An analysis of how financial inclusion in India would be incomplete without facilitating Islamic finance for the benefit of the Indian Muslims who are the largest minority in the country.
Microfinance in India provides financial services like credit, savings and insurance to low-income groups. It started in the 1980s with self-help groups that provided small loans. Today, microfinance reaches over 100 million Indians through programs like self-help group banking and microfinance institutions. While it has helped encourage entrepreneurship and empowered women, microfinance in India faces challenges of high costs, lack of capital for lenders, and an inability of borrowers to provide collateral. However, it also presents opportunities to reach the large low-income customer base through financial inclusion, innovation and products tailored for their needs.
Microfinance provides loans, savings, and other financial services to poor individuals. It originated in the 1970s in Bangladesh and combines strengths of formal and informal credit systems. NGOs and organizations like NABARD, RMK, and SIDBI regulate microfinance institutions (MFIs) in India and provide funding. MFIs aim to improve lives of poor through financial access and self-employment opportunities. Self-help groups (SHGs) are important for microfinance, allowing members to save, take loans, and start businesses.
The document discusses microfinance features such as providing small loans and financial services to low-income individuals without collateral. It describes microfinance objectives like providing access to financial services to help poor households finance business activities and stabilize consumption. Majority of microfinance clients are self-employed, low-income individuals, including many women near the poverty line. The status and evolution of microfinance in India is examined, along with the roles of institutions like NABARD in promoting rural development through microfinance initiatives.
This document provides an overview of microfinance in India. It discusses how microfinance provides financial services to low-income individuals who lack access to traditional banking. It notes examples like Mrs. Bharti who was able to start a sewing business after getting a microloan. The document also discusses challenges in the microfinance sector like steady access to capital, heavy dependence on banks/financial institutions, and political sensitivity around interest rates charged. Overall, the document aims to introduce microfinance and its role in empowering the poor in India.
Microfinance & its impact on women entrepreneurship developShingla Prabha
This document summarizes microfinance and its impact. It discusses how microfinance provides small loans, savings, and insurance to the poor, especially women. This empowers women economically and helps families rise out of poverty. Microfinance has increased household incomes, improved health, education and social outcomes. However, simply providing access to loans is not enough - business training is also needed to help women gain self-confidence and ability to make their own decisions to fully benefit from microfinance opportunities.
Microfinance has existed informally in India for ages, but the legal framework and institutions to support it have developed over time, starting in the early 20th century. Currently, an estimated 350 million people live below the poverty line in India, but formal microfinance has only reached around 5% of the rural poor. There remains a large unmet demand for financial services among the poor. While microfinance institutions have grown, challenges remain in achieving sufficient scale, access to low-cost funding, developing appropriate legal structures, and balancing financial sustainability with an inclusive development agenda.
Role of microfinance in promoting micro entrepreneurshipVijayakumar Kumar
This document discusses the role of microfinance in promoting micro-entrepreneurship in India. It begins by defining key terms like microenterprise and microfinance. Microenterprises are very small businesses, often with just one employee owner, while microfinance provides small loans and other financial services to the poor. The document then outlines the various models of microfinance that have been implemented in India, including self-help groups linked to banks. It argues that microenterprises are important for employment generation and poverty alleviation in rural areas. Access to microfinance can play a key role in meeting the credit needs of the rural poor to start micro-businesses.
This document is a research project report submitted in partial fulfillment of an MBA degree. It examines the impact of microfinance on the living standards, empowerment and poverty alleviation of poor women in North India. The report includes a declaration by the student, acknowledgements of those who assisted and supervised the project, and an introduction providing context on microfinance and its goals. It also outlines the chapters to follow, which will cover a literature review on previous research conducted on microfinance and its effects, as well as subsequent chapters analyzing and discussing the results of the student's case study research.
Microfinance in India provides financial services like credit, savings and insurance to low-income groups. It started in the 1980s with self-help groups that provided small loans. Today, microfinance reaches over 100 million Indians through programs like self-help group banking and microfinance institutions. While it has helped encourage entrepreneurship and empowered women, microfinance in India faces challenges of high costs, lack of capital for lenders, and an inability of borrowers to provide collateral. However, it also presents opportunities to reach the large low-income customer base through financial inclusion, innovation and products tailored for their needs.
Microfinance provides loans, savings, and other financial services to poor individuals. It originated in the 1970s in Bangladesh and combines strengths of formal and informal credit systems. NGOs and organizations like NABARD, RMK, and SIDBI regulate microfinance institutions (MFIs) in India and provide funding. MFIs aim to improve lives of poor through financial access and self-employment opportunities. Self-help groups (SHGs) are important for microfinance, allowing members to save, take loans, and start businesses.
The document discusses microfinance features such as providing small loans and financial services to low-income individuals without collateral. It describes microfinance objectives like providing access to financial services to help poor households finance business activities and stabilize consumption. Majority of microfinance clients are self-employed, low-income individuals, including many women near the poverty line. The status and evolution of microfinance in India is examined, along with the roles of institutions like NABARD in promoting rural development through microfinance initiatives.
This document provides an overview of microfinance in India. It discusses how microfinance provides financial services to low-income individuals who lack access to traditional banking. It notes examples like Mrs. Bharti who was able to start a sewing business after getting a microloan. The document also discusses challenges in the microfinance sector like steady access to capital, heavy dependence on banks/financial institutions, and political sensitivity around interest rates charged. Overall, the document aims to introduce microfinance and its role in empowering the poor in India.
Microfinance & its impact on women entrepreneurship developShingla Prabha
This document summarizes microfinance and its impact. It discusses how microfinance provides small loans, savings, and insurance to the poor, especially women. This empowers women economically and helps families rise out of poverty. Microfinance has increased household incomes, improved health, education and social outcomes. However, simply providing access to loans is not enough - business training is also needed to help women gain self-confidence and ability to make their own decisions to fully benefit from microfinance opportunities.
Microfinance has existed informally in India for ages, but the legal framework and institutions to support it have developed over time, starting in the early 20th century. Currently, an estimated 350 million people live below the poverty line in India, but formal microfinance has only reached around 5% of the rural poor. There remains a large unmet demand for financial services among the poor. While microfinance institutions have grown, challenges remain in achieving sufficient scale, access to low-cost funding, developing appropriate legal structures, and balancing financial sustainability with an inclusive development agenda.
Role of microfinance in promoting micro entrepreneurshipVijayakumar Kumar
This document discusses the role of microfinance in promoting micro-entrepreneurship in India. It begins by defining key terms like microenterprise and microfinance. Microenterprises are very small businesses, often with just one employee owner, while microfinance provides small loans and other financial services to the poor. The document then outlines the various models of microfinance that have been implemented in India, including self-help groups linked to banks. It argues that microenterprises are important for employment generation and poverty alleviation in rural areas. Access to microfinance can play a key role in meeting the credit needs of the rural poor to start micro-businesses.
