challenges in islamic microfinance by ms. farida tariq
TRANSCRIPT
International Conference onIslamic Microfinance
CENTER OF ISLAMIC BANKING & ECNOMICS
Held At:
Faisal Auditorium Islamabad
Organized By :
Challenges in Islamic Microfinance
By: Mrs. Farida Tariq, CEO CWCD, Chairperson IMFN
Financial Literacy Awareness about the modes of Islamic Finance
in General Public Government Departments Courts of Law
Source of Funds Availability of Shariah Compliant Sources of
Funds.
Hesitation in adapting to Shariah Compliant Contracts
Fear of entering into Partnership (Musharaka, Mudaraba) agreements with Microfinance Institutions Rate of Returns cannot be fixed therefore the fear
of return on investments remains
Legal structure of Pakistan Hindrance in implementation of Islamic
Finance Products in essence Company’s Ordinance Section 42 refrains an
institution to enter into trading whereas the true essence of Islamic Financial Products is Trading
Standardization of Islamic Financial Products Implementation of a product must be
standardized in all practicing organizations for better understandability and faith of the borrowers
Minimum standards for practicing Islamic Microfinance must be set
Shariah Audits/Appraisals of Products and Procedures
Firms should exist which would certify the products and procedures of Islamic Microfinance Institutions to be Shariah Compliant which would be recognized by all national and international organizations.
Thank You
CENTER OF ISLAMIC BANKING & ECNOMICS
Head Office: 192- Ahmad Block, New Garden Town , Lahore, Pakistan Ph: +92-42-35913096-8, 35858990, 38407850 Fax: +92 -42-35913056E-mail : [email protected]: http://www.alhudacibe.com