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Doctoral Thesis / Dissertation from the year 2013 in the subject Sociology - Work, Education, Organisation, grade: A, , course: PhD, language: English, abstract: The poor, like others, too need financial products and services in order to build assets, manage consumption and mitigate risks. Microfinance, in recent times, has emerged as a powerful tool to provide access to some financial services to the poor. For decades, poverty alleviation has topped the International development agenda. United Nations Millennium Goals state that by 2015 the number of people living in extreme poverty should be half of what it was in 2000. Microfinance addresses the twin goals of financial inclusion and poverty alleviation in a way that builds self-esteem in the individual and self-sufficiency in the institution providing the financial services. Different models have emerged in microfinance delivery based on their clientele, focus area, interest rate, savings linkages, collateral, coverage and organizational/legal structure. With all the successes of the existing microfinance models, the herculean task of poverty alleviation still leaves enough space for innovative models. This study explores the potential of faith-based microfinance in complimenting the efforts of poverty alleviation and also overcoming the weaknesses in the existing models. Faith-based microfinance operate on distinct principles. The purpose of this study is to focus on the functioning of the faith based microfinance and to explore its role as an alternative tool of poverty alleviation. In order to get a meaningful insight regarding the impact of faith based microfinance on the lives of the beneficiaries, it is necessary that a comparison is made to the mainstream microfinance on commonly accepted parameters of poverty alleviation.
The book emphasizes the importance of studying the local context, and then considering the macroeconomic factors which may be operating upon the economy of a particular country. Five extended case studies, in the Gambia, Ecuador, Mexico, Pakistan, and the UK are examined with reference to further aspects of sustainability and impact assessment.
In general, the effectiveness of microfinance-driven poverty-alleviation programs run by Government Organizations (GOs) and Non-Government Organizations (NGOs) in developing countries, such as Bangladesh, is assessed by repayment rates, the number of beneficiaries, the area coverage, the amount of loans disbursed, the cost of operations, profitability, and the financial sustainability of the projects. This study argues that these methods are quite restrictive since none of them reflect the perceptions of poor people concerning the effectiveness of such projects. Development agencies such as GOs and NGOs have never been compared on the basis of service delivery effectiveness (a process-based comparison); nor have they ever been compared on the basis of their relative contribution to raising the living standards of the poor (an outcome-based comparison). Both types of comparison are crucial to poverty reduction. The main reason behind the absence of such comparisons is the unavailability of the appropriate parameters that could be used for such analysis. For the process-based comparison, this study develops and validates a two-dimensional multi-item service delivery effectiveness scale through construct, convergent, discriminant and nomological validity. The scale captures different aspects of effectiveness in the delivery of services. These aspects are termed the ‘credibility dimension’ and the ‘focus towards beneficiaries dimension’ of service delivery in poverty-alleviation programs. For the output-based comparison, this study also develops and validates a ‘multidimensional poverty model’ to compare the effectiveness of GOs and NGOs in contributing to the economic, social, political, and cultural elements in the lives of the poor. The methodology is based on 930 samples collected from 12 districts and 107 randomly chosen villages in Bangladesh during September–December 2009.
Around the world, a revolution is occurring in finance for low-income people. The microfinance revolution is delivering financial services to the economically active poor on a large scale through competing, financially self-sufficient institutions. In a few countries this has already happened; in others it is under way. The emerging microfinance industry has profound implications for social and economic development. For the first time in history, capital is well on its way to being democratized. 'The Microfinance Revolution', in three volumes, is aimed at a diverse readership - economists, bankers, policymakers, donors, and social scientists; microfinance practitioners and specialists in local finance and rural and urban development; and members of the general public interested in development. This first volume, 'Sustainable Finance for the Poor', focuses on the shift from government- and donor-subsidized credit systems to self-sufficient microfinance institutions providing voluntary savings and credit services.
Islamic microfinance is one of the most important sectors of Islamic social finance, which plays a very important role in curbing poverty and improving the standard of living, per capita income, employment level as well as achieving Maqasid al-Shariah, profitability and sustainability. This role of Islamic microfinance has become more crucial in the pandemic period. It has been clearly witnessed in developing countries such as Pakistan and Bangladesh, how Islamic microfinance institutions helped deprived and affected communities during the pandemic. Another important development during the pandemic was the introduction of blended models of Islamic microfinance such as waqf-based Islamic microfinance, a zakat-based model and the combination of Islamic commercial and social finance. Islamic microfinance institutions also aim to harness the power of digitalization and fintech, but they need to consider the necessary success factors to realize and gain the real benefits of technology. There are some major challenges related to regulations, management issues, lack of skilled human resources, a wide digital divide and low level of financial literacy in developing countries. These challenges need to be addressed to ensure stability, steady growth and sustainability in the sector. This book is a compendium on Islamic microfinance, including case studies from seven jurisdictions and prospects for the sector. The book will be a major contribution to the literature of Islamic economics and finance and a guide of equal importance for students, academics, institutions, regulators, fintechs, policy makers and the general public.
The purpose of the 'Microfinance Handbook' is to bring together in a single source guiding principles and tools that will promote sustainable microfinance and create viable institutions.
This book looks at the major policy challenges facing developing Asia and how the region sustains rapid economic growth to reduce multidimensional poverty through socially inclusive and environmentally sustainable measures. Asia is facing many challenges arising from population growth, rapid urbanization, provision of services, climate change and the need to redress declining growth after the global financial crisis. This book examines poverty and related issues and aims to advance the development of new tools and measurement of multidimensional poverty and poverty reduction policy analysis. The book covers a wide range of issues, including determinants and causes of poverty and its changes; consequences and impacts of poverty on human capital formation, growth and consumption; assessment of poverty strategies and policies; the role of government, NGOs and other institutions in poverty reduction; rural-urban migration and poverty; vulnerability to poverty; breakdown of poverty into chronic and transitory components; and a comparative study on poverty issues in Asia and other regions. The book will appeal to all those interested in economic development, resources, policies and economic welfare and growth.
It is said that the COVID-19 pandemic has turned back the poverty clock. As such, there is a need to have social mechanisms put in place to provide relief to those who are affected in this regard. Islamic social finance consists of tools and institutions that could be used to alleviate poverty. This book explores the impact of COVID-19 on Islamic finance to better understand the effectiveness of Islamic social finance in helping those who have been affected by poverty overnight due to the halt in all major economic activities in the context of the pandemic. Since the struggle against poverty in each country will be different, the book attempts to shed light on the experiences of different countries by presenting successful models of Islamic social finance. The book first looks at poverty and COVID-19 before delving into the role of Islamic social financial institutions and how they have risen against COVID-19. The book concludes by examining the impact of COVID-19 on Islamic microfinance. This book is the first of its kind on the subject of COVID-19, and it intends to bridge the gap in the literature.
Islamic Microfinance critically examines the performance of fifteen institutions and demonstrate how Islamic methods can efficiently satisfy the needs of some types of client but not all. It asks which types of products are affordable and beneficial, for which purposes and for whom.