Islamic Micro Finance
Islamic Micro Finance
Provision of Islamic microfinance services and products
Common Elements between Islamic finance and microfinance:
1. There are many similarities in the nature of Islamic banking and microfinance as both forms of finance represent unconventional solutions to financial needs starting from egalitarian approaches being open to all customers without setting any apparent restriction to different categories of clientele.
2. Similarly both the systems advocate financial inclusion, entrepreneurship and risk-sharing through partnership finance.
3. Moreover, both have their focus on developmental and social goals to be accomplished in the society.
Criteria for Islamic Microfinance:
The following criteria would be followed for persons/entities applying for Islamic Micro-finance bank:
i) All financial transactions of Islamic MFB will be in accordance with the injunctions of SHARIAH.
ii) Every Islamic MFB will be required to appoint a Shariah Advisor who......
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Approximate Pages: 2 (250 words per double-spaced page)
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