Badr Elddin Ibrahim, Central Bank of Sudan, The Challenges and Opportunities of Islamic Microfinance

Presentations & Public Speaking

The Challenges and Opportunities of Islamic Microfinance, 18th Microcredit Summit, Abu Dhabi UAE, March 14-17, 2016

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Prof. Badr El Din A. Ibrahim
badr_el_din@hotmil.com
The Challenge & Opportunities of
Islamic Microfinance

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What is Islamic (interest-free) Microfinance?
Islamic development philosophy: Diffusion of development benefits,
equitable income distribution
Private investment in Islam is of a dualistic nature, benefiting the
investor & the community / investment provides the basic needs first.
Islamic interest-free MF builds on Shariah principles. Interest (on
saving & lending) is prohibited. Investment is made with mainly
sales-based, partnership & leasing formulae.

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Merits of interest-free (Islamic)Microfinance
It considers treatment of povertyas part of its social responsibilities
It does not need strong guarantees
The Islamic formulae have no harmful financial burdens in cases of
loss, Partnership does not leave the partner with debts, nor does it obligate
him to pay in the case of a loss.
the Islamic MF is less difficult for customers to recover debts in cases
of failure by granting a grace period without additional financial charges.
Islamic MF operates via a No. of financing formulae which suit the
targeted group / the type of projects (Ijara,Murabaha,Musharaka).
It includes Zakat, Wagf, Qard Hassan which can complement (but not
replacing) theIslamic microfinance in providing housing & necessities.

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the rate of return from Musharaka is greater than interest for both partners.

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Opportunities in breaching the gap in Islamic MF &
tapping into the potential market (Thecase of African )
In 16 states of Sub-Saharan Africa (out of 47) Muslim population are
50%+/53% (582 mill./out of 1097) estimated Muslims in Africa.
A scope for the same in Zambia, Uganda, Malawi, Ghana & Ethiopia.
Many African countries have interest-free activities e,g. Botswana, Kenya,
Gambia, Guinea, Niger, Nigeria, S. Africa, Mauritius, Senegal & Tanzania.
Slow interest-free MF market penetration in SSA.
There are some interest-free practices in Africa (Murabaha&leasing),
Regulatory frameworks for interest-free finance in Ethiopia & Tanzania.
Three are interest-free MFIs in some African states such as Ethiopia.

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Challengesin expanding the reach or scaling up Islamic MF
Islamic MF experiences were short lived / not integrated into the financial
system. Lack of a workable Islamic MF model worldwide.
Models act as charity funds, no sign of market-orientation & outreach
Most have limited outreach, and are perhaps not sustainable.
Nosupport bythe governmental regulatory framework.
Training of Islamic MF providers & awareness for potential clients.
No need for a stringent Interest-free MF system, i.e. interest-free model in
non-Muslim states needs tobe a "business" not "religious" model.

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The suitable mechanisms/avenues to introduce interest-free
MFin a mixed & pure interest-basedfinancing system?
1. Separate Branches (preferable; commonly used)
2. Separate Windows,
3. Wholesaling with Interest-Free MFIs (preferable,needsApex)
4. Partnership Between MF Funders & the Interest-Free MF Providers
5. Separate Affiliate Company of the Interest-BasedMFI.
A regulatory framework/or special financing policies are required.

Takaful (Islamic insurance) has grown significantly in recent decades with over 60 operators worldwide and $3 billion in contributions annually. While it faces some business model challenges, the outlook is positive given the large Muslim population and strong growth in core markets. Standardizing best practices through international organizations and developing strategic partnerships between Islamic financial institutions can help Takaful realize its substantial potential in coming years.

Alhuda CIBE - The World of Takaful by Dr. S. J. Malaikah

The document discusses the current state and future outlook of the takaful (Islamic insurance) industry. It notes that takaful has grown rapidly from a few operators decades ago to over 60 companies today, driven by demand from Muslims and the development of Islamic banking. However, penetration remains low compared to potential. The challenges include standardizing business models, developing retakaful solutions, and expanding into new markets with large Muslim populations. With continued growth in Islamic finance and efforts to address challenges, the future outlook for takaful remains promising.

