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Bahrain’s Family Bank: Pioneering Islamic microfinance

Posted on 04 August 2010

From Nextbillion.net: Much has been written about the success of microfinance throughout the world, but did you know that nearly 40 percent of microfinance clients in predominantly Muslim countries (such as Syria, Jordan, Egypt, and Algeria) refuse microfinancing because it conflicts with their religious beliefs?
Under Islamic law, the conventional practice of charging interest for loans - or the very means by which conventional microfinance institutions maintain operational sustainability - is prohibited. So how can the estimated 1.5 billion Muslims worldwide access microfinance products? Institutions like the Family Bank in Bahrain attempt to provide an answer by offering microfinance services that are fully compliant with Islamic banking laws……………………………………….Full Article: Source

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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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