This document is a research project report submitted in partial fulfillment of an MBA degree. It examines the impact of microfinance on the living standards, empowerment and poverty alleviation of poor women in North India. The report includes a declaration by the student, acknowledgements of those who assisted and supervised the project, and an introduction providing context on microfinance and its goals. It also outlines the chapters to follow, which will cover a literature review on previous research conducted on microfinance and its effects, as well as subsequent chapters analyzing and discussing the results of the student's case study research.
Microfinance has positively impacted rural development in Assam. The study analyzed 10 microfinance institutions in Kamrup and Cachar districts of Assam. It found that microfinance has improved standards of living and empowered women by providing loans, savings opportunities, and financial services. However, more government support is still needed to develop infrastructure, train personnel, and support small MFIs in remote areas of Assam. Overall, microfinance has shown potential for reducing poverty but could be more effective with technological innovations to improve access in rural communities.
Challenges and opportunities in micro financefaheemullah
The document discusses challenges and opportunities in microfinance in Pakistan. It outlines how microfinance provides small loans to help the poor engage in productive activities to build assets and income. While microfinance has helped empower women and reduce poverty, challenges include high interest rates, lack of agricultural investment, and limited financial understanding. Opportunities for microfinance include using it as a development tool focused on women, rehabilitation, and commercialization. Improving access to microfinance services can help the poor smooth consumption and build assets, but the industry still faces problems achieving profitability and diversifying products.
The document discusses microfinance in India. It defines microfinance as providing financial services like credit, savings, and insurance to low-income individuals. A variety of actors in India provide microfinance using different models. The goal is to create social value through poverty alleviation and improving livelihoods. Common microfinance activities include group lending, individual lending, savings, insurance, and capacity building.
The impact of microfinance on living standards, empowerment and poverty allev...Alexander Decker
This document summarizes a research study on the impact of microfinance on living standards, empowerment, and poverty alleviation among poor people in Ethiopia, using clients of Amhara Credit and Savings Institution (ACSI) as a case study. The study used questionnaires distributed to 150 ACSI clients in Debratabor and Estie branches to assess changes in factors like income, education, nutrition, and savings before and after using microfinance services. The results showed microfinance led to increased income, children being sent to school, ability to pay medical bills and feed families, and savings to cope with future crises. Overall, microfinance seemed to improve living standards and empower clients economically and socially.
Ethics Commitment in Microfinance and Shariah Microfinance InstitutionMercu Buana University
This document summarizes an article that discusses ethics commitment in microfinance institutions (MFIs), both conventional and Sharia-compliant. It begins by outlining some common ethics violations by MFIs, such as social discrimination, lack of transparency, and high interest rates. It then proposes four pillars of ethical commitment - legal/formal ethics, transparency, community benefit, and widespread access - as solutions. Next, it analyzes how principles of Sharia, such as maslahah (benefit), khalifah (stewardship), and justice, align with implementing ethics in Islamic MFIs. The document concludes by noting that the major challenge for ethical MFIs is obtaining affordable funding to serve the poor
This document provides an overview of literature related to self-help groups and microfinance. It discusses concepts such as self-help groups, microfinance, and sustainable rural development. It also reviews literature on the positive impacts of self-help groups such as increased income and assets, as well as the role of non-governmental organizations in rural development. The literature presented suggests that self-help groups and microfinance can effectively promote empowerment, livelihoods, and development for rural communities.
This project report provides an analysis of microfinance in India. It includes chapters on self-help groups, microfinance models, and the role of various financial institutions. The introduction defines microfinance and outlines its strategic importance in India given that around 26-50% of India's population lives below the poverty line. Microfinance aims to provide financial services to low-income individuals and alleviate poverty.
This document presents information on microfinance in India. It discusses how microfinance provides financial services like credit, savings and insurance to poor individuals. It notes that microfinance aims to improve livelihoods through capital provision. The document provides statistics on microfinance in India and outlines the roles of various regulatory bodies. It discusses self-help groups and their importance in poverty alleviation. It also examines the role of banks in providing assistance to microfinance institutions and some problems faced by these institutions. Finally, it proposes various solutions and concludes by emphasizing the potential of self-help groups and microfinance to reduce poverty in India.
The document provides an industry profile of microfinance institutions (MFIs) in India. It discusses that MFIs provide small loans and other financial services to low-income groups. The microfinance industry in India has experienced rapid growth in recent years, reaching over 200 million customers. However, there remains significant unmet demand as many parts of India remain underserved by MFIs. The industry is fragmented with over 3000 MFIs, though the top 10 companies account for around three-quarters of the total loan portfolio. Continued growth is expected, but regulations and competition will impact the future trajectory of MFIs in India.
Self help group (shg) bank linkage model - a viable tool for financial incl...Alexander Decker
This document discusses the Self Help Group (SHG) - Bank Linkage model as a tool for promoting financial inclusion in India. It begins with an abstract that introduces financial inclusion as a means to eliminate poverty and promote empowerment. It then provides background on the extent of financial exclusion in rural India and the role of microfinance in addressing this issue. The main body of the document defines the SHG-Bank Linkage model and discusses its role in expanding banking outreach to promote greater financial inclusion. It examines the current status of the SHG Bank Linkage Model and concludes that it has played a critical role in the expansion of banking services and promoting greater access to financial resources for rural populations.
Microfinance in India provides small loans, savings, and insurance to low-income individuals who lack access to traditional financial services. Common microfinance models in India include self-help groups and programs based on the Grameen Bank in Bangladesh. The microfinance sector has grown substantially over the past decade but still reaches only a small portion of the rural poor. Ongoing challenges include expanding access to remote areas, developing new products, and attracting long-term financing for continued growth.
micro finance institution analysis in indiarohitsethi69
The document is a presentation on microfinance in India. It discusses the definition of microfinance and provides statistics on microfinance initiatives in India, including the number of districts and clients served. It also notes trends in loan amounts and growth rates. The presentation outlines some of the key issues and challenges faced by microfinance institutions, such as rapid growth and commercialization leading to lower quality services. It concludes by recommending strategies for microfinance institutions to manage risks and maintain proper systems.
The document discusses the future of microfinance in India. It notes that microfinance has expanded rapidly in recent years, with membership in associations growing and loan amounts outstanding increasing significantly from 2001-2004 and 2001-2005 for various microfinance programs and institutions. It also discusses the growing partnership models between banks and MFIs, and innovations in how banks provide funding to MFIs. Going forward, it emphasizes the need for greater financial literacy, product differentiation, and ensuring client empowerment through education on loan terms and conditions.
This document provides an introduction to the Professional Certificate in Microfinance Module 1. It begins with introductions and house rules from the facilitator. It then provides an overview of the instructor's profile and qualifications. The document outlines the module objectives to understand the nature, history, demand, supply and products of microfinance as well as a new taxonomy. It provides background on defining microfinance by products/needs focus, target market and market focus. It discusses the social mission and performance of microfinance institutions. It then gives a brief history of microfinance globally and the origins and success of Grameen Bank in Bangladesh.
