cited by:

    1. Ahmad Wira & Hulwati & Huriyatul Akmal & Riandy Mardhika Adif & Jufriadif Na`am*, 2019. "Islamic Economic Orientation Model for Microfinance Institution," The Journal of Social Sciences Research, Academic Research Publishing Group, vol. 5(3), pages 676-682, 03-2019.

    More about this item

    Keywords

    Financing constraints; Financial intermediation; Investment models; Islamic countries;
    All these keywords.

    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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