This document discusses integrating mobile banking and mobile money with Islamic microcredit. It outlines a potential product structure using an ujrah-based model where fees are charged for services provided in conjunction with interest-free loans. The fundamentals of the proposed structure are described, including potential sources of funding like cash waqf funds and restricted mudharaba capital. Challenges like operational efficiency, default risk, and consumer literacy are also discussed along with some mitigation strategies and a way forward.
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Agent supervision is still an underdeveloped area in the majority of countries with the exception of a few countries that have created comprehensive and detailed supervisory frameworks, encompassing all phases, from licensing to monitoring, from inspections to enforcement.
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In the countries where nonbanks (e.g. mobile money providers) have extensive agent networks (e.g. Tanzania), there is disparity in the approach to supervising bank-based vs. nonbank-based agents
International Regulatory Practices for Digital Financial ServicesJohn Owens
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For more information on the event, see http://infobank.by/infolineview/itemid/6800/default.aspx
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Digital Cash Transfers and Financial Inclusion in IndiaCGAP
Developing a digital payments architecture in India:
Creates efficiencies and lessens leakages in government, by building digital rails in some of the hardest to reach and poorest areas of India;
Saves India $20 billion a year, or 1% of its GDP;
Achieves financial inclusion for millions of beneficiaries who can receive payments on time, access basic financial services, and use technology to provide feedback to government on those services.
Sarah Rotman of CGAP was kind enough to present on the basics of branchless banking to NetHope's Payment Innovations Working Group in March 2012, which is open to all NetHope members. Please contact hamilton.mcnutt@nethope.org for more information.
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Next Generation Mobile Banking and Return on Investmentmistervandam
Fiserv white paper on how the advancement of mobile banking - particularly next generation features and functionality - are driving return on investment for financial institutions
Describes in detail the market potential of Rural Agri-Laborers, with an analysis of the segment profile, noting global trends. Also, the addressable needs of the Future Silver Economy, such as financing, insurance and payments are detailed as well, with each need paired with how Financial Instiutions can step in to address the needs such as a solution that allows for instant fund withdrawal, insure the most valuable portions of their crops and a mobile solution that records terms of contract and automates payments. To top things off, a case study is provided to elucidate how EY has helped our client to better target the Rural Agri-Laborers.
With mobile adoption continuing to grow, banks and credit unions are looking for ways to quantify the success of the mobile channel. By adding capabilities that customers view as useful, innovative and convenient, banks and credit unions can continue to drive adoption while also bolstering potential return on investment.
AlHuda Center of Islamic Banking and Economics (CIBE) is a well established name in Islamic Banking and Finance with state-of-the-art advisory, consultancy, education, training, research and product development services. AlHuda CIBE has organized number of international customized training workshops on Islamic Banking and Finance to build the capacity of young Islamic finance professionals. As a matter of fact that Pakistan keeps enough potential for the growth of Islamic Banking and Finance, AlHuda CIBE is going to organize Training workshop on Islamic Banking for capacity building in Islamic Banking Professionals.
Uzbekistan Lessor Association (ULA) signed a Memorandum of Understanding (MoU) with AlHuda Center of Islamic Banking and Economics (CIBE), to implement promote Islamic leasing business in the country with the help of its association members.
AlHuda CIBE is going to organize "Three Days Specialized Training Workshop on Islamic
Banking, Takaful and Islamic Microfinance" on 17 - 18 June, 2019 at Tajikistan
AlHuda CIBE is pleased to announce Islamic Finance prestigious Training series in USA Titled: “Islamic Banking & Finance- 26-27 June, 2019 at Washington, DC” and “Islamic Finance & Islamic FinTech- 29-30 June, 2019 at San Francisco, USA”.
AlHuda CIBE is going to organize "Global Takaful Forum" on August 26, 2019 at Istanbul - Turkey.
The objective of the event is to provide adequate knowledge and benefits of Takaful industry to the relevant market. The platform will help analyzing the problems hindering rapid development of Takaful worldwide that would surely help increasing financial inclusion.
CIS Islamic Banking and Finance Forum Auspiciously Concluded in Tashkent.
CIS Islamic Banking and Finance Forum was successfully concluded in Tashkent-Uzbekistan, yesterday. The purpose of that forum was to promote, strengthen and unite the Islamic Banking and Finance industry of the CIS countries, the theme of the forum was “CIS as new destination for Islamic Finance” which also addressed financial inclusion, fintech, Sukuk, Takaful, Islamic capital markets Islamic Microfinance, potential and opportunities of Islamic finance in CIS countries. Distinguished Speakers and industry experts from well serving organizations related to Islamic banking and finance, Islamic insurance (Takaful), and banking industry participated in the event. The aim of the forum was also to discuss the potential of Islamic finance in CIS countries, Investment avenue’s, FinTech, Sukuk, Takaful and Islamic capital markets by gathering stakeholders under one roof. The forum was organized by AlHuda Centre of Islamic Banking and Economics in partnership with multilateral organization Islamic Corporation for Development of Private Sector (ICD) – Islamic Development Bank (IsDB), Uzbekistan Bank Association.
