• Ali Arshad Faculty of Business and Accountancy, Universiti Selangor, Malaysia
  • Abul Bashar Bhuiyan Faculty of Business and Accountancy, Universiti Selangor, Malaysia
  • Aza Azlina Md Kassim Faculty of Business and Accountancy, Universiti Selangor, Malaysia
  • Md Jafor Ali Faculty of Business Administration, Islamic University, Bangladesh
  • Muhammad Saad Fast School of Management, National University of Computer and Emerging Sciences, Pakistan
Keywords: Microfinance, Institutional Sustainability, Empowerment, Women Borrower, Malaysia


The fundamental aims of this study to construct a new framework between Microfinance Institution’s (MFIs) financial sustainability and social, economic and household women empowerment in Malaysia. The study used both quantitative and qualitative approach. The study used available online empirical recourses by the name of Microfinance Institution’s (MFIs) sustainability and sustainable and social, economic and household women empowerment in different online database sources such as Google Scholars, Springer Link, Wiley, Science Direct, JSTOR, Emerald full text, Scopus, and EBSCO HOST etc.  The summary of literature review revealed that it is the unique goal of MFIs for poverty reduction mission through ensuring of financial sustainability while contribution impact in the society. It has also revealed that it is the way the social mission of poverty alleviation through serving the poorest has been overshadowed by profit motive. However, profit orientation of the microfinance industry also emphasis on profit earning. The present study will be recommended for policy considerations for the successful and effective operation of microfinance programs by providing the necessary guidelines for the proper utilization of loan for women borrowers in Malaysia.


Abeysekera, S., Oguzoglu, U., & Le, T. T. (2014). Sustainability and Mission Drift: Do Microfinance Institutions in Vietnam Reach the Poor? Microfinance Institutions: Financial and Social Performance, 99.

Abrar, A., & Javaid, A. Y. (2014). Commercialization and Mission Drift—A Cross Country Evidence on Transformation of Microfinance Industry. International Journal of Trade, Economics and Finance, 5(1), 122-125.

Acclassato, D. H. (2008). Do interest rate ceilings really protect poors and small enterprises? Les plafonnements de taux d'intérêt en microfinance servent-ils réellement les pauvres et petits opérateurs économiques?, 36(1), 93-109+113+116.

Aczel, A., & Sound erpandian, J. (2006). Complete business statistics. New York: McGraw-


Agbodjan, J. P. (2002). Prudential regulation in decentralised financial system. La réglementation prudentielle dans les systèmes financiers décentralisés, 30(119), 63-71.

Ahlin, C., Lin, J., & Maio, M. (2011). Where does microfinance flourish? Microfinance institution performance in macroeconomic context. Journal of Development Economics, 95(2), 105-120. doi: 10.1016/j.jdeveco.2010.04.004

Ahmed, M. (2006). Impact of Rural Development Scheme on Poverty Alleviation: A Case Study. Research, Planning and Development Division Islami Bank Bangladesh Limited. Dhaka, Bangladesh

Ahmed, S. M., Adams, A. M., Chowdhury, M., & Bhuiya, A. (2000). Gender, socioeconomic development and health-seeking behaviour in Bangladesh. [doi: DOI: 10.1016/S02779536(99)00461-X]. Social Science & Medicine, 51(3), 361-371.

AIM, P. (2013). [28 April 2013].

Akula, V. (2010). Clinton Global Initiative. New York, USA.

Al Atoom, R. O., & Abu Zerr, A. E. (2012). Macro and microfinancial factors that assures Jordanian Microfinance Institutions' (MFIs) financial sustainability. European Journal of Economics, Finance and Administrative Sciences, (54), 146-160.

Alam, M. N. (2009). Interest-Free Microfinance to Micro Entrepreneurs in Rural Bangladesh. Paper presented at the First International Microfinance Conference on Microfinance, ULB Brussels,June 2-4,.

Anduanbessa, T. (2009). Statistical analysis of the performance of microfinance institutions: The Ethiopian case. Savings and Development, 33(2), 183-198.

Annim, S. K. (2012). Targeting the Poor versus financial sustainability and external funding: Evidence of microfinance institutions in Ghana. Journal of Developmental Entrepreneurship, 17(03), 1250016.

Ansoff, H. I. (1965). Corporate strategy: business policy for growth and expansion: McGrawHill Book.

APEC. (2005). The Need and Availability of Micro Finance Service for the Micro Enterprise:

Bringing multi-level Good Practices into Local Context. In S. a. M. E. w. g. APEC (Ed.).

