),”Unlocking Vistas of Islamic Microfinance in India – A Model for Poverty Reduction”

Book Chapter

, Khan, M.N. and Rehman, M.Z. . 2014

• نوع عمل المنشور: Edited Book
• مدينة النشر: New Dehli
• اسم الجهة الناشرة: A.P.H. Publishing Corporation
• عنوان الكتاب: Management
• الصفحات: 120-140

مستخلص المنشور

India’s achievement of the Millennium Development Goals (MDG) of halving the population of poor by 2015 as well as achieving a broad based economic growth hinges on successful poverty alleviation strategies. With the Sachar report having already served as an eye-opener to the harsh reality about the status of Muslims in Indian society, the impoverished conditions of the Muslims will undermine the chances of India meeting its MDG targets. Islamic microfinance has the potent to reduce poverty among the Muslim populace in India. Islamic microfinance establishments are based on Shariah tenents. As majority of Muslim populace yearn for Islamic products over conventional microfinance products on account of religious injunctions against paying interest, the Islamic microfinance products are forceful to take care for the less privileged in tandem to deliver financial access to the poor.
This paper presents the channels that can be applied to finance the Muslim clients. The paper encompasses the distinctions between Islamic and conventional microfinance, primarily focusing on the conceptual framework of the Islamic Microfinance Institutions (IMFIs).It also manifests the sources, through which Islamic microfinance institutions can spawn funds, the paper concludes that IMFIs, can proffer various programs that shall not only lead to poverty alleviation but also be instrumental for the economic development of the Indian economy.