This document provides a synopsis for a thesis that will examine the socio-economic development of women in self-help groups (SHGs) operated by four charitable non-governmental organizations (NGOs) in four villages across Tamil Nadu, India. The study aims to compare the performance of SHGs and identify factors for their success or challenges. A sample of 400 SHG women will be surveyed across the villages of Vannar Pettai, Manonjapatty, Palaa Vedu, and Samiyar Thottam, which are served by NGOs in Trichy, Thanjavur, Thiruvallur, and Chennai districts, respectively. Statistical tests will analyze the impact of SH
Summer Training Report of Role & Implications of Micro-FinanceFellowBuddy.com
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
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# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
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The document summarizes research on microfinance in Assam, India. It outlines the objectives to study the current status and informal practices of microfinance in the state. Data was collected from four districts on formal and informal microfinance providers. Informal providers include village societies and committees. Formal providers include NGOs, MFIs, banks, and cooperatives. Key findings include the emerging but nascent microfinance industry, role of banks and RRBs, presence of local MFIs, strong informal practices, and high interest rates charged informally.
Is Microfinance Investible?: A Tanzanian PerspectiveAbdurahman Suddy
The presentation highlights Micro-finance market in Tanzania with opportunities and challenges found within. Also the presentation illustrate 'what it takes' to invest in the sub-sector with touches in Micro-insurance and Islamic micro-finance.
Indian agriculture sector experiences vicious circle of poverty which decelerate economic growth. Financial exclusion is one of the main reason of it. In India marginals and weaker sections are excluded from main stream of the economy. To achieve sustainable development, all sections of the people need to be come into main stream. This study is an attempt to understand the concept of financial inclusion, financial inclusion in India and micro finance. RBI defines “Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players”. The present study also tries to understand how micro finance lending facilitates the acceleration of financial inclusion. Micro finance lending is a strong weapon of financial inclusion. Micro credit provided by banks emerged as a major policy tool of financial assistance in the rural credit, particularly to the poor sections of the society. Micro finance by providing small loans and savings facilities to those who have been excluded from other formal services, acting as a key strategy for reducing poverty and discrimination.
Inclusive development means empowerment of weaker sections, SC/STs and women. In this context “financial inclusion “ owns its significance.
The document discusses the lost architecture of India, specifically the temples of Odisha. It focuses on describing the unique architectural styles found in the temples of Odisha, highlighting their intricate carvings and sculptures. The author, J. Jayakrishnan, aims to document and preserve knowledge of these historically and culturally significant temples through detailed descriptions and analysis.
Sikh Architecture is an amalgamation of religious architecture of the buildings of the faith and traditional Indo-Sarsenic style. It includes all the buildings serving the devotional, ritualistic and religious functions of the Sikh Community. We can spot any Sikh temple from distance by seeing a flag mast (Nishan Sahib) which is draped in yellow or blue with triangular flag with the Sikh insignia fluttering in the breeze. Its dome is different from domes of mosques or Hindu temples, so are its arches, balconies, columns, interiors and general layout.
Microfinance has positively impacted rural development in Assam. The study analyzed 10 microfinance institutions in Kamrup and Cachar districts of Assam. It found that microfinance has improved standards of living and empowered women by providing loans, savings opportunities, and financial services. However, more government support is still needed to develop infrastructure, train personnel, and support small MFIs in remote areas of Assam. Overall, microfinance has shown potential for reducing poverty but could be more effective with technological innovations to improve access in rural communities.
Challenges and opportunities in micro financefaheemullah
The document discusses challenges and opportunities in microfinance in Pakistan. It outlines how microfinance provides small loans to help the poor engage in productive activities to build assets and income. While microfinance has helped empower women and reduce poverty, challenges include high interest rates, lack of agricultural investment, and limited financial understanding. Opportunities for microfinance include using it as a development tool focused on women, rehabilitation, and commercialization. Improving access to microfinance services can help the poor smooth consumption and build assets, but the industry still faces problems achieving profitability and diversifying products.
The document discusses microfinance in India. It defines microfinance as providing financial services like credit, savings, and insurance to low-income individuals. A variety of actors in India provide microfinance using different models. The goal is to create social value through poverty alleviation and improving livelihoods. Common microfinance activities include group lending, individual lending, savings, insurance, and capacity building.
The impact of microfinance on living standards, empowerment and poverty allev...Alexander Decker
This document summarizes a research study on the impact of microfinance on living standards, empowerment, and poverty alleviation among poor people in Ethiopia, using clients of Amhara Credit and Savings Institution (ACSI) as a case study. The study used questionnaires distributed to 150 ACSI clients in Debratabor and Estie branches to assess changes in factors like income, education, nutrition, and savings before and after using microfinance services. The results showed microfinance led to increased income, children being sent to school, ability to pay medical bills and feed families, and savings to cope with future crises. Overall, microfinance seemed to improve living standards and empower clients economically and socially.
Ethics Commitment in Microfinance and Shariah Microfinance InstitutionMercu Buana University
This document summarizes an article that discusses ethics commitment in microfinance institutions (MFIs), both conventional and Sharia-compliant. It begins by outlining some common ethics violations by MFIs, such as social discrimination, lack of transparency, and high interest rates. It then proposes four pillars of ethical commitment - legal/formal ethics, transparency, community benefit, and widespread access - as solutions. Next, it analyzes how principles of Sharia, such as maslahah (benefit), khalifah (stewardship), and justice, align with implementing ethics in Islamic MFIs. The document concludes by noting that the major challenge for ethical MFIs is obtaining affordable funding to serve the poor
This document provides an overview of literature related to self-help groups and microfinance. It discusses concepts such as self-help groups, microfinance, and sustainable rural development. It also reviews literature on the positive impacts of self-help groups such as increased income and assets, as well as the role of non-governmental organizations in rural development. The literature presented suggests that self-help groups and microfinance can effectively promote empowerment, livelihoods, and development for rural communities.
This project report provides an analysis of microfinance in India. It includes chapters on self-help groups, microfinance models, and the role of various financial institutions. The introduction defines microfinance and outlines its strategic importance in India given that around 26-50% of India's population lives below the poverty line. Microfinance aims to provide financial services to low-income individuals and alleviate poverty.
This document presents information on microfinance in India. It discusses how microfinance provides financial services like credit, savings and insurance to poor individuals. It notes that microfinance aims to improve livelihoods through capital provision. The document provides statistics on microfinance in India and outlines the roles of various regulatory bodies. It discusses self-help groups and their importance in poverty alleviation. It also examines the role of banks in providing assistance to microfinance institutions and some problems faced by these institutions. Finally, it proposes various solutions and concludes by emphasizing the potential of self-help groups and microfinance to reduce poverty in India.
The document provides an industry profile of microfinance institutions (MFIs) in India. It discusses that MFIs provide small loans and other financial services to low-income groups. The microfinance industry in India has experienced rapid growth in recent years, reaching over 200 million customers. However, there remains significant unmet demand as many parts of India remain underserved by MFIs. The industry is fragmented with over 3000 MFIs, though the top 10 companies account for around three-quarters of the total loan portfolio. Continued growth is expected, but regulations and competition will impact the future trajectory of MFIs in India.