AlHuda CIBE is going to organize "CIS - Islamic Banking and Finance Forum" on 02 May, 2019 along with "Two days post event workshop on Islamic Banking, Takaful and Islamic Microfinance" on May 03 – 04, 2019 at Tashkent, Uzbekistan
AlHuda CIBE is going to organize "Two Days Specialized Training Workshop on Islamic Banking and Finance" on June 20 – 21, 2019 at London, United Kingdom
AlHuda CIBE is going to organize "Three Days Specialized Training Workshop on Islamic
Banking, Takaful and Islamic Microfinance" on 21 - 23 March, 2019 at Dakar, Senegal
AlHuda Centre of Islamic Banking and Economics (CIBE) is a recognized name in Islamic banking and finance Market for trainings, research and advisory over the last 13 years. The prime goal has always been to remain stick to the commitments and provide state-of the-art Advisory Consultancy and Education through various well recognized modes viz. Campus programs, Distance learning programs, Trainings Workshops, Awareness Programs and Islamic Microfinance Products Development all side by side through our distinguished and generally acceptable and known Publications in Islamic Banking and Finance. We are dedicated to serve the community as a unique institution providing trainings, education and consultancy in the field of Islamic Banking & Finance not only in Pakistan but all over the world. We have so far organized more than 300 trainings, 32 successful campus programs and training courses with numerous national and international students.
AlHuda CIBE is pleased to announce its upcoming event the "African Interest-free Banking and Finance Forum" on 6th February, 2019 followed by Post Event Workshop “Interest-Free Banking & Finance, Insurance & Microfinance” on 7th - 8th February, 2019 at Addis Ababa, Ethiopia. The aim of this forum is to address the latest trends, challenges, and opportunities in Finance Industry of Africa.
The aim of this forum is to address the latest trends, challenges and opportunities in Islamic Financial Industry of Africa. This forum will also give an opportunity to all the institutions, organizations and professional to network and exchange business ideas.
AlHuda CIBE going to organize Two days specialized training workshop on Islamic Banking & Finance in Azerbaijan
E: info@alhudacibe.com
http://www.alhudacibe.com/conference2018/
AlHuda CIBE going to organize Two days specialized training workshop on Islamic Banking & Finance on 06-07 September, 2018 at London - United Kingdom
E: info@alhudacibe.com
http://www.alhudacibe.com/conference2018/IBFUK/
AlHuda CIBE going to organize Two days specialized training workshop on Islamic Banking, Finance and Islamic Microfinance at Philippines on 04-05 October, 2018
E: info@alhudacibe.com
http://www.alhudacibe.com/conference2018/IBIMFPH/
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Alhuda cibe - Integrating mobile banking and mobile money with islamic
1. Religiosity and threshold effect in social and financial
performance of microfinance institutions
Mohammad Ashraful Mobin
2. Integrating Mobile Banking
and Mobile Money with
Islamic Micro Credit.
A product structure to consider.
Khalfan Abdallah-MBA, AFIIBI, CIFE.
Manager Product Development and Shari’ah
Compliance –Gulf African Bank.
3. Main Points.
Mobile Banking and Mobile Money-An Outlook.
Fundamentals of the Structure.
Sources of Funding.
Challenges and Way Forward.
CONTENT
4. Mobile Banking Mobile Money
• Mobile is already the largest banking
channel
• Mobile banking functionality is quite
varied.
• The mid- to late-thirties is currently
the key demographic for mobile
banking.
• Banks are increasingly shifting to a
'mobile first' approach.
• Sound mobile strategies, with effective
execution, leads to significant
financial benefits for those banks.
• Global mobile banking user base of
some 1.8 billion people by 2019
(source: Juniper Research, KPMG
analysis).
• Customers are using mobile money
more than ever—in December 2015,
there 411 million mobile money
accounts globally.
• At least in 19 markets have more
mobile money accounts than bank
accounts.
• The industry is expanding to serve the
needs of cross-border trade and
regional economies. In 2015, by
volume, international remittances was
the fasting growing product.
• A limited number of products. More
products and services should be
launched and driven to make mobile
money more sustainable, profitable,
and relevant to customers in the long
term.
Mobile Banking and Mobile Money-An Outlook.
5. • Micro-finance services will keep on growing with mobile money operators
increasing their focus on micro-loans, micro-insurance and group savings.
• The other significant area will be merchant payments. Mobile
money providers will liaise with MasterCard and Visa to issue companion
cards facilitating merchant payments.
• We will see mobile money operators, in neighboring countries, come
together on a common platform for facilitating international direct money
transfers.
