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Employing Islamic Microfinance in Addressing Poverty Challenges in Brunei: A Mudarabah Approach
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Author(s): Ssemambo Hussein Kakembo (School of Business and Economics, Universiti Brunei Darussalam (UBDSBE), Bandar Seri Begawan, Brunei Darussalam)and Abu Umar Faruq Ahmad (Islamic Economics Institute (IEI), King Abdulaziz University, Jeddah, Saudi Arabia)
Copyright: 2019
Volume: 6
Issue: 1
Pages: 13
Source title:
International Journal of Corporate Finance and Accounting (IJCFA)
Editor(s)-in-Chief: Apostolos G. Christopoulos (Department of Business Administration, University of the Aegean, Greece), Constantin Zopounidis (School of Production Engineering and Management, Technical University of Crete, Greece & Audencia Business School, France)and Kyriaki Kosmidou (Aristotle University of Thessaloniki, Greece)
DOI: 10.4018/IJCFA.2019010104
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Abstract
Countries within the Asian region are continuously struggling to improve the living standards of their citizens. Some of them are still facing a plethora of challenges due to the ever-increasing levels of both relative and absolute poverty. This is especially among the poorest of the poor who have no access to the mainstream financial services. The conventional microfinance institutions have been greatly criticised for their dubious acts of charging exorbitant interests. Islamic microfinance has therefore, been seen as one of the viable alternatives to meeting the challenges of poverty and as an opportunity in the livelihoods of the people in the Asian region. This article analyses the magnitude at which Islamic microfinance can play a fundamental role in alleviating insignificant poverty levels in Brunei Darussalam through using a proposed Mudarabah financing model.
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