Self help group (shg) bank linkage model - a viable tool for financial incl...Alexander Decker
This document discusses the Self Help Group (SHG) - Bank Linkage model as a tool for promoting financial inclusion in India. It begins with an abstract that introduces financial inclusion as a means to eliminate poverty and promote empowerment. It then provides background on the extent of financial exclusion in rural India and the role of microfinance in addressing this issue. The main body of the document defines the SHG-Bank Linkage model and discusses its role in expanding banking outreach to promote greater financial inclusion. It examines the current status of the SHG Bank Linkage Model and concludes that it has played a critical role in the expansion of banking services and promoting greater access to financial resources for rural populations.
Microfinance in India provides small loans, savings, and insurance to low-income individuals who lack access to traditional financial services. Common microfinance models in India include self-help groups and programs based on the Grameen Bank in Bangladesh. The microfinance sector has grown substantially over the past decade but still reaches only a small portion of the rural poor. Ongoing challenges include expanding access to remote areas, developing new products, and attracting long-term financing for continued growth.
micro finance institution analysis in indiarohitsethi69
The document is a presentation on microfinance in India. It discusses the definition of microfinance and provides statistics on microfinance initiatives in India, including the number of districts and clients served. It also notes trends in loan amounts and growth rates. The presentation outlines some of the key issues and challenges faced by microfinance institutions, such as rapid growth and commercialization leading to lower quality services. It concludes by recommending strategies for microfinance institutions to manage risks and maintain proper systems.
The document discusses the future of microfinance in India. It notes that microfinance has expanded rapidly in recent years, with membership in associations growing and loan amounts outstanding increasing significantly from 2001-2004 and 2001-2005 for various microfinance programs and institutions. It also discusses the growing partnership models between banks and MFIs, and innovations in how banks provide funding to MFIs. Going forward, it emphasizes the need for greater financial literacy, product differentiation, and ensuring client empowerment through education on loan terms and conditions.
This document provides an introduction to the Professional Certificate in Microfinance Module 1. It begins with introductions and house rules from the facilitator. It then provides an overview of the instructor's profile and qualifications. The document outlines the module objectives to understand the nature, history, demand, supply and products of microfinance as well as a new taxonomy. It provides background on defining microfinance by products/needs focus, target market and market focus. It discusses the social mission and performance of microfinance institutions. It then gives a brief history of microfinance globally and the origins and success of Grameen Bank in Bangladesh.
This document provides a synopsis for a thesis that will examine the socio-economic development of women in self-help groups (SHGs) operated by four charitable non-governmental organizations (NGOs) in four villages across Tamil Nadu, India. The study aims to compare the performance of SHGs and identify factors for their success or challenges. A sample of 400 SHG women will be surveyed across the villages of Vannar Pettai, Manonjapatty, Palaa Vedu, and Samiyar Thottam, which are served by NGOs in Trichy, Thanjavur, Thiruvallur, and Chennai districts, respectively. Statistical tests will analyze the impact of SH
Summer Training Report of Role & Implications of Micro-FinanceFellowBuddy.com
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
The document summarizes research on microfinance in Assam, India. It outlines the objectives to study the current status and informal practices of microfinance in the state. Data was collected from four districts on formal and informal microfinance providers. Informal providers include village societies and committees. Formal providers include NGOs, MFIs, banks, and cooperatives. Key findings include the emerging but nascent microfinance industry, role of banks and RRBs, presence of local MFIs, strong informal practices, and high interest rates charged informally.
Is Microfinance Investible?: A Tanzanian PerspectiveAbdurahman Suddy
The presentation highlights Micro-finance market in Tanzania with opportunities and challenges found within. Also the presentation illustrate 'what it takes' to invest in the sub-sector with touches in Micro-insurance and Islamic micro-finance.
Indian agriculture sector experiences vicious circle of poverty which decelerate economic growth. Financial exclusion is one of the main reason of it. In India marginals and weaker sections are excluded from main stream of the economy. To achieve sustainable development, all sections of the people need to be come into main stream. This study is an attempt to understand the concept of financial inclusion, financial inclusion in India and micro finance. RBI defines “Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players”. The present study also tries to understand how micro finance lending facilitates the acceleration of financial inclusion. Micro finance lending is a strong weapon of financial inclusion. Micro credit provided by banks emerged as a major policy tool of financial assistance in the rural credit, particularly to the poor sections of the society. Micro finance by providing small loans and savings facilities to those who have been excluded from other formal services, acting as a key strategy for reducing poverty and discrimination.
Inclusive development means empowerment of weaker sections, SC/STs and women. In this context “financial inclusion “ owns its significance.
The document discusses the lost architecture of India, specifically the temples of Odisha. It focuses on describing the unique architectural styles found in the temples of Odisha, highlighting their intricate carvings and sculptures. The author, J. Jayakrishnan, aims to document and preserve knowledge of these historically and culturally significant temples through detailed descriptions and analysis.
Sikh Architecture is an amalgamation of religious architecture of the buildings of the faith and traditional Indo-Sarsenic style. It includes all the buildings serving the devotional, ritualistic and religious functions of the Sikh Community. We can spot any Sikh temple from distance by seeing a flag mast (Nishan Sahib) which is draped in yellow or blue with triangular flag with the Sikh insignia fluttering in the breeze. Its dome is different from domes of mosques or Hindu temples, so are its arches, balconies, columns, interiors and general layout.
Christianity has a long history in India, dating back to 52AD when St. Thomas first brought Christianity to the southern state of Kerala. It remained small until the arrival of European missionaries in the 15th-16th centuries. While Christianity remains a minority religion in India making up only 2-4% of the population, the Christian community has made significant contributions to education, social justice, and interfaith dialogue. However, Christians have also faced increasing persecution in recent decades from Hindu nationalist groups accusing them of forced conversions. Overall Christianity has deep roots in India but continues to face challenges of intolerance.
Local climate is affected by various macro and micro factors. Topography, ground surface type, and objects like trees and buildings can influence temperature, humidity, precipitation, wind, and solar radiation near the ground. For example, hills can cause temperature to drop 5-6 degrees Celsius over just a 7-8 meter change in elevation. Differences in factors like slope orientation and land-water boundaries also impact the local microclimate.
The document provides details about Buddhist architecture and key structures found in Buddhist temples. It describes the major architectural features developed during the time of Emperor Ashoka in India, including stupas, stambhas, chaitya halls, and viharas. It provides in-depth descriptions of the design and symbolic meaning of stupas, such as those found at Sanchi and Sarnath. Stupas served as burial mounds containing Buddhist relics and came to represent cosmic symbols in response to the human condition of death in Buddhism.
Indian architecture draws influence from the major religions practiced in the country - Hinduism, Buddhism, Islam, Christianity, and Sikhism. Some prominent examples that demonstrate this religious influence include the Hindu Thanjavur Temple and Khajuraho Temple, the Muslim Taj Mahal and Red Fort, the Buddhist Sarnath Temple and Sanchi Stupa, the Christian Victoria Memorial and Pattumala Church, and the Sikh Golden Temple. If selecting something to represent India's cultural legacy, Indian architecture would be a fitting choice as it reflects the diversity of religious influences that have shaped building styles over centuries.