Armendariz, B., D'Espallier, B., Hudon, M., & Szafarz, A. (2011). Subsidy Uncertainty and Microfinance Mission Drift. CEB working paper 11, Université Libre de Bruxelles.

Armendariz, B., & Morduch, J. (2005). The economics of microfinance, Boston: MIT Press.

Armendáriz, B., & Morduch, J. (2010). The Economics of Microfinance (second ed.). Cambridge: MIT Press.

Armendáriz, B., & Szafarz, A. (2009). On Mission Drift in Microfinance Institutions. CEB working paper 9, Université Libre de Bruxelles

Armendáriz, B., & Szafarz, A. (2011a). On Mission Drift in Microfinance Institutions. The Handbook of Microfinance, 341-366.

Armendáriz, B., & Szafarz, A. (2011b). On mission drift in microfinance institutions. The handbook of microfinance, 341, 366.

Armendariz de Aghion, B., & Morduch, J. (2005). The economics of microfinance: Cambridge, MA: MIT Press.

Arrow, K. J. (1971). The theory of risk aversion. Essays in the theory of risk-bearing, 90-120.

Arvelo, M., Bell, J.-L., Novak, C., Rose, J., & Venugopal, S. (2008). Morgan Stanley's

Approach to Assessing Credit Risks in the Microfinance Industry. Journal of Applied Corporate Finance, 20(1), 124-134.

Ayayi, A. G., & Sene, M. (2010). What drives microfinance institution's financial sustainability. The Journal of Developing Areas, 44(1), 303-324.

Ayele, G. T. (2015). Microfinance Institutions in Ethiopia, Kenya and Uganda: Loan Outreach to the Poor and the Quest for Financial Viability. African Development Review, 27(2), 117-129.

B.B.S. (2008). Statistical Yearbook of Bangladesh, 2008. : Planning Division, Ministry of Planning, Government of the People’s Republic of Bangladesh.

B.B.S. (2010). Statistical Yearbook of Bangladesh, 2010. : Planning Division, Ministry of Planning, Government of the People’s Republic of Bangladesh.

Bajaj, V. (2010). Microlender, First in India to Go Public, Trades Higher, The New York Times.

Balc, L. B., Ilies, R., Cioban, B., & Cuza, B. (2013). Corporate Governance: Conceptual Approaches. [Article]. Managerial Challenges of the Contemporary Society, (5), 14-17.

Basharat, B., Hudon, M., & Nawaz, A. (2015). Does efficiency lead to lower prices? A new perspective from microfinance interest rates. Strategic Change, 24(1), 49-66.

Basher, M. (2007). Empowerment of microcredit participants and its spillover effects: evidence from the Grameen Bank of Bangladesh. The Journal of Developing Areas, 40(2), 173183.

Basher, M. (2010). Promotional role of microcredit: Evidence from the Grameen Bank of Bangladesh. Journal of International Development, 22(4), 521-529.

Bassem, B. S. (2009). Governance and performance of microfinance institutions in Mediterranean countries. Journal of Business Economics and Management, 10(1), 31-43.

Bassem, B. S. (2012). Social and financial performance of microfinance institutions: Is there a trade-off? Journal of Economics and International Finance, 4(4), 92-100.

Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of economic growth, 12(1), 27-49.

Berger, M., Goldmark, L., & Sanabria, T. M. (2006). An inside view of Latin American microfinance: IDB.

Berle, A., & Means, G. (1968). The modern corporation and private property, 1932. McMillan, New York, NY.

Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273.

Bhanot, D., Bapat, V., & Connelly, J. (2015). Sustainability index of micro finance institutions (MFIs) and contributory factors. International Journal of Social Economics, 42(4).

Blanco, A., Pino-Mejías, R., Lara, J., & Rayo, S. (2013). Credit scoring models for the microfinance industry using neural networks: Evidence from Peru. Expert Systems with Applications, 40(1), 356-364.

Bou Kheir, R., Nekhili, M., Jokung, O., Chtioui, T., & Bellalah, M. (2015). A conditional regression-tree analysis for predicting portfolio at risk in profit microfinance institutions. Available at SSRN.

Brau, J. C., Cardell, S. N., & Woodworth, W. P. (2015). Does Microfinance Fill the Funding Gap for Microentrepreneurs? A Conceptual Analysis of Entrepreneurship Seeding in Impoverished Nations. International Business Research, 8(5), p30.

Briere, M., & Szafarz, A. (2015). Does commercial microfinance belong to the financial sector? Lessons from the stock market. World Development, 67, 110-125.

