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Integrated waqf based islamic microfinance model (IWIMM) for poverty alleviation in OIC member countries

Haneef, Mohamed Aslam and Pramanik, Ataul Huq and Mohammed, Mustafa Omar and Muhammad, Aliyu Dahiru (2014) Integrated waqf based islamic microfinance model (IWIMM) for poverty alleviation in OIC member countries. Middle-East Journal of Scientific Research, 19 (2). pp. 286-298. ISSN 1990-9233

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Poverty dominates the agenda of developing countries. Poverty was and still is one of the major impediments of human progress and societal development. Its existence is as old as human history while its alleviation is attributed to effective and successfull economic policies. Various approaches/policies are offered towards reducing poverty. These policies vary depending on time, space and the country concernced. However, reduction of poverty the major goal of many economic systems as stated by the Millenium Development Goals, thought sometimes not explicitly stated It was found that in OIC member countries religious and cultural norms drive preference of Islamic microfinance over conventional microfinance.The study further developed an Integrated waqf based Islamic micrfinance model (IWIMM) for poverty reduction in OIC memebr countries.This is expected to overcome the challenges of conventional microfinance such as, high cost of capital, low quality of human resource, vulnerabilites of poor borrowers due to lack of sustainable takaful and limited products for the clients with different occupationanl backgrounds. However, the model is yet to be verified empirically. Thus, further studies should be conducted to test the model using quantitative techniques such as, structural equation modelling (SEM).

Item Type: Article (Journal)
Additional Information: 541/41756
Uncontrolled Keywords: Microfinance Integrated Waqf Based Islamic Microfinance Poverty Muslim countries
Subjects: H Social Sciences > H Social Sciences (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Centre for Islamic Economics
Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User: Prof. Mohamed Aslam Mohamed Haneef
Date Deposited: 16 Feb 2015 11:55
Last Modified: 20 Sep 2017 10:04
URI: http://irep.iium.edu.my/id/eprint/41756

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