Early Christian architecture was influenced by existing Roman architectural styles and building traditions. Churches were commonly built in the basilica form with a central nave flanked by aisles and an apse at one end. They utilized materials from demolished Roman structures and incorporated classical columns and other features. Geographic, climatic, religious, social and historical factors all impacted architectural variations across regions as Christianity spread throughout the Roman Empire.
The document provides details about various architectural styles and structures in Northern, Central, and Southern India. It describes temples such as the Sun Temple in Konark and Jagannath Temple in Puri, as well as the Martand Sun Temple in Kashmir. It also discusses the Kirti Stambha and Jaya Stambha in Chittor Fort, river ghats along the Ganges, and various palaces in Gwalior. Furthermore, it summarizes the early Chalukyan rock-cut cave temples at Badami as well as structural temples such as the Lad Khan Temple at Aihole and various structures at Pattadkal.
Khilafat Movement
By Zubda Ahmad
INTRODUCTION
The Khilafat movement was a religio-political movement launched by the Muslims of India for the retention of the Ottoman Caliphate and for not handing over the control of Muslim holy places to non-Muslims. BACKGROUNDTurkey sided with Germany in World War 1. As it began to lose the war, concerns were expressed in India about the future of Turkey. It was a peak period from 1919 to 1922 casting demonstrations, boycott, and other pressure by the two major communities, the Hindus and the Muslims. Being brothers, the Indian Muslims realized their religious duty to help the Muslim country. It was the extra territorial attachments based on Islam. Another factor same to the first was that the Indian Muslims considered Ottoman Caliphate a symbol of unity of the Muslim world as Ummah.
Goals
1. Ottoman Khilafat should be kept intact.2. To preserved the Territorial solidarity.3. Control of holy the places should not be given to non-Muslims.
DIMENSIONS
The writings of the Muslim intellectuals provoked the sentiments for the preservation of Khilafat and retention of the Muslims control of the holy places.
The Muslims journalism played a vital role to steer the direction of the struggle.
Zamindar of Zafar Ali Khan, Comrade and Hamdard of Maulana Muhammad Ali Jauhar, and Al-Hilal of Maulana Abul Kalam Azad etc. were the prominent newspapers and magazines which performed their duties to express their resentment.
The Allies imposed humiliating terms on defeated Turkey.
Activities of khilafat movement
Deligations:
Deligations were sent to U.K and other European countries the feelings of the Muslims to get the governments.
Medical Aid:
Doctors,nurses arid medicines were dispatched to Turkey for the treatment of wounded Turkish soldiers.
Activities of khilafat movement
Treaty Of Sevres:
In 1920, treaty of sevres was signed between Allied forces.It was decided by the treaty that the Allies and Syria,Iraq and Jordan woud be separated from Turkish empire.
Processions:
Muslim volunteers presented themselves to police for arrests.All leaders were sent behind the bars but the movement could not be diminished.
Protests in India:
All India Khilafat Committee was formed at Bombay in July 1919. The first Khilafat Conference at Delhi in November 1919 was arranged in which the Congress leaders like Gandhi and Nehru participated. In this way, the major political parties joined hands to assault the injustice with the Muslim community.
These steps were announced:
No participation in victory celebrations.
Boycott of British goods.
Non Cooperation with the Government.
The second Khilafat Conference (Amritsar) was held in Dec. 1919. Maulana Muhammad Ali and Shaukat Ali joined the session after being released from prison. In Jan. 1920, M. A. Ansari led a delegation
The document discusses introducing Islamic banks in India to help improve economic opportunities for Indian Muslims. It notes that Indian Muslims currently lag behind Hindus on many socioeconomic indicators. Islamic banks emphasize equity-based financing over interest-based loans, allowing entrepreneurs from all backgrounds to access credit based on business viability rather than assets. This aligns with principles of social justice and could help boost Muslim entrepreneurship. While some Islamic finance organizations exist in India, full-fledged Islamic banks are needed to better serve the large Muslim population and help close economic disparities. The government should support establishing Islamic banks to creatively accommodate religious differences.
The document discusses the Pradhan Mantri Jan Dhan Yojana (PMJDY), a national financial inclusion mission launched in India in 2014. It aims to provide universal access to banking services like basic savings accounts, need-based credit, remittances and insurance. The key benefits of accounts under PMJDY include interest on deposits, accidental insurance of Rs. 1 lakh, no minimum balance requirement, life insurance of Rs. 30,000 and easy money transfers. Microfinance is also discussed as a tool to provide financial services like credit, savings and insurance to low-income households for self-employment and poverty alleviation. The evolution, key players and models of microfinance in India are outlined.
This document provides an overview of microfinance in India, including:
1. It discusses the evolution and current status of microfinance in India, noting that only about 5% of rural poor have access despite growing programs.
2. It outlines the need for microfinance to address the large gap between demand and supply of financial services for the poor.
3. It describes NABARD's role in microfinance through its self-help group bank linkage program, which has reached over 1.4 crore households through 9.4 lakh self-help groups.
Islamic Finance a Tool to Achieve Financial Inclusion in Indiasubhaan7
This document discusses the potential for Islamic finance to promote financial inclusion in India. It notes that India's large Muslim population of 180 million currently has limited access to financial services due to religious prohibitions on interest. Islamic finance models that avoid interest could help address this exclusion. The document reviews literature on Islamic microfinance initiatives elsewhere and their success in promoting inclusion. It outlines the current problem of financial exclusion faced by Indian Muslims and argues that establishing Islamic banking in India in line with Shariah principles could help address this issue by providing new options for banking and investment that are currently unavailable. The prospects and challenges of implementing Islamic banking in India are discussed.
This document provides an overview of a study on strategies for financial inclusion in Solapur District, India. It begins with background on financial inclusion concepts from prominent Indian leaders. It then reviews the status of financial inclusion in India and defines key terms. The document outlines the objectives and hypotheses of the study, which include analyzing barriers to and promoters of financial inclusion for weaker sections. The methodology discusses collecting primary data through surveys of managers, customers and government offices, as well as secondary data.
Microfinance refers to providing small loans, savings opportunities, and other basic financial services to low-income individuals. The modern microfinance movement began in the 1970s by providing small loans to groups of poor women in Bangladesh, Brazil, and other countries. In India, an estimated 350 million people live below the poverty line, but only about 5% have access to microfinance due to high costs, lack of legal frameworks for microfinance institutions, and other barriers. Various models of microfinance have emerged and shown success in India, including self-help group bank linkage programs and wholesale banking models.