Brière, M., & Szafarz, A. (2013). Investment in microfinance equity: Risk, return, and diversification benefits. Return, and Diversification Benefits (January 5, 2013).

Burgis, T. (2008). Microfinance commercialisation warning, Financial Times.

Business, B. (2007). Online Extra: Yunus Blasts Compartamos. Bloomberg Business.

Campion, A., White, V., & Network, M. (1999). Institutional metamorphosis: Transformation of microfinance NGOs into regulated financial institutions: MicroFinance Network.

Caserta, M., & Reito, F. (2013). Outreach and mission drift in microfinance: An interpretation of the new trend. Economics Bulletin, 33(1), 167-178.

CGAP. (2003). Microfinance Consensus Guidelines. Washington: CGAP/The World Bank Group.

CGAP. (2004). Key Principles of Microfinance, from Retrieved from

CGAP. (2005). Mapping of funding flows, Washington, DC: CGAP.

Chahine, S., & Tannir, L. (2010). On the social and financial effects of the transformation of microfinance NGOs. Voluntas: International Journal of Voluntary and Nonprofit Organizations, 21(3), 440-461.

Chaves, R. A., & Gonzalez-Vega, C. (1996). The design of successful rural financial intermediaries: Evidence from Indonesia. World Development, 24(1), 65-78.

Chen, G., Rasmussen, S., Reille, X., & Rozas, D. (2010). Indian Microfinance Goes Public: The SKS Initial Public Offering. CGAP Focus Note, 65.

Chenuos, N. K., Mohamed, A., & Bitok, S. K. (2014). Effects of Corporate Governance on Micro Finance Institutions Financial Sustainability in Kenya. European Journal of Business and Management, 6(30), 71-81.

Chijoriga, M. M. (2000). The performnace and sustainability of micro financing institutuions in Tanzania. Journal fur Entwicklungspolitik, 16(3), 275-301.

Chowdhury, A. (2001). “The Role of Micro-credit in Alleviation of Poverty: A study of the Grameen Bank in Bangladesh”. Department of Finance and Banking, University of Dhaka, Bangladesh. Dhaka.

Chowdhury, M., Ghosh, D., & Wright, R. (2005). The impact of micro-credit on poverty: evidence from Bangladesh. Progress in Development studies, 5(4), 298.

Christen, R. P., & Cook, T. (2001). Commercialization and mission drift: The transformation of microfinance in Latin America: Consultative group to assist the poorest (CGAP).

Christen, R. P., & Drake, D. (2002). Commercialization. The new reality of microfinance. The commercialization of microfinance: Balancing business and development, 2-20.

Christen, R. P., Drake, D., & Rhyne, E. (2002). The commercialization of microfinance: Balancing business and development. Kumarian, West Hartford.

Christopher, J. (2010). Corporate governance—A multi-theoretical approach to recognizing the wider influencing forces impacting on organizations. Critical Perspectives on Accounting, 21(8), 683-695.

Conroy, J. D. (2002). Microfinance in Malaysia: Time to rebuild

Cox, J. W., & Hassard, J. (2005). Triangulation in organizational research: a re-presentation. Organization, 12(1), 109-133.

Crabb, P. (2008). Economic freedom and the success of microfinance institutions. Journal of Developmental Entrepreneurship, 13(2), 205-219.

Creswell, J. W. (2013). Research design: Qualitative, quantitative, and mixed methods approaches: Sage publications.

Cull, R., Demirgu¨ç-Kunt, A., & Morduch, J. (2007). Financial performance and outreach: A global analysis of leading microbanks. The Economic Journal, 117(517), F107-F133.

Cull, R., Demirgüç-kunt, A., & Morduch, J. (2007). Financial performance and outreach: A global analysis of leading microbanks. Economic Journal, 117(517), F107-F133.

Cull, R., Demirgüç-Kunt, A., & Morduch, J. (2009). Microfinance Meets the Market. The Journal of Economic Perspectives, 23(1), 167-192. doi: 10.2307/27648299

Cull, R., Demirgüç-Kunt, A., & Morduch, J. (2011). Does regulatory supervision curtail microfinance profitability and outreach? World development, 39(6), 949-965.

Cull, R., Demirgüç-Kunt, A., & Morduch, J. (2014). Banks and microbanks. Journal of Financial Services Research, 46(1), 1-53.

Cull, R., & Morduch, J. (2007). Financial performance and outreach: a global analysis of leading microbanks. The Economic Journal, 117(517), F107-F133.

Cull, R. J., Demirgüç-Kunt, A., & Morduch, J. (2006). Financial performance and outreach: a global analysis of leading microbanks (Vol. 3827): World Bank Publications.

