THE IMPORTANCE OF ISLAMIC MICROFINANCE INSTITUTIONS IN POVERTY REDUCTION
Abstract
Poverty is one of the biggest challenges of the 21st century. More than three billion people in the world live in poverty. Muslim societies are far behind the rest of the world in tackling poverty. One of the main reasons for this is the limited access to financial services. In fact, the poor will not only need loans, but will also need a variety of banking services such as loans, savings, money transfers and insurance. As commercial banks specialize mainly in megacities, microfinance institutions come to the rescue. Microcredit organizations are also divided into two groups in terms of formation and operation. These are Traditional and Islamic microcredit organizations.
References
Susan Johnson ( 2009). “Microfinance is dead! Long live microfinance. Critical reflections on two decades of microfinance policy and practice”. Published in Centre for Development Studies, University of Bath, UK.
Islamic Finance Outlook 2022 Edition. spglobal.com/ratings
Seibel, Hans Dieter, Wahyu Dwi Agung. 2006. “Islamic Microfinance in Indonesia.” Working Paper 2006 (2).Development Research Center, University of Cologne. http://hdl.handle.net/10419/23656.
Tursunov, A. S. (2022). Islomiy mikromoliyalashtirishning kambag’allikni qisqartirishda tutgan o’rni. Пандемиядан кейинги иқтисодиёт: рисклар, муаммолар, ечимлар» мавзуидаги ўтказиладиган халқаро илмий-амалий конференцияси мақолалар тўплами (2022 йил 30 март). Т.:YTIT, 2022
Sema Yılmaz Genç “Poverty in muslim countries: policy recommendations over the gulf cooperation council” International Congress of Islamic economy, finance and ethics proceedings book. 2019 y. Istanbul | Turkey.
www.worldbank.org
"World population 2021 | Population clock live"