Financial inclusion is ensuring access to appropriate financial products and services for all sections of society, especially vulnerable groups, at an affordable cost through mainstream institutions. It includes underprivileged groups in rural and urban areas like farmers, laborers, unemployed, women, children, and the elderly. The Reserve Bank of India defines financial inclusion as the process of ensuring access to financial services and credit needed by vulnerable groups at reasonable costs. Initiatives by the RBI and Government of India to promote financial inclusion include no-frills bank accounts, business correspondents, simplified KYC norms, and the National Rural Financial Inclusion Plan to provide access to 50% of financially excluded rural households. Financial inclusion and financial literacy are mutually reinforcing in providing access
This document summarizes a study on Micro Finance Institutions (MFIs) in India. It discusses how MFIs provide financial services like credit, savings, and insurance to individuals below the poverty line. It notes that MFIs were founded to improve livelihoods through capital provision. In India, MFIs play a large role through self-help groups that provide savings and small loans. However, MFIs face challenges in reaching all in need due to financial, legal, and operational issues. The document calls for reforms to regulation and oversight that recognize MFIs separately from other financial institutions in order to better alleviate poverty in India.
140301050136 igidr poor financial inclusion in rural areas of chhattisgarhgudu123
Poor financial inclusion persists in rural areas of Chhattisgarh, India despite government efforts over decades. While nationalized banks and microfinance programs have expanded access, the majority of rural poor still rely on expensive informal lenders due to a lack of suitable financial products and physical access to banks. Barriers to inclusion include irregular incomes, lack of collateral for loans, and remoteness of many villages. Improving access will require new products tailored to the needs and cash flows of rural households as well as expanding infrastructure and outreach of formal institutions.
The document discusses financial inclusion in India. It defines financial inclusion as the delivery of affordable financial services to disadvantaged and low-income groups. The government and Reserve Bank of India have implemented several initiatives to promote financial inclusion, such as "no-frills" bank accounts, banking services through business correspondents, and electronic benefit transfers. However, full financial inclusion has not been achieved, as an estimated 560 million Indians still lack access to formal financial services. Innovative products, regulation, technology, and public-private partnerships are needed to make further progress on financial inclusion in India.
Financial inclusion by Joycee Wilson Dolare Joycee Pari
The document discusses financial inclusion in India. It defines financial inclusion as the delivery of affordable financial services to disadvantaged and low-income groups. The government and Reserve Bank of India have implemented several initiatives to promote financial inclusion, such as "no-frills" bank accounts, banking services through business correspondents, and electronic benefit transfers. However, full financial inclusion has not been achieved, as an estimated 560 million Indians still lack access to formal financial services. Innovative products, regulation, technology, and public-private partnerships are needed to make further progress on financial inclusion in India.
This document provides an overview of microfinance in India. It defines microfinance and discusses its evolution in India since the 1970s. It describes different microfinance models like self-help groups (SHGs) and joint liability groups (JLGs). It also discusses microfinance institutions (MFIs) like non-profits, cooperatives, and NBFCs. The document outlines priority sector lending guidelines and summarizes recommendations from the Malegam Committee on regulating the microfinance sector in India.
BSFL is a microfinance institution that provides livelihood promotion services including microfinance, insurance, and technical assistance. It uses a livelihood triad strategy comprising livelihood financial services, agricultural/business development services, and institutional development services. BSFL has over 1 million customers concentrated in rural areas across 14 Indian states. It aims to expand its customer base to 10 million by 2014 through urban and rural outreach. BSFL's integrated approach to livelihood promotion has contributed to poverty reduction and supported vulnerable groups like women in rural India.
This project report provides a critical analysis of microfinance in India. It begins with an introduction that defines microfinance and outlines the various actors and regulatory environment involved. It then discusses the growth and models of microfinance in India, focusing on self-help groups and analyzing examples like ICICI Bank, Bandhan, Grameen Bank and SKS Microfinance. The report also examines the marketing of microfinance products, success factors, and issues facing the industry in India. Overall, the report provides a comprehensive overview of the microfinance landscape in India through analyzing historical development, current practices and challenges.
A study of Branchless banking for financial inclusion in India!L S Subramanian
Branchless banking plays a key role in achieving financial inclusion in India. It provides banking services to the large unbanked population through methods like business correspondents and use of technologies like mobile phones. Studies show over 50% of Indian households do not have access to formal banking. The government and Reserve Bank of India have implemented policies like the National Rural Financial Inclusion Plan to increase access through branchless models. Research found branchless banking has benefited customers by providing convenient, affordable services. However, more financial education is still needed and future models could offer additional products like insurance to further help low-income groups.
Financial Inclusion in India – A Road Map towards Growth of Initiatives and A...iosrjce
This document summarizes a research paper on financial inclusion in India. It discusses the concept of financial inclusion and its importance for development. It outlines the large extent of financial exclusion historically in India, with only 35% of adults having bank accounts. The paper examines various approaches taken in India to promote financial inclusion, including no-frills bank accounts, Kisan credit cards, self-help groups linked to banks, and general purpose credit cards. It analyzes the progress made in expanding access to financial services in rural areas through these initiatives.
The search for alternatives to conventional
banking in the aftermath of the global financial
crisis trained the spotlights on Islamic banking
in many parts of the world.
- ThoughPaper by Infosys
Citibank has been committed to communities around the world for 200 years. It operates in many countries and has a large presence in India. While providing financial services, Citibank also focuses on corporate social responsibility through programs like the Citi Foundation. It aims to address issues like poverty alleviation and financial inclusion. The document proposes transforming Citibank's CSR strategy in India to create shared value through a new microfinance program called CitiSashakti. This program would provide microloans to rural entrepreneurs and complement it with financial literacy programs and savings accounts to empower communities while also benefiting Citibank.
Citibank is a 200-year-old global bank committed to helping people imagine, create, and build through its financial services in almost every country. In India, where poverty levels are high, Citibank supports microfinance and financial inclusion initiatives through its corporate social responsibility programs. This includes the Citi Microentrepreneurship Awards that recognize outstanding microentrepreneurs, as well as grants for non-profits developing financial education programs. However, some criticize Citibank's CSR as merely public relations through sponsoring awards and grants, rather than directly supporting microfinance institutions.
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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2. Contents
• What is financial inclusion?
• How much of financial inclusion has India achieved?
• Financial status of Indian Muslims
• How can Islamic finance help India?
• Islamic finance in other Muslim minority countries
• Demand for Islamic finance in India
• Status of Islamic finance in India
• The road ahead
• Ways to implement true Islamic finance in India:
Ideas and a Case study
• Q&A
3. What Is Financial Inclusion?
• “Financial inclusion is the process of ensuring access to appropriate financial
products and services needed by vulnerable groups such as weaker sections
and low-income groups at an affordable cost in a fair and transparent
manner by mainstream institutional players.”
K.C. Chakrabarty, Deputy Governor, RBI
A fundamental right to receive banking services without discrimination
Direct correlation of financial exclusion and poverty
Includes payments, savings, insurance and credit
• Financial inclusion has gained importance since the early 2000s and is now a
common objective for many central banks among the developing nations.
4. India: Financial Inclusion Statistics
• India has a third of the world’s poor, 68.7% of Indians live on less than US$ 2
per day (World bank).