D'Espallier, B., Hudon, M., & Szafarz, A. (2013). Unsubsidized microfinance institutions. Economics Letters, 120(2), 174-176.

Daily, C. M., Dalton, D. R., & Cannella, A. A. (2003). Corporate governance: Decades of dialogue and data. Academy of management Review, 28(3), 371-382.

Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of management Review, 22(1), 20-47.

De Crombrugghe, A., Tenikue, M., & Sureda, J. (2008). Performance analysis for a sample of microfinance institutions in India. Annals of Public and Cooperative Economics, 79(2), 269-299.

Dey, S. K. (2015). Challenges & Issues of Microfinance in India. Journal of Economics and Sustainable Development, 6(7), 195-198.

Dieckmann, R., Speyer, B., Ebling, M., & Walter, N. (2007). Microfinance: An emerging investment opportunity. Deutsche Bank Research. Current Issues. Frankfurt. Ding, Z., Sun, S. L., & Au, K. (2014). Angel investors’ selection criteria: A comparative institutional perspective. Asia Pacific Journal of Management, 31(3), 705-731.

Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of management Review, 20(1), 65-91.

Dossey, L. (2007). The Peasant and the Professor: On Trust, Microcredit, and World Poverty.. EXPLORE: The Journal of Science and Healing, 3(5), 433-444.

Dowla, A. (2006). In credit we trust: Building social capital by Grameen Bank in Bangladesh. Journal of Socio-Economics, 35(1), 102-122.

Drake, D., & Rhyne, E. (2002). Commercialization of Microfinance. Bloomfield, Conn.

Dunford, C. (2000). In Search of" Sound Practices" for Microfinance. Journal of Microfinance/ESR Review, 2(1), 6-12.

Economist, T. (2008). Poor people, rich returns: Is it acceptable to profit from the poor?, The Economist.

Economist, T. (2009). Froth at the bottom of the pyramid: Is microfinance going the same way as subprime mortgages?, The Economist.

Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management Review, 14(1), 57-74.

Epstein, M. J., & Yuthas, K. (2011). The critical role of trust in microfinance success: Identifying problems and solutions. Journal of Developmental Entrepreneurship, 16(4), 477-497.

Epstein, M. J., & Yuthas, K. (2013). Rural microfinance and client retention: Evidence from Malawi. Journal of Developmental Entrepreneurship, 18(1).

Evans, J. (2010). Microfinance's Midlife Crisis, The Wall Street Journal.

Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. Journal of law and Economics, 327-349.

Faridi, R. (2004). Essays on Microcredit Programs and Evaluation of Women’s Success. (Doctor of Philosophy in Economics), State University, Blacksburg, Virginia.

Ferdousi, F. (2015). Impact of microfinance on sustainable entrepreneurship development.

Development Studies Research, 2(1), 51-63.

Fernandez, A. (2010). Microcredit and Women's Outward Mobility in Rural Bangladesh: A Study of the Grameen Bank.

Fitch. (2009). Microfinance – Testing its resilience to the global financial crisis. New York: Fitch Ratings.

Frank, C., Lynch, E., & Schneider-Moretto, L. (2008). Stemming the tide of mission drift:

microfinance transformations and the double bottom line. Washington, DC: Women’s World Banking.

Freeman, R. E. (2010). Strategic management: A stakeholder approach: Cambridge University Press.

Freeman, R. E., & Evan, W. M. (1991). Corporate governance: A stakeholder interpretation. Journal of Behavioral Economics, 19(4), 337-359.

Freeman, R. E., Harrison, J. S., & Wicks, A. C. (2007). Managing for stakeholders: Survival, reputation, and success: Yale University Press.

Friedman, A. L., & Miles, S. (2006). Stakeholders: Theory and practice: Oxford University Press.

Galema, R., Lensink, R., & Spierdijk, L. (2011). International diversification and Microfinance.

Journal of International Money and Finance, 30(3), 507-515.

Gashayie, A. (2014). Relationship of financial Sustainability and Outreach in Ethiopian Microfinance Institutions: Empirical Evidence. Research Journal of Finance and Accounting, 5(17), 207-211.

Ghosh, S., & Van Tassel, E. (2008). A model of mission drift in microfinance institutions. Department of Economics, Florida Atlantic University, December.

Gibbons, D. S., & Meehan, J. W. (1999). The microcredit summit's challenge: Working toward institutional financial self-sufficiency while maintaining a commitment to serving the poorest families. Journal of Microfinance/ESR Review, 1(1), 131-192.

