Islamic banking is one of the Zippy Loan Review fastest growing sectors of the financial industry. But in order for Islamic Financial Institutions (IFIs) to remain competitive with conventional banks, IFIs must be able to deliver specialized products and services to meet customer needs. Microfinance-a division of finance ideologically compatible with Islamic finance, capable of Shariah-compliancy, and possessing a sizeable potential market-is a perfect fit for inclusion in IFIs' new products and services. Microfinance is comprised mainly of microcredit practices-the extension of very small loans, known as microloans, to those who do not have access to traditional financial services due to lack of collateral, employment and credit history. Microfinance has a proven history as an economically viable credit program, as well as a proven history of serving customers in the Muslim world. In 1976, Muhammad Yunus, a Muslim Bangladeshi economist and economics professor, founded the Grameen Bank, the world's largest and most successful microfinance institution or MFI. Since its inception, Grameen has provided more than $5 billion in microloans to several million borrowers in the Islamic nation of Bangladesh and boasts a repayment rate as high as 98%. Last year, the institution made a profit of $20 million. Since its creation in 1987, Egypt's National Bank for Development's (NBD) microfinance program has been so successful that the Bank has implemented it in half of its branches. Unlike Grameen, which operates not for profit, Egypt's NBD has proven microfinance to be a profitable venture for private commercial banks in the Middle East. Microfinance shares the same goals as Islamic finance. Islamic Banking began as an effort for Muslims to engage in financial services consistent with the principles of the Shariah, which promotes social and economic fairness. Likewise, the modern microfinance revolution began as an effort to combat poverty and social injustice in developing countries. Both the principles of Islamic finance and microfinance seek to prevent economic exploitation by prohibiting usury. In 2006, in recognition of the great humanitarian impact of microfinance, the Nobel Committee awarded Muhammad Yunnus and the Grameen Bank the Nobel Peace Prize.
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Zippy Loan
by princy william (2019-05-02)
Islamic banking is one of the Zippy Loan Review fastest growing sectors of the financial industry. But in order for Islamic Financial Institutions (IFIs) to remain competitive with conventional banks, IFIs must be able to deliver specialized products and services to meet customer needs. Microfinance-a division of finance ideologically compatible with Islamic finance, capable of Shariah-compliancy, and possessing a sizeable potential market-is a perfect fit for inclusion in IFIs' new products and services. Microfinance is comprised mainly of microcredit practices-the extension of very small loans, known as microloans, to those who do not have access to traditional financial services due to lack of collateral, employment and credit history. Microfinance has a proven history as an economically viable credit program, as well as a proven history of serving customers in the Muslim world. In 1976, Muhammad Yunus, a Muslim Bangladeshi economist and economics professor, founded the Grameen Bank, the world's largest and most successful microfinance institution or MFI. Since its inception, Grameen has provided more than $5 billion in microloans to several million borrowers in the Islamic nation of Bangladesh and boasts a repayment rate as high as 98%. Last year, the institution made a profit of $20 million. Since its creation in 1987, Egypt's National Bank for Development's (NBD) microfinance program has been so successful that the Bank has implemented it in half of its branches. Unlike Grameen, which operates not for profit, Egypt's NBD has proven microfinance to be a profitable venture for private commercial banks in the Middle East. Microfinance shares the same goals as Islamic finance. Islamic Banking began as an effort for Muslims to engage in financial services consistent with the principles of the Shariah, which promotes social and economic fairness. Likewise, the modern microfinance revolution began as an effort to combat poverty and social injustice in developing countries. Both the principles of Islamic finance and microfinance seek to prevent economic exploitation by prohibiting usury. In 2006, in recognition of the great humanitarian impact of microfinance, the Nobel Committee awarded Muhammad Yunnus and the Grameen Bank the Nobel Peace Prize.
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