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Improving financial education to the poor at the bottom-of-pyramid: the role of social finance vis a vis financial institutions

Arsyianti, Laily Dwi and Kassim, Salina (2015) Improving financial education to the poor at the bottom-of-pyramid: the role of social finance vis a vis financial institutions. In: 3rd Asean Islamic Finance Conference (AICIF 2015), 18th-19th November 2015, Semarang, Indonesia. (Unpublished)

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Abstract

This paper aims to explore the role of Islamic social finance and financial institutions in contributing towards improving financial inclusion through financial education among the poor. While there have been a lot of efforts undertaken by financial institutions, especially microfinance institutions, to achieve the financial inclusion agenda, the financial inclusion programs would normally require high operational costs which many financial institutions would consider them as not commercially viable. The costs then are transferred back to the customers, resulting in the financing/credit cost higher than commercial financial institutions. As a result, incidences of bankruptcy increase when the cost of credit is higher. Thus, financial education is essential for average family in managing their day to day financial resources. While financial institutions keep busy with financial inclusion agenda and trying to find the best way without disturbing their core business agenda, Islam offers social finance institution (amil and nadzir) as the solution to this problem.

Item Type: Conference or Workshop Item (Full Paper)
Additional Information: 4600/46108
Uncontrolled Keywords: Islamic social finance institutions, Islamic financial institutions, financial education, financial behaviour
Subjects: H Social Sciences > HB Economic Theory > HB522 Income. Factor shares.Interest.Profit.Entrepreneurship
H Social Sciences > HN Social history and conditions. Social problems. Social reform
Kulliyyahs/Centres/Divisions/Institutes: Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Dr Salina Kassim
Date Deposited: 17 Dec 2015 16:00
Last Modified: 17 Dec 2015 16:00
URI: http://irep.iium.edu.my/id/eprint/46108

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