Islamic Microfinance Development - Challanges and Initiative

Top 20 FREQUENT WORDS

islamic 65 sbp 44 mahmood 35 shafqat 35 banking 28 banks 20 shariah 16 finance 14 microfinance 14 branches 13 based 10 mode 10 modes 9 products 9 riba 9 conventional 8 dec 8 loans 8 allah 6 approved 6 credit 6 financing 6 musharaka 6 pakistan 6 services 6

DOCUMENT KEY POINTS

• a c entitlement of profit liability of risk of loss with the capital itself al kharaj bil daman a profit to be earned by sharing risk and reward of ownership through pricing of goods services or benefits
• a time has value that can be discounted only through price not in the form of interest sometimes negative value as well

• prohibition of riba a c usury vs interest a c the prohibition of interest is not limited to islam but it is shared by judaism christianity and hinduism
• a c some of the old testaments have rendered riba as haram see exodus a c leviticus deutronomy psalms proverbs a c nehemiah and ezakhiel

• henceforth if one abstains from taking interest after receiving this admonition from his lord no legal action will be taken against him regarding the interest he had devoured before his case shall ultimately go to allah
• they have been condemned to this condition because they say trade is just like interest whereas allah has made trade lawful and interest unlawful

• o believers fear allah and give up that interest which is still due to you if you are true believers but if you do not do so then you are warned of the declaration of war against you by allah and his messenger
• if however you repent even now and forgo interest you are entitled to your principal do not wrong and no wrong will be done to you

• this has been reported by al bazzar and he said that all the persons in the reporting chain are those who are considered reliable by imam bukhari and imam muslim
• the same companion has reported that the prophet said the ills of interest are a little over and it is as bad as associating partners with allah

• it has been reported by hazrat bara bin azib that the prophet said interest is divided into sections

• mudaraba prior approval of sbp ii
• ijara or ijara wa iqtina vi

• international experiences a c islamic mf services available in a bangladesh a iran a indonesia a australia a yemen a sudan a pakistan a syria a bosnia and kosovo a malaysia a afghanistan a india etc
• mahmood shafqat sbp

• imf regulations in pakistan a c ibd circular no

• although this finding signifies the need for introduction of islamic agrifinance products however the finding may be somewhat biased as a large number of these farmers also considered lack of collaterals defects in title deeds and non cooperation by revenue department as the key hurdles in obtaining banks loans
• gujranwala agriculture finance survey a c about of the farmers who did not take bank loans and of all the respondent farmers expressed their dislike of interest based products and said that they dona t want to take the interest bearing bank loans

• while this may not be a conclusive evidence for the extensive demand for islamic finance products as it is not clear that whether these respondents need the loans etc however generally the respondents do highlight the interest riba based banking products as one of the reasons for their reluctance to access bank loans
• gujranwala sme survey a c reasons for not applying loan a about of the smes who had never applied for bank loans were uncomfortable with the interest based loan products being extended by banks

• useful resources a c islamic finance for micro and medium enterprises by irti university brunei a feb
• pk a c muslim aid www dot muslimaid

• brief history of islamic banking in pakistan a c efforts for economy wide elimination of riba started during s and most of the practical steps were taken in early s which are considered as pioneering work in the muslim world
• a c banking and other relevant laws and regulations were amended to facilitate interest free banking system

• a lack of continued research and development in the field of islamic finance and economics
• failure of previous efforts a creasons a absence of shari ah compliance mechanism in financial institutions

• standard agreements a essentials of islamic modes a pls mechanism a modes of finance mahmood shafqat sbp
• straight jacketed system a model vs

• industry progress a c sept one full fledge bank and one conventional bank with one stand alone islamic banking branch a c currently six full fledge islamic banks and conventional banks with islamic branches
• a c islamic banking is available through over branches sub branches in over cities of all four provinces and ajk expected to reach over till dec

• full fledged islamic banks ibs branches of ibs conventional banks with islamic banking branches cbs branches of cbs total islamic banking institutions total no
• of branches source annual accounts except for which is based on quarterly statement of position of dec ember mahmood shafqat sbp

• sbp shariah board a c a central shariah board established at sbp and is fully functional a current membership consists of five persons a c two shariah scholars a c a chartered accountant a c a lawyer a c a banker representing the industry as well as sbp a a consultant to the shariah board a scholar from qum
• mahmood shafqat sbp

• sbp shariah board achievements a c formally established in december a c so far has held meetings a c approved essentials of islamic modes of financing and prepared essentials for diminishing musharaka a c approved model agreements a c approved and revised fit proper criteria for shariah advisors a c approved structure of govt
• ijara sukuk a c approved wapda pia ksew nip sukuk structures a c approved instructions and guidelines for shariah compliance in ibis a c reviewed aaoifi shariah standard for adoption mahmood shafqat sbp

• aaoifi a c islamic financial services board ifsb a c international islamic financial market iifm a c general council for islamic banks and fis cibafi a c international islamic rating agency iira a c islamic development bank idb a islamic research and training institute a islamic corporation for development of private sector a islamic corporation for insurance of investment exp
• major international institutions a c accg

• myths about islamic banking cont d a c credit and cash market prices of a commodity must be same a c profit margin on credit sale by banks resembles riba
• non sharing instruments a permissibility priority two different aspects a c money can be rented like other assets mahmood shafqat sbp

• may allah the almighty accept our endeavours and show us the right path the path of his loved ones aameen thank you ph fax email mahmood
• pk mahmood shafqat sbp

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\islamic micro

KeyWords

islam microfin financial institute bankable finance developed service fund countries member NA republic regular program credit loan muslim rate access

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DOCUMENT REFERENCES

Number of Pages

37

Published Date

2016-09-17 00:48:01

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