Gokhale, K. (2009a). As Microfinance Grows in India, So Do Its Rivals, The Wall Street Journal.

Gokhale, K. (2009b). A Global Surge in Tiny Loans Spurs Credit Bubble in a Slum, The Wall Street Journal.

Goodman, P. (2006). Microfinance investment funds: Objectives, players, potential Microfinance investment funds (pp. 11-45): Springer.

Grameen, B. (2010). Grameen Bank performances indicators and ratio analysis. Retrieved from Greene, W. H. (2003). Econometric analysis. New York: Granite Hill Publishers.

Gregoire, J. R., & Ramírez Tuya, O. (2006). Cost efficiency of microfinance institutions in Peru: A stochastic frontier approach. Latin American Business Review, 7(2), 41-70.

Gujarati, D. (2003). Basic Econometrics Fourth Edition McGraw Hill Gujarati, DN,(2003). Basic Econometrics: McGraw Hill. International Edition.

Guntz, S. (2011). Sustainability and profitability of microfinance institutions. CAIFD-Center for Applied International Finance and Development, Research paper, 4, 2011.

Gutiérrez-Nieto, B., Serrano-Cinca, C., & Mar Molinero, C. (2007). Microfinance institutions and efficiency. Omega, 35(2), 131-142.

Gutiérrez-Nieto, B., Serrano-Cinca, C., & Mar Molinero, C. (2009). Social efficiency in microfinance institutions. Journal of the Operational Research Society, 60(1), 104-119.

Habib, M. A., Haque, M. S., Mian, M. R. U., & Bashar, M. A. (2004). Micro Credit: An Experience of Islami Bank Bangladesh Limited. Department of Agricultural Finance Bangladesh Agricultural University, Mymensingh-2202, Bangladesh.

Hartarska, V., & Nadolnyak, D. (2007). Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence. Applied Economics, 39(10), 12071222.

Hermes, N., & Lensink, R. (2011). Microfinance: its impact, outreach, and sustainability. World development, 39(6), 875-881.

Hermes, N., Lensink, R., & Meesters, A. (2011). Outreach and Efficiency of Microfinance Institutions. World Development, 39(6), 938-948.

Hishigsuren, G. (2006). Transformation of Micro-finance Operations from NGO to Regulated MFI. IDEAS, USA.

Hollis, A., & Sweetman, A. (1998). Microcredit: What can we learn from the past? World Development, 26(10), 1875-1891.

Hossain, M. (1988). Credit for the Alleviation of Rural Poverty: The Grameen Bank in Bangladesh (IFPRI, Trans.). Washington DC.

Hossain, N. (2005). Productivity and Virtue: Elite Categories of the Poor in Bangladesh.World Development, 33(6), 965-977.

Hudon, M. (2006). Financial performance, management and ratings of the microfinance institutions: Do subsidies matter? : Working Paper, Solvay Business School, University of Brussels.

Hudon, M., & Traca, D. (2011). On the Efficiency Effects of Subsidies in Microfinance: An Empirical Inquiry. World Development, 39(6), 966-973.

Hulme, D., & Mosley, P. (1996). Finance against poverty (Vol. 2): Psychology Press.

Im, J., & Sun, S. L. (2014). Profits and outreach to the poor: The institutional logics of microfinance institutions. Asia Pacific Journal of Management, 1-23.

Im, J., & Sun, S. L. (2015). Profits and outreach to the poor: The institutional logics of microfinance institutions. [Article]. Asia Pacific Journal of Management, 32(1), 95-117.

Iskenderian, M. E. (2011). [Five Lessons for the Microfinance Industry].

Janda, K., & Zetek, P. (2014). Survey of Microfinance Controversies and Challenges.

Jeje, K. (2014). Intensive Growth Strategies and Outreach Performance of Tanzania-Based Savings and Credit Cooperative Societies. International Journal of Business and Management, 10(1), p124.

Jensen, M. C., & Meckling, W. H. (1979). Theory of the firm: Managerial behavior, agency costs, and ownership structure: Springer.

Jolis, A. ( 1996, 14.09.2010). "The Good Banker" Bangladesh Brue of Statistics (BBS) BD Info The Daily Independent. Retrieved from

Kabir Hassan, M., & Tufte, D. R. (2001). The X-Efficiency of a Group-Based Lending Institution: The Case of the Grameen Bank. World Development, 29(6), 1071-1082.

Kar, A. K. (2012). Mission drift in microfinance: are the concerns really worrying? Recent cross-country results. International Review of Applied Economics, 27(1), 44-60.

