Regulatory Framework for Member-Owned Islamic

Nasim Shah Shirazi (), Muhammad-Bashir Owolabi Yusuf and Moha Asri Abdullah
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Nasim Shah Shirazi: The Islamic Research and Teaching Institute (IRTI)
Muhammad-Bashir Owolabi Yusuf: International Islamic University Malaysia
Moha Asri Abdullah: International Islamic University Malaysia

No 1435-14, Working Papers from The Islamic Research and Teaching Institute (IRTI)

Abstract: Member-owned Islamic microfinance institutions have been toast to be the alternative means of financial inclusion among the Muslims who are voluntary excluded from participating in the traditional member-owned microfinance institutions because of the interest they charge. This novel idea is still new and few are known about its operations and regulations guiding its operation. This paper surveys the practices of the common member owned Islamic microfinance in Sub-Saharan Africa with a view to recommend regulatory framework for its operation based on member practice. This paper proposes a number of regulations for the operation of both Islamic Saving Group and Financial Cooperation. It is hoped that these proposed regulations will assist the operator, policy makers and donor agencies to chat a way to improve the financial inclusiveness of poor people who are excluded from benefiting from the available member-owned microfinance institutions with a view to lift them out of poverty.

Keywords: Member-Owned Islamic Microfinance; Regulatory Framework; Financial Inclusiveness; Saving Group; Financial Cooperative. (search for similar items in EconPapers)
Pages: 16 pages
Date: 2014-01-19
New Economics Papers: this item is included in nep-mfd
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Citations: View citations in EconPapers (1)

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