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Islamic Microfinance

Shari'ah compliant and sustainable?
Edited By Malcolm Harper,Ajaz Ahmed Khan

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Islamic Microfinance
ISBN: 9781853399565
Format: Paperback / softback

Price: £17.05

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Islamic Microfinance
ISBN: 9781853399558
Format: Hardback

Price: £42.70

Was: £44.95

Islamic Microfinance eBook
ISBN: 9781780449562
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Islamic Microfinance Look inside

  • Synopsis
    Microfinance institutions are today reaching hundreds of millions of clients throughout the global South, but the special needs of Muslim borrowers and savers, who wish to avoid any form of fixed interest, are badly served. The purpose of Islamic Microfinance is to introduce readers to the tenets of Islamic finance and how they are applied to microfinance. It questions why, when mainstream Islamic finance is growing rapidly, are efforts to reach poor Muslim customers so far behind? Can Islamic microfinance as it grows maintain its original spirit of fairness, transparency and sharing, principles that seem to have been almost forgotten in the world of conventional microfinance?
    The book contains fifteen detailed case studies of individual Islamic microfinance institutions, which include examples of successful and unsuccessful clients, and financial data about the performance of the institutions themselves. The case studies include institutions from Yemen, Afghanistan, Pakistan, India and Bangladesh, Indonesia, Sudan, Somalia, Kyrgyzstan, Palestine, and Kosovo.
    The case study institutions are between them using a wide range of Shari’ah-compliant financing methods, which include pure interest-free loans, profit-sharing products and a variety of other tools, including micro-savings as well as micro-debt. In the accompanying commentary the editors critically examine the performance of the fifteen institutions and demonstrate how Islamic methods can efficiently satisfy the needs of some types of client but not all. It asks which types of products are affordable and beneficial, for which purposes and for whom.
    This book is essential reading by all those interested in microfinance and development in the Muslim world, including researchers and students, ‘practitioners’ of microfinance, NGOs and multi-lateral and bi-lateral development agencies, and staff of development banks.
  • Table of Contents
    Malcolm Harper

    1 Islamic financing principles and their application to microfinance
    Ajaz Ahmed Khan, Bridget Kustin and Khalid Khan

    Part one: Qard hasan – pure Islamic microfinance

    2 Is it possible to provide qard hasan and achieve financial self-sustainability? The experience of Akhuwat in Pakistan
    Ajaz Ahmed Khan, Muhammad Shakeel Ishaq, Joana Silva Afonso and Shahzad Akram

    Part two: The predominance of murabaha

    3 Pioneering Islamic microfinance in Kosovo: The experience of START
    Ajaz Ahmed Khan and Vehbi Zeqiri

    4 The Islami Bank Bangladesh’s Rural Development Scheme: “Need-based banking rather than greed-based micro-banking”?
    Mohammed Kroessin

    5 Providing an Islamic alternative: the experience of Mutahid in Afghanistan Hashmatullah Mohmand

    6 The murabaha syndrome: Reef and Islamic microfinance in Palestine
    Ajaz Ahmed Khan and Mohammed Ibrahim Elayyan

    7 The experience of Kaah Islamic Microfinance Services in Somalia
    Abdi Abdillahi Hassan

    Part three: Institutions providing a range of Islamic financing arrangements

    8 Al Amal Microfinance Bank in Yemen: Financial services in times of war
    Abdullah Al-Kassim

    9 The experience of Kompanion-Invest in the Kyrgyz Republic
    Zamir Pusurov

    10 Ebdaa Microfinance Bank: Musharaka for small-scale farmers in Sudan
    Nawal Magzoub Abdallah

    11 The Port Sudan Association for Small Enterprise Development in Sudan – an NGO ‘project’ and now a profitable business
    Layla Omer Bashir

    Part four: Institutions that also promote (some) profit and loss sharing

    12 BASIX in Mewat, India – An Islamic experiment by a major Indian microfinance institution
    Syed Zahid Ahmad, Anoop Kaul and S.N. Rahaman

    13 MicroDahab in Somalia – A subsidiary of Africa’s largest remittance company Mohamed Ahmed Liban

    14 The Al Khair Co-operative Credit Society: A co-operative Islamic microfinance institution
    Najmul Hoda

    15 Profit and loss sharing with smallholder farmers in Indonesia: The experience of PT Vasham Kosa Sejahtera
    Irvan Kolonas and Timothy E. Rann

    16 Co-operative Islamic microfinance: Daarul Qur’an BMT from Jakarta, Indonesia
    Rio Sandi and Ajaz Ahmed Khan

    17 What do the cases tell us?
    Malcolm Harper
  • Details
    Sub Title Shari'ah compliant and sustainable?
    Author No
    Editor Malcolm Harper,Ajaz Ahmed Khan
    Number of Pages 224