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: 2023
Pages: 19
Source title: Research Anthology on Microfinance Services and Roles in Social Progress
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-6684-7552-2.ch024

Keywords: Accounting & Finance / Accounting and Finance / Business & Management / Business Science Reference

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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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Harmonising Microfinance With Islamic Banking

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