Islamic Micro Finance Experience in Sri Lanka by Mr. Muhamma
From HodHood
Contents
Top 20 FREQUENT WORDS
financial 35 islamic 24 services 19 mifs 16 finance 15 microfinance 12 transaction 11 hussein 10 contracts 8 funds 8 poverty 8 based 7 development 7 products 7 service 7 contract 6 financing 6 growth 6 micro 6 murabaha 6 policy 6 rate 6 risk 6
DOCUMENT KEY POINTS
- he would earn more for his own household provide income for the members of his team and contribute to an improved economy and welfare around him
- islamic financial services ifs can be viewed as an element of the broad process of financial innovation and diversification of the financial landscape
- the prohibition of riba and gharar may be translated into four basic principles a risk sharing the terms of financial transactions need to reflect a symmetrical risk return distribution each participant to the transaction may face b materiality a financial transaction needs to have a material finality that is it is directly or indirectly linked to a real economic transaction c no exploitation a a financial transaction should not lead to the exploitation of any party to the transaction and d no financing of haram or sinful activities such as the production of alcoholic beverages
- charge the borrower a service fee to cover the administrative expenses of handling the loan provided that the fee is unrelated to the loan maturity or amount
- accordingly microfinance organizations can use islamic financial products to offer deposit taking financing products as well as other financial services to hussein and promote financial inclusion
- in particular it is worth mentioning the development brought about by the activities of the accounting and auditing organization of islamic financial institutions aaoifi and the islamic financial services board ifsb
- the former an international self regulatory organization issues accounting standards and king and levine finance entrepreneurship and growth theory and evidence
- the current practice of businesses offering islamic financial services is to set up a shariah supervisory board ssb to confirm the eligibility of financial products and consistency of operation with shariah
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DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic micro
KeyWords
loan microfin islam borrow programmatic repay busi financial incom officeas finance activa insurable applic service relief policies local amount econometric
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DOCUMENT REFERENCES
Number of Pages
5
Published Date
2006-04-27 19:06:25
