Islamic Finance and NGOs in India

Top 20 FREQUENT WORDS

islamic 242 microfinance 109 financial 63 banking 48 habitat 37 research 34 credit 33 islam 32 muslim 31 rights 31 finance 29 products 28 economic 27 tenure 26 development 25 series 23 principles 22 banks 21 institutions 20 housing 18 services 18

DOCUMENT KEY POINTS

• box nairobi kenya tel fax web www dotdisclaimer the designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the secretariat of the united nations concerning the legal status of any country territory city or area or of its authorities or concerning delimitation of its frontiers or boundaries or regarding its economic system or degree of development
• copyright c united nations human settlements programme un habitat all rights reserved united nations human settlements programme un habitat p

• siraj sait and doctor hilary lim university of east london united kingdom editing roman rollnick and tom osanjo un habitat partner details m
• siraj sait doctor hilary lim school of law university of east london duncan house high street stratford london e jb united kingdom telephone emails s

• while land property and housing rights are generally cross cultural and asserted within every socioeconomic and political system it is recognised that practice regarding their regulation and protection may take different for miss the land and tenure section shelter branch of un habitat has carried out systematic research into distinctive land housing and property issues and approaches in various regions of the world including africa latin america and the balkans

• position paper v muslim women s rights to property explores the nature and scope of women s rights to property and land under islamic law shari a through a sociohistorical background to women s property rights an appraisal of modern legal reforms and the avenues for enhancing their security of tenure
• position paper viii islamic credit and microfinance considers the increasing demand from within islamic communities that financial services be compliant with islamic law un habitat islam land property research series paper islamic credit and microfinance

• this research was also presented at the expert group meeting egm at bangkok thailand on a secure land tenure new legal frameworks and tools in asia and pacific december organised by un habitat united nations economic and social commission for asia and pacific unescap international federation of surveyors fig and world bank
• this paper explores the islamic context which stimulates such alternative credit systems the key distinguishing features of the islamic banking models the development of islamic microfinance models and the practical challenges to these innovations

• paper islamic credit and microfinance an important function of islamic finance that is seldom noted a is the ability of islamic finance to provide the vehicle for financial and economic empowerment a to convert dead capital into income generating assets to financially and economically empower the poor a mirakhor overview acquisition of land and the access to improvement and enjoyment of property are often predicated on the ability of individuals to secure easy and affordable credit and a range of financial and banking services
• section offers five strategies for empowerment through islamic microfinance authenticate islamic finance products regulate islamic microfinance diversify islamic microfinance products ensure stability of microfinance financial institutions mfis mainstream islamic microfinance un habitat islam land property research series paper islamic credit and microfinance

• ethical dimensions of islamic economic systems while the qur an celebrates good trading practices it is also conscious of those who are unable to trade and praises charitable acts towards the poor and the destitute
• the payment by muslims of a levy or tax on certain kinds of wealth zakat to be distributed for charitable purposes is one of the five pillars of islam

• principles of islamic financial systems islamic financial systems have distinctive principles including avoidance of interest risk sharing treating of money as potential capital prohibition on speculation sanctity of contracts avoidance of prohibited activities such as gambling the encouragement of entrepreneurs and the promotion of economic social development through charity
• prohibition on speculation or risk gharar the prohibition on risk or speculation requires risk sharing by a lender a bank with the borrower the bank should be a partner in the borrower s risk

• there is potential for islamic banks to play an important role in widening the provision of funds to enable the purchase of or building of homes or the use of property for income generation

• islamic financial objectives and products an islamic financial system institution will try to ensure that its business activities avoid prohibited activities and that its financial products permit the financing of individuals or commercial enterprises through the profit and loss sharing principle

• the most commonly used islamic transaction is one in which the mfi purchases goods at the request of the borrower and then sells the goods to the borrower for a fee to cover administrative costs with repayments in instalments murabaha
• resistance to the grameen bank the grameen bank has been subject to criticism and resistance both at a local level from groups like moneylenders who stand to lose from cheap collateral free loans and at a national level from forces which denounce the bank as a manifestation of an un islamic foreign and secular culture

• the increasing demand for islamic banking and financial products the entry of a variety of financial institutions into the market and the sheer range of islamic products raises the question of whether these justify the label islamic
• fadel notes that this proliferation has led to islamic law in the area of banking and finance being in a flux with islamic products needing to be sufficiently distinctive from conventional banking and finance to justify the label a islamic finance fadel

• in the case of microfinance states should be encouraged to support the membership of microfinance financial institution mfis in the islamic financial services board ifsb and provide fora for sharing of best practice and success
• in many islamic countries or in those countries with significant muslim populations islamic microfinance which is both islamic law shari a compliant and shaped by local communities has the potential for enjoying consumer confidence and acceptance within those communities which may not be so readily available to conventional schemes

• a study by a harvard research group points to groups within the general finance industry s target population that are not currently being served by housing microfinance progra miss in particular the poorest of the urban poor including squatters on remote or unutilized land and those living in rental arrangements in overcrowded inner city slum tenements fall outside the net
• appropriate financial instruments have been developed by the islamic banking sector which avoid usury riba and can enable individuals to purchase houses just as they can provide funds to start up or expand businesses and loan money to those in particular need

• this is necessary to promote greater awareness of products standardize regulation and transparency and strengthen outreach mechanis miss rather than being ignored or bypassed on the basis of its perceived complexity or the sensitivity owing to its religious orientation islamic finance should be recognized for what it ultimately is a a financial product that needs to meet several standards

• brandsma judith and rafika chaouali making microfinance work in the middle east and north africa human development group world bank brandsma judith and burjorjee deena microfinance in the arab states building inclusive financial sectors new york uncdp brandsma judith and hart laurence making microfinance work better in the middle east and north africa washington dc world bank chapra m
• uk march alirani kais islamic microfinance yemen experience first annual conference of sanabel microfinance network of arab countries anwar muhammed islamicity of banking and modes of islamic banking arab law quarterly asian development bank technical assistance for the development of international prudential standards for islamic financial services july barkan omer l

• el gamal mahmoud a an economic explication of the prohibition of riba in classical islamic jurisprudence occaisional paper houston rice university el hawary dahlia grais wafik and iqbal zamir regulating islamic financial institutions the nature of the regulated world bank policy research working paper washington dc world bank fadel mohammed h

• the experience of the sudanese islamic bank in partnership musharakah financing as a tool for rural development among small farmers in sudan arab law quarterly rahmanbin kamsani fazlur islamic real estate finance and middle east opportunities singapore presentation at redas seminar a construction and property prospects power point presentation ray nicholas dylan arab islamic banking and the renewal of islamic law london graham trotman rodinson maxime islam and capitalism austin university of texas press trans
• brian pearce sundararajan vasudevan and errico luca islamic financial institutions and products in global financial system key issues in risk management and challenges ahead imf working papers international monetary fund un habitat islam land property research series paper islamic credit and microfinance

• and macintosh alastair a short review of the historical critique of usury accounting business and financial history wilson rodney islamic banking the jordanian experience arab law quarterly un habitat islam land property research series paper islamic credit and microfinance
• usmani mohammad taqi the text of the historic judgement on riba december given by the supreme court of pakistan islamabad islamic book trust

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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

21

Published Date

2010-05-29 17:43:04

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