• Just 34% of people have access to formal banking services.
• Approximately 500,000 (out of 600,000) villages have no banks.
• 80% of Indians do not have insurance.
• Over 40% of India’s working population have no savings.
• Huge disparities exist between different segments of the Indian society.
• The “Top 20 rich Indians earn as much as 30 crore (300 million) people in the
country” - Former RBI Governor, Bimal Jalan
• For India to facilitate more balanced economic development, universal access
to basic financial services is essential.
5. India: Financial Inclusion Policies
• 100 million basic "no-frills" banking accounts <20% used.
• One bank for every village with 5,000 plus people (2012).
• Banking correspondents (BCs) for smaller villages.
• Rural credit cards, micro-insurance and micro-pension products.
• Strong technology focus.
• SHG-Bank Linkage (SBL) model – National Rural Livelihoods Mission (2011).
• Rural Development and Self Employment Training Institutes (RUDSETIs).
6. Indian Muslims And Financial Inclusion
• Indian Muslims: 180 million
2nd largest Muslim population (11% global share).
• Largest minority group (75%).
• Sachar Committee report revealed that on many indicators Muslims are
behind even the SC/ST community, especially in terms of financial inclusion.
• 40% of Muslims are self-employed.
• Muslim dominated areas are not adequately serviced by banks (Red Zones).
• Muslims largely absent from the top of the pack in the list of wealth creators
(BT500).
• Motto for the 12th Five year plan: Faster, sustainable and more inclusive
growth.
• Muslims need a specific approach to get them financially included – Islamic
Finance!
7. Sachar Committee Findings (Chapter 6)
• “It is noteworthy that the share of Muslims in the ‘amount outstanding’ is only
4.7% compared to as high a share of 6.5% for other minorities.”
• “On an average the amount outstanding per account for Muslims is about half
that of other Minorities.”
• “In West Bengal, just above 29% of accounts are held by Muslims...but the
share of amount outstanding is an abysmal 9.2%.”
• “Muslims avail just 4% and 0.48% credits from NABARD and SIDBI respectively.”
• Muslims credit deposit ratio is much lower than the average (47% vs. 74%) –
collective loss to the community worth billions of dollars!
8. Sachar Committee Recommendations
• “The financial exclusion of Muslims has far-reaching implications for their
socio-economic and educational upliftment.”
• “To empower Muslims economically, it is necessary to support self-employed
persons by ensuring a smooth flow of credit to them.”
• “Steps should be introduced to specifically direct credit to Muslims.”
• No analysis of the real cause for the financial exclusion of Muslims.
• A recommendation to further participate in the conventional banking system.
• No mention of the need to introduce Islamic finance/banking
9. Government Schemes
Do the present Government schemes address Muslim sensitivities?
• “It will be ensured that an appropriate percentage of...lending...is targeted for
the minority communities.” - PM’s 15 Point Program for Welfare of Minorities.
• Self-employment programs have in-built bank credit components.
• National Minorities Development & Finance Corporation (NMDFC):
Main function is to promote income generation among minorities.
Interest-based loans provided.
Outlay and disbursement is small.
Needs to be restructured to provide Islamic finance.
• NABARD’s and SIDBI’s schemes are also interest based.
• Ex: NABARD‘s Dairy Entrepreneurship Development Scheme: 40% bank loan
component.
10. Committee On Financial Sector Reforms
“Another area that falls broadly in the ambit of financial infrastructure for inclusion is the
provision of interest-free banking. Certain faiths prohibit the use of financial instruments
that pay interest. The non-availability of interest-free banking products (where the return
to the investor is tied to the bearing of risk, in accordance with the principles of that faith)
results in some Indians, including those in the economically disadvantaged strata of
society, not being able to access banking products and services due to reasons of faith.
This non-availability also denies India access to substantial sources of savings from other
countries in the region.”
“While interest-free banking is provided in a limited manner through NBFCs and
cooperatives, the Committee recommends that measures be taken to permit the delivery
of interest-free finance on a larger scale, including through the banking system. This is in
consonance with the objectives of inclusion and growth through innovation. The
Committee believes that it would be possible, through appropriate measures, to create a
framework for such products without any adverse systemic risk impact.”
(Chapter 3: Broadening Access to Finance, page 35)
Dr. Raghuram Rajan (Report submitted to the PM of India on Sept. 2008)
11. Why India Needs Islamic Finance?
“To have true financial inclusion in India and meet the goals set out by the
government, it is imperative that the Indian Muslim community...be considered
from their actual needs and aspirations perspective...a growing number of
Muslims will increasingly exclude themselves from the conventional banking and
financial system due to their religious sensitivities and not because of poverty or
illiteracy thus further marginalizing their already backward status...Thus it is
imperative that Islamic finance be introduced in the country and Muslims be
allowed to conduct financial activities as per their preferences...”
Saif Ahmed at 29th Skoch Summit on Financial Inclusion, Mumbai 2012
• The religious dimension and Muslim perspective to financial inclusion is
lacking in the present discourse from all stakeholders: politicians, bankers,
bureaucrats, press, etc.
• Without financial inclusion of Indian Muslims, their economic development is
not possible, and it will also not be possible for India to achieve true,
inclusive growth.
12. Why India Needs Islamic Finance?
“.. in India it will mean the inclusion of a disadvantaged minority. Lot has been said
today about how the minorities, the Muslims particularly, are not even participating
in the banking process. I started by saying they have left out of this whole banking
and therefore you will be able to, through these means, include them in this
banking process and then gain from the quantum of potential investment of
minority. The economic as a whole will gain. Those thousands of crores which are
lying without investment they will be invested. Where will they be invested? They
will be invested in India’s economy.”
“Islamic banking focuses on transparency, cooperative ventures, shared risk and
ethical investing which attracts a wide range of both Muslims and non-Muslims
alike. Can you afford to ignore it is a question for our country – not only for
Muslims.”
“If poverty persists, the poorer, including sections of minorities, could become a
national economic liability. Instead of actually participating and contributing to the
development process, they will start acting as a retardation of the development
process.”
Wajahat Habibullah, Chairman, National Commission for Minorities (NCM)
13. How Will Islamic Finance Help India?
• “Islamic banking may be the solution to the farmers’ suicide crisis.”
Dr. M.S. Swaminathan, father of the Green Revolution
• “Ethical investment goes on to develop the society. It can help in promoting the
interests of the underprivileged people in the community.”
Former SEBI Deputy Chairman D.R. Mehta
• “The assets controlled by (Indian) Muslims are estimated to be $1.5 trillion …
Research reveals that a handsome bulk of money…is lying idle, which if
invested in profit sharing basis and utilized properly, can have a major impact
on the Indian economy…Islamic Banking may not be a substitute to the
conventional banking in India but having it side by side with the conventional
banking may at least give an option to the borrowers to choose…”
RBI paper (ref. Bindu Vasu - Legal Officer, 2005)
• “India has the potential of emerging a significant market for Islamic Banking
provided there is a favorable change in the regulatory environment and
increased awareness among Muslims and India as a whole.”
