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Islamic Finance for Micro and Medium Enterprises

Micro and medium scale enterprises (MMEs) are generators of quality employment and sustainable creators of wealth and therefore, are a powerful tool of poverty alleviation. MMEs provide income and employment for significant proportions of workers in rural and urban areas by producing basic goods and services for rapidly growing populations. MME development is therefore, increasingly […]

  • Mohammed Obaidullah Hajah Salma Haji Abdul Latiff
  • 2008
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Islamic Finance for Micro and Medium Enterprises
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    Micro and medium scale enterprises (MMEs) are generators of quality employment and sustainable creators of wealth and therefore, are a powerful tool of poverty alleviation. MMEs provide income and employment for significant proportions of workers in rural and urban areas by producing basic goods and services for rapidly growing populations. MME development is therefore, increasingly being seen as an essential ingredient of broad based economic growth and significant contributor to well being of the poor. Of the many constraints to the development of MMEs, the most formidable is a lack of access to credit. Inadequate collateral, insufficient legal status, high transaction costs, and the sensitivity of entrepreneurs in the Islamic world to interest-based financing products are among the reasons why such enterprises experience exclusion from the formal financial system.

    Reflecting the concern for enhancement of financial inclusion through introduction of Shariah-compliant finance for MMEs, the First International Conference on "Inclusive Islamic Financial Sector Development: Enhancing Islamic Financial Services for Micro and Medium Sized Enterprises" was organized during April 17-19, 2007 at Negara Brunei Darussalam. The event was an outcome of collaborative efforts by Islamic Research and Training Institute of the Islamic Development Bank and the Centre for Islamic Banking, Finance and Management of Universiti Brunei Darussalam. Co-operation between the two institutions has also resulted in publication of the present volume of proceedings of this conference. It contains selected papers presented at the conference that seek to deal with major issues of theoretical and practical significance and provide useful insights from experiences of real-life experiments in Shariah-compliant MME finance.

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    • Mohammed Obaidullah Hajah Salma Haji Abdul Latiff
    • 2008
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