In the recent past, Islamic finance has made an impressive case on the banking scene by becoming an alternative to the popular conventional financial systems, spurring a lively academic debate on how the Islamic finance industry can expand its services to cover the poor. Several propositions have been aired which suggest that the Islamic finance industry should consider developing an efficient Shari'a compliant microfinance model. This book brings together original contributions from leading authorities on the subject of Shari'a Compliant Microfinance (Islamic Microfinance) to propose innovative solutions and models by carefully studying experiments conducted in various countries. Where critiques of the current microfinance concepts, methods, regulatory measures and practices have often revolved around its practice of charging very high interest, this book discusses the several models that draw on both theory and case studies to provide a sustainable Shari'a compliant alternative. Arguing that while Islamic finance might have made a remarkable contribution in the financial markets, there remains a big question with regards to its social relevance, the book provides new perspectives and innovative solutions to issues facing the Islamic microfinance industry. A comprehensive reference book for anyone wanting to learn more about Shari'a Compliant Microfinance, this book will also be of use to students and scholars of microfinance, Islamic finance, and to anyone interested in learning about ethical and socially responsible businesses.
Introduction Part 1: Islamic Microfinance and Shari'a-Compatibility 1. Meeting the Demand for Sustainable, Shari'a-Compliant Microfinance Samer Badawi and Wafik Grais 2. Organizational Models of Islamic Microfinance Habib Ahmed 3. Islamic Finance and Microfinance: An Insurmountable Gap? Saif I. Shah Mohammed 4. Islamic Microfinance: Between Commercial Viability and the Higher Objectives of Shariah Hussam Sultan Part 2: Developments in Islamic Microfinance 5. Making Development Assistance Sustainable Through Islamic Microfinance Rodney Wilson 6. Leveraging Philanthropy Monetary Waqf for Microfinance Muhammad Anas Zarka 7. Incentivizing Microfinance for Islamic Financial Institutions: Financially Mainstreaming the Microenterprise Ali Adnan Ibrahim 8. Re-Thinking Leasing From an Interest-Free Perspective: Exploring the Prospects of Islamic Micro-Leasing for Poverty Alleviation Asad Kamran Ghalib Part 3: Islamic Microfinance Case Studies 9. Islamic Microfinance in Indonesia: The Challenge of Institutional Diversity, Regulation and Supervision Hans Dieter Seibel 10. Muslim Funds in India: Institutional Mobilizing of Micro Savings Shariq Nisar and Syed Mizanur Rahman 11. Innovations in Islamic Microfinance: Lessons from Muslim Aid's Sri Lankan Experiment Mohammed Obaidullah and Amjad Mohamed-Saleem Part 4: Resources on Islamic Microfinance 12. Information Sources on Islamic Microfinance: A Critical Literature Review Islamic Finance Project Staff
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