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Islamic microfinance challanges and oppurtunies

This document discusses opportunities and challenges for Islamic microfinance. It notes that Islamic economic principles around equality, fairness and risk sharing align well with microfinance goals of poverty alleviation and entrepreneurship. However, Islamic financial services have focused more on religious compliance than social goals, while conventional microfinance often ignores cultural sensitivities. The document then outlines various Islamic microfinance experiments in countries like Bangladesh, Pakistan and Malaysia. It identifies issues around sustainability, transparency and excluding the poorest clients. The document concludes with recommendations for Islamic banks to partner with microfinance institutions and expand rural outreach to better meet the demand for Sharia-compliant microfinance.

Setting up Islamic micro finance

Setting up Islamic micro finance

This document proposes a Mudarabah model of microfinance for rural poor Muslims in Nigeria. It assumes that micro-entrepreneurs and loan officers will adhere to Islamic principles. Under the model, the microfinance program provides capital while the entrepreneur provides labor and expertise. Profits are shared according to a fixed ratio, while losses are absorbed solely by the program. Key challenges include monitoring loans, mitigating risk given the program's lack of control over funds, and addressing information asymmetries that could enable adverse selection or moral hazard.

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Out reach of islamic microfinance by dr shabir hussain

Dr. Shabbir Hussain presented at an international conference on Islamic microfinance. He analyzed the outreach of various microfinance models globally and in South Asia. Islamic microfinance has reached 380,000 borrowers across 14 countries, with Bangladesh having the largest outreach of over 100,000 borrowers. However, Islamic microfinance still only represents about 1% of the microfinance market. In Pakistan, over 1.85 million borrowers are currently served by microfinance institutions, though an estimated 27.7 million need access to microcredit. Overall, Islamic microfinance shows potential but still needs to expand its outreach significantly.

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Islamic microfinance dr shahid raza

This document summarizes an international conference on Islamic microfinance. It discusses how Islamic economic principles of equality, fairness and risk sharing are consistent with microfinance. However, Islamic financial services have focused more on sharia compliance than poverty alleviation, while conventional microfinance excludes the poorest and ignores cultural sensitivities. The document outlines some examples of Islamic microfinance programs around the world and issues they face like sustainability and transparency. It concludes with recommendations like linking Islamic banks with microfinance institutions in a phased approach to help meet the demand for Islamic microfinance and promote entrepreneurship.

Conference presentation (irsd)

This document summarizes an international conference on Islamic microfinance. It discusses how Islamic economic principles of equality, fairness and risk sharing are consistent with microfinance. However, Islamic financial services have focused more on sharia compliance than poverty alleviation, while conventional microfinance excludes the poorest and ignores cultural sensitivities. The document outlines some examples of Islamic microfinance programs around the world and issues they face like sustainability and transparency. It concludes with recommendations like linking Islamic banks with microfinance institutions in phases, starting in urban areas and expanding to rural regions to better meet the demand for Islamic microfinance and promote entrepreneurship in accordance with Islamic values.

Conference presentation (irsd)

This document summarizes an international conference on Islamic microfinance. It discusses how Islamic economic principles of equality, fairness and risk-sharing are consistent with microfinance. However, Islamic financial services have focused more on sharia compliance than poverty alleviation, while conventional microfinance excludes the poorest and ignores cultural sensitivities. The document outlines some examples of Islamic microfinance programs around the world and issues they face regarding sustainability, transparency and serving the poorest. It recommends that Islamic banks partner with microfinance institutions through mudaraba and musharaka to help meet demand for Islamic microfinance and promote entrepreneurship in rural areas.

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This document presents a project on microfinancing by a group of students. It discusses various topics related to microfinancing including introduction, sectors supported through microfinancing like agriculture and healthcare, countries supporting microfinancing like EU, percentage of people in Pakistan accessing microfinancing, rules for microfinancing, and examples of microfinance institutions in Pakistan. The document concludes by discussing strategic objectives of microfinance institutions like increasing outreach, focusing on productivity and efficiency, and providing branchless banking services.

A2F%20Prospectus[4]

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This document summarizes a prospectus for investing in Savings-Led Microfinance in Cambodia. Savings-Led Microfinance forms community savings groups that allow members to save money and take small loans. The program aims to reach 1 million Cambodians and transform the financial market. It argues that this approach empowers the poor, builds social capital, and generates economic growth through financial inclusion and capital accumulation by the poor. The document invites impact investors by highlighting both financial and social returns on investment in Savings-Led Microfinance.

