Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

How do you define an Islamic micro finance?

user-image
Question added by ISMAIL SAFNAS , teacher , Sahwa arabic college
Date Posted: 2016/12/13
OLADELE OLANIYAN
by OLADELE OLANIYAN , Head, Internal Audit, Control &Compliance , Al-Hayat Micro finance Bank Ltd.

Islamic micro finance is based on sharia and non interest based.it involves giving credit facilities for physical sharia compliance products. It is markup or profit and loss sharing based.

Muhammad Rizwan Tariq
by Muhammad Rizwan Tariq , FINANCE OFFICER , M.K. SONS (PVT) LTD

Islamic Micro Finance should be Based of Musharikah or Modaribah in which islamic banks provide funds to small business to grow and contribute in the countries economy.

Ashraf E. Mahmoud (PhD)
by Ashraf E. Mahmoud (PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer

Thanks for invitation,

Islamic Micro finance, is a sector with a great potential to expand, but up to date, it is only concentrated in three main countries: Indonesia, Bangladesh and Sudan

As a principle, Islamic micro finance complies with principles of Islam and to involve in projects "halal", (allowed by sharia). Projects must be charitable or helping to develop the economy of a country. 

Despite the impressive increase in the number of suppliers and customers of Islamic micro finance sector, it is still dominated by a few suppliers in some countries that rely primarily on just two products (Murabaha and Qard Hassan) Thus, from the specialized people views, the Islamic micro finance sector needs a concerted and expanding action from the different concerned parties.

Abdullah Aziz Eldain Morsi  Elgendy -        CMA  Candidate
by Abdullah Aziz Eldain Morsi Elgendy - CMA Candidate , Regional Receivable Accountant , Amiantit Group of Companies

to making small loans available to poor people (especially those traditionally

 

excluded from financial services) through programmes designed specifically to meet their

 

particular needs and circumstances

 

 

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.