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Harmonising Microfinance With Islamic Banking
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Author(s): Shahab Aziz (Department of Business Studies, Bahria University, Pakistan), Maizaitulaidawati Md Husin (Azman Hashim International Business School, Universiti Teknologi Malaysia, Kuala Lumpur, Malaysia)and Muhammad Ashfaq (IUBH University of Applied Sciences, Germany)
Copyright: 2020
Pages: 19
Source title:
Handbook of Research on Theory and Practice of Global Islamic Finance
Source Author(s)/Editor(s): Abdul Rafay (University of Management and Technology, Pakistan)
DOI: 10.4018/978-1-7998-0218-1.ch013
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Abstract
While microfinance institutions play a role in the provision of financial services to individuals and small businesses that lack access to banking and related services, the question is: Can this role be taken up solely by the banking institutions? This chapter discusses the performance and application of microfinance institutions and challenges in developing a sustainable microfinance environment. The chapter deliberates the importance of integrating Islamic microfinance with Islamic commercial banks. It is argued that the integration of Islamic microcredit into the banking and credit schemes of Islamic commercial banks and Islamic microfinance institutions is a key to promoting financial inclusion. In addition, the chapter discusses how the Islamic microfinance model can be applied towards improving and humanising society and suggests strategies to improve the sustainability of microfinance institutions.
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