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Regulatory Framework for Member-Owned Islamic

Author

Listed:
  • Nasim Shah Shirazi

    (The Islamic Research and Teaching Institute (IRTI))

  • Muhammad-Bashir Owolabi Yusuf

    (International Islamic University Malaysia)

  • Moha Asri Abdullah

    (International Islamic University Malaysia)

Abstract

Member-owned Islamic microfinance institutions have been toast to be the alternative means of financial inclusion among the Muslims who are voluntary excluded from participating in the traditional member-owned microfinance institutions because of the interest they charge. This novel idea is still new and few are known about its operations and regulations guiding its operation. This paper surveys the practices of the common member owned Islamic microfinance in Sub-Saharan Africa with a view to recommend regulatory framework for its operation based on member practice. This paper proposes a number of regulations for the operation of both Islamic Saving Group and Financial Cooperation. It is hoped that these proposed regulations will assist the operator, policy makers and donor agencies to chat a way to improve the financial inclusiveness of poor people who are excluded from benefiting from the available member-owned microfinance institutions with a view to lift them out of poverty.

Suggested Citation

  • Nasim Shah Shirazi & Muhammad-Bashir Owolabi Yusuf & Moha Asri Abdullah, 2014. "Regulatory Framework for Member-Owned Islamic," Working Papers 1435-14, The Islamic Research and Teaching Institute (IRTI).
    • Handle: RePEc:ris:irtiwp:1435_014
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    References listed on IDEAS

    as
    1. Coleman, Brett E., 2006. "Microfinance in Northeast Thailand: Who benefits and how much?," World Development, Elsevier, vol. 34(9), pages 1612-1638, September.
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    Cited by:

    1. Muhammad Hanif & Kiran Zafar, 2020. "Developments in Islamic Finance Literature: Evidence from Specialized Journals التطورات في أدبيات التمويل الإسلامي: أدلة من دوريات متخصصة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(2), pages 3-23, July.

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    More about this item

    Keywords

    Member-Owned Islamic Microfinance; Regulatory Framework; Financial Inclusiveness; Saving Group; Fina;
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