Kar, A. K. (2013a). Double bottom lines in microfinance: are they mutually exclusive? Journal of Small Business & Entrepreneurship, 26(1), 87-107.

Kar, A. K. (2013b). Mission drift in microfinance: are the concerns really worrying? Recent cross-country results. International Review of Applied Economics, 27(1), 44-60.

Kar, A. K., & Swain, R. B. (2014). Interest rates and financial performance of microfinance institutions: Recent global evidence. European Journal of Development Research, 26(1), 87-106.

Karim, L. (2008). The Grameen Bank, NGOs, and Neoliberalism in Bangladesh (Vol. 20(1), pp. 5–29). Los Angeles, London, New Delhi and Singapore: SAGE Publications.

Kereta, B. B. (2007). Outreach and financial performance analysis of microfinance institutions in Ethiopia. Paper presented at the African Economic Conference, Addis Ababa.

Khandker, S. R. (1998). Fighting Poverty with Microcredit: Experience in Bangladesh. Oxford University Press , Inc. New York. .

Khandker, S. R., & Chowdbury, O. H. (1996). Targeted Credit Programme and Rural Poverty in Bangladesh (pp. 15). Washington, D.C.: World Bank

Khandker, S. R., & Khalily, B. (1996). The Bangladesh Rural Advancement Committee's Credit Programs. World Bank.

Kinde, B. A. (2012). Financial sustainability of microfinance institutions (MFIs) in Ethiopia. European Journal of Business and Management, 4(15), 1-10.

Kipesha, E. F., & Zhang, X. (2013). Sustainability, Profitability and Outreach Tradeoffs: Evidences from Microfinance Institutions in East Africa. European Journal of Business and Management, 5(8), 136-148.

Kowalik, M. (2010). Creditworthiness of the Poor: A Model of the Grameen Bank: DIANE Publishing.

Krauss, N., & Walter, I. (2009). Can microfinance reduce portfolio volatility? Economic Development and Cultural Change, 58(1), 85-110.

Kuhinur, S., & Rokonuzzaman, M. (2010). Impact of Grameen Bank micro credit on change in livelihood status of women beneficiaries. Journal of the Bangladesh Agricultural University, 7(2), 381.

Kyereboah-Coleman, A., & Osei, K. A. (2008). Outreach and profitability of microfinance institutions: the role of governance. Journal of Economic Studies, 35(3), 236-248.

Lebovics, M., Hermes, N., & Hudon, M. (2015). ARE FINANCIAL AND SOCIAL EFFICIENCY MUTUALLY EXCLUSIVE? A CASE STUDY OF VIETNAMESE MICROFINANCE INSTITUTIONS. Annals of Public and Cooperative Economics, n/an/a. doi: 10.1111/apce.12085

Ledgerwood, J. (1998). Microfinance handbook: An institutional and financial perspective: World Bank Publications.

Ledgerwood, J. (1999). Sustainable Banking with the Poor Microfinance Handbook: An Institutional and Financial Perspective. Washington, DC.: The World Bank.

Ledgerwood, J., Earne, J., & Nelson, C. (2013). The new microfinance handbook: A financial market system perspective: World Bank Publications.

Ledgerwood, J., & White, V. (2006). Transforming microfinance institutions: providing full financial services to the poor: World Bank Publications.

Lee, S. (2009). Corporate Governance and Firm Performance (Doctor of Philosophy (PhD) Research), The University of Utah. (UMI Number: 3364922)

Lenssen, G., Nijhof, A., Roger, L., Kievit, H., Bakker, A., & Schaveling, J. (2014). Governance and microfinance institutions. Corporate Governance, 14(5), 637-652.

Louis, P., Seret, A., & Baesens, B. (2013). Financial efficiency and social impact of microfinance institutions using self-organizing maps. World Development, 46, 197-210.

M. Mizanur Rahmana, Jafrullahb, M., & Islamc, A. T. (2008). Rural Development Scheme Bangladesh Limited (IBBL): Assessment Challenges. IIUM Journal of Economics and Management 16(2 ),139-163.

M.Salma. (2004). A Comparative Case Study on Outreach and Impact of Ikhtiar Loan Scheme and Special Program for Hardcore Poor in Seberang Perai Pulau Pinang. . (M.Phil ), University Science Malaysia.

Maes, J. P., & Reed, L. R. (2012). State of the microcredit summit campaign report 2012. Microcredit Summit Campaign.

Mahajan, V., & Ramola, B. G. (1996). Financial services for the rural poor and women in India: Access and sustainability. Journal of International Development, 8(2), 211-224.

