PRINCIPLES AND PRACTICES OF ISLAMIC MICROFINANCE FOR A GLOBAL ECONOMY

Microfinance Institutes and its activities have once again come to the lime light after its pioneer Nobel Laureate Prof. Mohammad Yunus was accused of corruption by the Norwegian State TV (NRK). This research shows how such microfinance institutes, especially the Islamic Microfinance Institutes (IMFIs) and the RDS of the IBBL as a sample, can really contribute to the development of the society, in terms of alleviating poverty, improving lifestyles, and most importantly filling the gaps of basic ‘human needs'. The research focuses on the problems of poverty in Bangladesh, and suggests that the IMFIs need to improve in terms of developing mechanisms, creating jobs as a mean of poverty alleviation and not providing cash loans, and educating the rural mass towards shifting them to real human capitals. It also shows that the IMFIs, with a growth rate of more than 10 percent, have the potentials to soon reach a global arena, and wide open the opportunities to replicate them in other Muslim nations. This book on Islamic Microfinance in Bangladesh should therefore, especially be useful for students, researchers, and professionals related to Islamic Finance and IMFIs industries.