Regulatory framework for Member-owned Islamic Microfinance Institutions (MIMIS) In Sub-Saharan Africa (SSA)

Owolabi Yusuf, Muhammad-Bashir and Shirazi, Nasim Shah and Abdullah, Moha Asri (2016) Regulatory framework for Member-owned Islamic Microfinance Institutions (MIMIS) In Sub-Saharan Africa (SSA). Journal of Islamic Economics, Banking and Finance (JIEBF), 12 (1 (Jan-March)). pp. 120-136. ISSN 2070-4658

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Abstract

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

Item Type:	Article (Journal)
Additional Information:	5010/54688
Uncontrolled Keywords:	Member-Owned Islamic Microfinance, Regulatory Framework, Financial Inclusiveness, Saving Group, Financial Cooperative
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance H Social Sciences > HG Finance > HG1501 Banking H Social Sciences > HJ Public Finance H Social Sciences > HJ Public Finance > HJ8003 Public credit. Debts. Loans. Claims
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User:	Prof. Dr. Moha Asri Abdullah
Date Deposited:	01 Feb 2017 10:11
Last Modified:	01 Feb 2017 10:11
URI:	http://irep.iium.edu.my/id/eprint/54688

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