Mair, J., & Marti, I. (2009). Entrepreneurship in and around institutional voids: A case study from Bangladesh. Journal of Business Venturing, 24(5), 419-435.

Malaysia. (2006). The 9th Malaysia plan: 2006-2010. Unit Economic Planing, Putra Jaya, Malaysia: Prime Minister’s Department.

Malkin, E. (2008). Microfinance’s Success Sets off a Debate in Mexico, The New York Times. Mallin, C. A. (2004). Corporate Governance: Oxford University Press.

Marr, A., & Awaworyi, S. (2012). Microfinance social performance: A global empirical study. Applied Econometrics and International Development, 12(2), 51-68.

Mazumder, M. S. U., & Lu, W. (2015). What Impact Does Microfinance Have on Rural

Livelihood? A Comparison of Governmental and Non-Governmental Microfinance Programs in Bangladesh. World Development, 68(0), 336-354.

Mersland, R., & Øystein Strøm, R. (2009). Performance and governance in microfinance institutions. Journal of Banking & Finance, 33(4), 662-669.

Mersland, R., & Strøm, R. Ø. (2008). Performance and trade-offs in microfinance organizationsdoes ownership matter? Journal of International Development, 20, 598-612.

Mersland, R., & Strøm, R. Ø. (2010). Microfinance Mission Drift? World Development, 38(1), 28-36. doi: 10.1016/j.worlddev.2009.05.006

Mersland, R., & Strøm, R. Ø. (2014). Measuring Microfinance Performance. Microfinance Institutions: Financial and Social Performance, 12.

Mersland, R., & Urgeghe, L. (2013a). International Debt Financing and Performance of Microfinance Institutions. Strategic Change, 22(1-2), 17-29.

Mersland, R., & Urgeghe, L. (2013b). Performance and international investments in microfinance institutions.

Meyer, J. (2015a). Social versus Financial Return in Microfinance. Working paper, Center for Microfinance, Zurich, Switzerland.

Meyer, J. (2015b). Social versus Financial Return in Microfinance. Available at SSRN 2580343.

Mia, M. A. (2014). Does lending to women affect revenue generation of microfinance institutions. Empir. Econom. Quant. Econ. Lett, 3(4), 59-65.

Millson, H. F. (2013). The Trade-Off Between Sustainability And Outreach: The Experience Of Commercial Microfinance Institutions.

MIX. (2005). The MicroBanking Bulletin No. 10.

MIX. (2008). The MicroBanking Bulletin No. 17.

MIX. (2009). About Microfinance: Who are the Microfinance Clients?

Morduch, J. (1998). Does microfinance really help the poor?: New evidence from flagship programs in Bangladesh: Research Program in Development Studies, Woodrow School of Public and International Affairs.

Morduch, J. (1999a). The microfinance promise. Journal of economic literature, 1569-1614.

Morduch, J. (1999b). The role of subsidies in microfinance: evidence from the Grameen Bank.

Journal of Development Economics, 60(1), 229-248.

Morduch, J. (2000). The Microfinance Schism. World Development, 28(4), 617-629.

Mori, N., Golesorkhi, S., Randøy, T., & Hermes, N. (2015). Board Composition and Outreach

Performance of Microfinance Institutions: Evidence from East Africa. Strategic Change, 24(1), 99-113.

Muwamba, D. (2012). Sustainability of MFIs through Governance Mechanisms: A crossCountry Analysis of Regulation on Outreach and Operational Self Sufficiency.

Nanayakkara, G. (2012). Measuring the performance of microfinancing institutions: a new approach. South Asia Economic Journal, 13(1), 85-104.

Navajas, S., Schreiner, M., Meyer, R. L., Gonzalez-Vega, C., & Rodriguez-Meza, J. (2000). Microcredit and the Poorest of the Poor: Theory and Evidence from Bolivia. World Development, 28(2), 333-346.

Nestor, C. (2011). Commercialization of Microfinance.

Nurmakhanova, M., Kretzschmar, G., & Fedhila, H. (2015). Trade-off between financial sustainability and outreach of microfinance institutions. Eurasian Economic Review, 120.

Okumu, L. J. (2007). The microfinance industry in Uganda: sustainability, outreach and regulation. Stellenbosch: University of Stellenbosch.

Olasupo, M. A., Afolami, C. A., & Shittu, A. M. (2014). Outreach and Financial Sustainability of Microfinance Banks in Southwest Nigeria. International Journal of Economics and Finance, 6(2), p25.