Alhuda cibe - How islamic microfinance can facilitate rural finance

This document summarizes a presentation on how Islamic microfinance can facilitate rural finance. It defines microfinance and Islamic microfinance, discusses their objectives and sources. It provides an overview of the global Islamic microfinance industry and explains why Islamic microfinance is needed in rural areas, citing opportunities and challenges. It discusses the current state of rural finance in Nigeria and Africa, and how Islamic microfinance could help by providing Shariah-compliant products and services, investing in infrastructure, and addressing gender disparities to promote greater financial inclusion and sustainability.

Issues and challenges in financing the poors

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The document discusses issues and challenges facing Islamic microfinance institutions in northwestern Pakistan. It outlines several key challenges: lack of collateral from poor clients, high operational costs, incompatible monetary and fiscal policies, poor market penetration, sustainability issues for Islamic MFIs, and high transaction costs. The purpose is to explore these problems and their root causes in order to help decision-makers, donors, and regulators address the barriers to growth and improve outreach/effectiveness of microfinance in alleviating poverty. Recommendations include regulatory attention, unified governance, training, collaboration, and government support.

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The document discusses Nigeria's microfinancing strategy established by the Central Bank of Nigeria to address poverty and lack of access to capital for small businesses. The strategy licenses two categories of microfinance banks - unit MFBs operating in a single local government area and state MFBs operating within a state - and establishes requirements for capitalization, growth, and expansion. The goal is to promote a private sector-driven microfinancing system delivered through regulated and well-managed microfinance banks.

Alhuda CIBE -Sharia principles presentation

The document discusses Islamic microfinance, including its principles, operational mechanisms, and marketing strategies. It defines Islamic microfinance as the provision of financial services to low-income people according to Sharia principles. It outlines key Sharia principles like the prohibition of riba and requirements for contracts to involve business risk. It describes common Islamic microfinance contracts including mudharabah, murabahah, and ijara. It also discusses challenges in using equity vs. debt-based contracts and strategies for mitigating risks. The marketing section focuses on understanding customer needs and developing awareness of Islamic microfinance products.

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1. The document discusses mainstreaming Islamic microfinance as an inclusive approach to address issues with conventional microfinance such as weakening social collateral, mistargeting of the poorest, and high costs. 2. It recommends downscaling Islamic banks and commercial banks to provide microfinance services according to Sharia principles through linkage models with MFIs and establishing full-fledged Islamic microfinance banks. 3. Involving cooperatives and utilizing tools like zakat and sadaqah can help include the poorest clients in Islamic microfinance programs.

History of microfinance

hgfhjjff

Muhammad Yunus pioneered microfinance in the 1970s by making small loans to impoverished villagers in Bangladesh. Microfinance has since spread globally and helped many people escape poverty by providing financial services to the poor. While microfinance has been successful in some areas, evidence also shows its limitations. It works best to support existing small businesses rather than as a cure for poverty on its own. Some borrowers take on too much debt, and the poorest may be better served first through savings programs rather than loans. Effective microfinance requires balancing social and financial sustainability.

History of microfinance

hgfhjjff

Microfinance began in the 1970s when Muhammad Yunus lent money to poor villagers in Bangladesh. It has since spread globally and helped millions of poor people access small loans and other financial services. While microfinance has been successful in some areas, it also faces challenges in accurately assessing risk, enforcing repayment, and reaching the very poor who lack collateral. In China, microfinance is less developed than other Asian nations despite significant pockets of rural poverty. The absence of civil society organizations and a supportive regulatory environment have hindered the growth of microfinance there.

2 days specialized training workshop on islamic microfinance,sana’a, yemen 2012

This two-day workshop on Islamic microfinance in Sana'a, Yemen is jointly organized by the Yemen Microfinance Network (YMN) and AlHuda CIBE. The workshop will provide training on Islamic banking, finance, and insurance principles and their application to microfinance. It aims to educate professionals on using Islamic microfinance to alleviate poverty in Yemen, where over 30% of the population lives below the poverty line. The training will cover topics such as Shariah foundations and product mechanisms of Islamic microfinance. Attendees will gain knowledge from international scholars on global best practices and opportunities in the emerging field of Islamic microfinance.

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