India, Islamic Microfinance, microfinance institutions

December 2017

In India, the population of Muslims is about 180 million and the majority of them live below poverty line and if non-Muslims are taken together this number reaches to about 77% of total Indian population, Microfinance is providing financial services to poor people, who traditionally lack access to banking and related services. The disaster of conventional microfinance in India in the state of Andhra Pradesh where hundreds of people committed suicide due to stress of non- payment of loans motivated the authors to study the Islamic microfinance model to eradicate poverty. Study on interest-free (Islamic) micro-finance for implementation in a country like India can be very helpful in eradicating poverty and developing micro-enterprises together with sustainable development of poor and country as a whole. While conventional microfinance institutions (MFIs) have expanded their operations in the last two decades, Islamic microfinance products are still quite small relative to the conventional microfinance sector. In this respect, the aim of this paper is to shed light on Islamic microfinance in Indian perpective.

52-58

2581-5687 (Online) - -- (Print)

Vol.1 - No.1

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http://dx.doi.org/