• Bank and mobile money interoperability is increasingly important. For
deployments with functionality already in place, bank-to-mobile (B2M)
transactions represent 4.5% of the total value entering the ecosystem.
• Good trend on offering B2M and M2B (mobile-to-bank) capabilities. The
number of banks connected to mobile money schemes increased by 66%
between 2013 and 2015, growing to more than 520 banks in 2015.
Future Forecast
Bank and Mobile Money Interoperability.
6. • Ujrah Based Islamic Microfinance Facility.
• Ujrah is a fee charged to customer in consideration of services
rendered by one party. Under this concept, the bank shall provide
micro credit facility on the basis of Qardh (interest free loan).
• The fee shall be charged in consideration of actual services offered
by the bank in relation to the credit facility such as:
▫ Application fee-lump sum fee for using the mobile banking platform to
apply for loan (This might be grounded with monthly fee for mobile
banking services).
▫ Credit risk insurance fee at fixed amount.
▫ Cash out-fee to M-Pesa agent.
▫ Transfer fee –B2M, P2P or Bill payments.
• The Shari’ah rules on fees to be charged are:
▫ Fees can be charged to recover actual cost.
▫ Fee must be a fixed amount which is not tiered with credit amount
applied.
▫ Fee charged must be based on Shari’ah compliant services, benefits and
privileges only that is offered to client
▫ No fee for extension or delaying loan payments.
Fundamentals of the Structure.
7. • Step 1. A customer with bank account makes loan
application via Mobile banking platform menu together
with acceptance of terms and conditions.
• Step 2. Bank receives application and approve the loan
limit.
• Step 3. Bank disburse the loan to his Mobile money
account (B2M) to be repaid in certain number of days.
• Step 4. Customer use cash such as cash out at agent,
make purchases or transfer to another person.
Operation steps-with Bank Account
8. • Step 1. A customer with mobile money account activate loan
application via telecom platform menu together with
acceptance of terms and conditions. GAB-Mobile.
• Step 2. The customer virtual account is created to start saving
via the account before he makes loan application.
• Step 3. Customer makes an application and based on the
virtual account conduct, the loan limit is set.
• Step 4. Bank disburse the loan to his Mobile money account
(B2M) to be repaid in certain number of days.
• Step 5. Customer use cash such as cash out at agent, make
purchases or transfer to another person.
Since main source of income is customer’s fees-the bank
and mobile operator should agree fee sharing formula.
Operation steps-with Mobile Money Account
9. ▫ Cash Waqf ‘Am-The funds are invested by the bank
and proceeds derived are distributed to the general
public based on the waqf deed which shall allows the
FI to offer it as guaranteed loans. In consideration for
the fee income that the bank shall get from the ujrah
microfinance facility, the bank as mutawwali
(manager) shall waive service fee for the services
rendered to the fund.
▫ Shareholders funds- a portion of shareholder’s funds
can be marked for this product.
▫ Restricted Mudharaba capital- who shall invest the
funds to the bank for the purpose. The fee income
shared between the bank and the investor.
Sources of Funding.
10. Challenges Mitigants and Way Forward
• Operational efficiency risk.
• Default risk.
• Competition with lower fees.
• Consumer literacy.
• Partner with Telcom which
has invested in state of art
technology.
• Group credit risk insurance for
death and default.
• Capitalize on Shari’ah
compliance and efficiency
tools.
• Consumer awareness
programme.
Challenges and Way Forward.
Mobile banking is a system that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or tablet. This could mean transferring money, making a deposit or checking their balance.
Mobile Money refers to uses the mobile phone to transfer money and make payments to the underserved.
Facts:
Mobile money is now available in 93 countries.
51 of 93 countries have enabling regulatory framework.
Mobile money providers are processing an average of 33 million transactions per day.
134 million active account by December 2015.
47% growth in registered accounts.
Airtime top up is leading service with large number of transaction. In its 2015 annual report, Safaricom Kenya reported selling 38% of total airtime via M-PESA.
P2P is leading service with large number of transaction values.
Safaricom Mobile money transfers service registered 30% increase in total transaction values to ksh 3.2 trillion
Source:
1. http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2016/04/SOTIR_2015.pdf
2. http://www.businessdailyafrica.com/Corporate-News/Safaricom-posts-32-pc-growth-in-after-tax-profit/539550-3440638-yv38u6z/index.html
Equity freeze staff recruitment and shifts it is operations to technology driven platform such as Equitel and agency banking.
it appears that banked customers transferring money from bank accounts to mobile money accounts are using it primarily for cashing-out at agents. This indicates that customers are actually transferring money from bank accounts to mobile money accounts in order to proceed to a cash-out, and thus we can assume:
• Mobile money is performing an important and valued role in allowing banked mobile money customers access to their funds; and
• Banked mobile money customers are also sending money via P2P transfers to previously unbanked mobile money customers, closing the gap between these two worlds.
The bank and telecom should agree the fee sharing formula b