Grail Research (2008)
14. How Will Islamic Finance Help India?
• Islamic finance is not just interest-free: it is for-profit, sustainable and scalable
• Islamic finance will provide for more competition: Better pricing and more
choices to the end user.
• Ethical investments: universal acceptance – precludes harmful sectors.
• Emphasis on real assets – will curb inflation, speculation, credit bubbles...
• Equitable distribution of wealth:
Risk sharing prevents a one sided relationship
Better returns for all parties (win-win)
• Livelihood financing possible through Islamic microfinance.
• Islamic finance will enable broad-based venture capital: entrepreneurs, run of
the mill enterprises, SMEs – thereby boosting entrepreneurship.
• Islamic insurance (Takaful) can make insurance affordable to the poor
15. Why Not India? The Last Frontier
• Islamic finance is now the largest alternative financial system in the world
today growing at double digit rates, surviving through the crisis.
• Growing list of Muslim minority countries who have embraced Islamic finance:
UK
USA & Canada
France
Ireland
Luxembourg
Australia
Hong Kong/ China
Singapore
Sri Lanka
South Africa
Kenya & Tanzania
Thailand
• Majority of MNC banks and legal firms operate Islamic finance subsidiaries.
16. Comments on Islamic Finance
• “I want to turn Singapore into a center for Islamic financial services”
Goh Chok Tong, Former PM of Singapore
• “The development of Islamic finance in South Africa is critical ... to position
South Africa as a gateway into Africa.”
Pravin Gordhan, Finance Minister of South Africa
• “What is more, Islamic banking is not just for Muslims. Nor is it in any way
arcane or esoteric. At its core, it is banking that follows a stringent set of
principles, aims to be socially and ethically responsible, and embraces high
transparency and shared risk.”
“Islamic Banking: Can You Afford to Ignore It?” (2008)
Boston Consulting Group
17. Growing Awareness And The Need…
• The real reason for the financial exclusion of Indian Muslims:
It is not discrimination (though this is a factor!)
The new generation:
Growing awareness of their religious beliefs/identity
Want to live according to principles of their faith including all financial
transactions and business dealings – which should be halal
• Proof: 2.2% Muslims in overall bank employment (Sachar Comm.).
• Billons of dollars are lying unproductive in current accounts or under pillows.
• Islamic finance will bring the community out of the ghetto/victim mindset.
• Muslims want to be part of the India story – to contribute and build
businesses, invest productively, buy assets – this needs finance – Islamic
finance!
• What Indian Muslims need are not subsidies or reservations but Islamic
finance.
18. India Islamic Finance Timeline
• Islamic finance timeline well documented as per Outlook Magazine (2010):
• 2011: Kerala High Court verdict stating that constitutionally there is no issue
in introducing Islamic banking, nor does it violate secularism.
• 2012: Ministry of Finance has asked the RBI to take a fresh look at
introducing interest-free banking on advice of the National Commission for
Minorities (NCM).
19. Present Status Of Islamic Finance In India
• The present status of Islamic finance institutions in India is far from
satisfactory:
Littered with failures: mismanagement and fraud
Cooperative & NGO models - not scalable
Reliance on service fees – Shariah compliance issues
Disconnect with scholars
Unregistered and unregulated
Lack of investment avenues
Lack of human capital
Lack of innovation and transparency
Excessive focus on the capital markets impacting just 1% of population
20. Implementing Islamic Finance In India
The challenges ahead:
• Awareness
• Dedicated pool of Islamic finance-focused Shariah scholars
• Human capital (bankers, lawyers, accountants, commerce graduates...)
• R&D plus innovation
• Regulatory support
• Changes in regulations are required to introduce Islamic banking/ finance fully.
• However, many Islamic finance concepts can be introduced by being innovative
right NOW!
21. Islamic Microfinance
• Indian microfinance sector crisis of 2010.
• Noble ideals consumed by an ugly greed for profits – why is this wrong?
• Is it really empowerment of the poor to charge upwards of 30% in interest?
• RBI’s Malegam Committee Report (2011) recommends capping interest rates and
75% ceiling for income generating loans.
• India offers a great opportunity to practice Islamic microfinance using PLS
modes.
• Interests of both parties are aligned, no debt trap, poverty alleviation.
• Technology now available to mitigate adverse selection and agency problems.
• “Credit provision, without adequate measures to create livelihood
opportunities...among the poor will not yield desired results.” – Raghuram Rajan
Committee Report.
• India’s Dairy cooperative model and Mudarabah model.
• Contract farming and Bai Salam (Advance Purchase) model.
22. Skill Development And Zakah
• Obligatory charity (Zakah): Every Muslim whose wealth exceeds 87.48 gm of
Gold / 612.36 gm of Silver must pay 2.5% of their wealth per year.
• Globally Zakah is underutilized by Muslims as a poverty alleviation tool.
• No national level umbrella organization, arbitrary, credibility issues.
• Proper utilization of Zakah funds can make the community to stand on its feet.
• "One would rather take a rope and cut wood and carry it than ask others.”
Hadith, Sahih Al-Bukhari, 3:289
• "Give a man a fish and you have fed him for a day. Teach a man to fish and
you have fed him for a lifetime."
• Muslims dependence on self-employment implies a need for continuous skill
development – Zakah funds can be utilized – PM’s 15 point program.
• Will allow Muslims to benefit from various employment opportunities that are
now available in the manufacturing and service sectors – financial inclusion.
23. Islamic ROSCA/Chit Fund – Case Study
• Chit Funds are the Indian version of Rotating Savings and Credit Associations
(ROSCAs) that are famous throughout the world (80 plus countries).
• A ROSCA is defined as “a voluntary grouping of individuals who agree to
contribute financially at each of a set of uniformly-spaced dates towards the
creation of a fund, which will then be allotted in accordance with some
prearranged principle to each member (only once) of the group in turn.” –
Calomiris and Rajaraman, 1998.
• ROSCAs are a means to “save and borrow” simultaneously – credit and
savings.
• Valued for their ability to convert savings in to a lump sum amount and flourish
in areas where formal financial institutions do not meet the needs of the
public.
24. Islamic ROSCA/Chit Fund – Case Study
• In a survey conducted by the Indian School of Business, it was found that
“while most households (72 percent) rank the savings aspects of Chit Funds
most highly they also value the flexible provision of credit and the ability to
save for a particular target event, for example marriage, education etc.”
• India is one of the few countries, where ROSCAs are institutionalized and
regulated.
• Zayd Chit Funds Pvt. Ltd. is India’s first registered and operating Shariah-
compliant chit fund developed through a rigorous R&D effort and in
consultation with scholars.
25. For An Introduction…
• Watch Ethica’s video “Why Islamic Finance?” at www.EthicaInstitute.com
26. Focused Advisory Solutions
Saif Ahmed
Managing Partner
saif@infinity-consult.com
www.infinity-consult.com
Islamic finance training and certification
www.EthicaInstitute.com