Olivares-Polanco, F. (2005). Commercializing microfinance and deepening outreach? Empirical evidence from Latin America. Journal of Microfinance/ESR Review, 7(2), 47-69.

Osmani, L. N. K. (1998). Impact of Credit on the Relative Well-Being of Women Evidence from the Grameen Bank. Institute of Development Studies, 29 (04).

Parveen, J. A. (2009). Sustainability Issues Of Interest-Free Micro-Finance Institutions In Rural Development And Poverty Alleviation. The Bangladesh Perspective. Theoretical and Empirical Researches in Urban Management, 2(11).

Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. (2009). The Institution-Based View as a Third Leg for a Strategy Tripod. The Academy of Management Perspectives, 23(3), 6381.

Penrose, E. T. (1995). The Theory of the Growth of the Firm: Oxford university press.

Piot-Lepetit, I., & Nzongang, J. (2014). Financial sustainability and poverty outreach within a network of village banks in Cameroon: A multi-DEA approach. European Journal of Operational Research, 234(1), 319-330.

Pitt, M. M., & Khandker, S. R. (1998). Imapct of Group Based Credit Programs on Poor Households in Bangladesh: Does the Gender of perticipants Matter ?. The Journal of Polotical Economy, 106(05), 958-996.

Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competition. New York, 300.

Porter, M. E. (1985). Competitive advantage: creating and sustaining superior performance. New York.

Porter, M. E. (2008). Competitive strategy: Techniques for analyzing industries and competitors: Simon and Schuster.

Post, J. E., Preston, L. E., & Sachs, S. (2002). Redefining the corporation: Stakeholder management and organizational wealth: Stanford University Press.

Poyo, J., & Young, R. (1999). Commercialization of microfinance: A framework for Latin America. USAID. Washington DC, USA.

Prahalad, C. K., & Hamel, G. (2006). The core competence of the corporation: Springer.

Quayes, S. (2012). Depth of outreach and financial sustainability of microfinance institutions. Applied Economics, 44(26), 3421-3433.

Quayes, S. (2015). Outreach and performance of microfinance institutions: a panel analysis. Applied Economics, 47(18), 1909-1925.

Quayes, S., & Hasan, T. (2014). Financial disclosure and performance of microfinance institutions. Journal of Accounting & Organizational Change, 10(3), 314-337.

Radhakrishnan, S. (2015). “Low Profile” or Entrepreneurial? Gender, Class, and Cultural Adaptation in the Global Microfinance Industry. World Development, 74, 264-274.

Rahman, M., & Ahmad, F. (2010). Impact of microfinance of IBBL on the rural poor's livelihood in Bangladesh: an empirical study. International Journal of Islamic and Middle Eastern Finance and Management, 3(2), 168-190.

Rahman, M. A., & Mazlan, A. R. (2014). Determinants of Financial Sustainability of Microfinance Institutions in Bangladesh. International Journal of Economics and Finance, 6(9), p107.

Rahman, M. W., & Luo, J. (2012). Sustainability of NGO-type microfinance service provider in Shaanxi, China: Peer with Grameen Bank, Bangladesh. African Journal of Business Management, 6(15), 5319-5327.

Rao, K. R. M. (2014). Concepts And Measures of Outreach and Sustainability in Microfinance Institutions: A comprehensive literature review. Research Journal of Finance and Accounting, 5(21), 41-48.

Rauf, S. A., & Mahmood, T. (2009). Growth and performance of microfinance in Pakistan. Pakistan Economic and Social Review, 99-122.

Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance, 32(9), 1723-1742.

Rhyne, E. (1998). The Yin and Yan of micro-finance: Reaching the poor and sustainability. Micro Banking Bulletin, 2(1), 608.

Rhyne, E. (2001). Mainstreaming microfinance: How lending to the poor began, grew, and came of age in Bolivia: Kumarian Press Bloomfield, CT.

Rhyne, E. (2008). Transforming Microfinance Institutions: Providing Full Financial Services to the Poor. International Journal of Social Economics, 35(11), 879-882.

Rhyne, E., & Otero, M. (2006). Microfinance through the next decade: Visioning the who, what, where, when and how: ACCION International.

Robinson, M. (2001). The microfinance revolution: Sustainable banking for the poor. Washington, DC: The World Bank.

Rosenberg, R. (2007). CGAP Reflections on the Compartamos Initial Public Offering. CGAP Focus Note, 42.

S&P. (2007). Microfinance: Taking Root In The Global Capital Markets. New York: Standard & Poor's.

Sachs, S., Groth, H., & Schmitt, R. (2010). The ‘stakeholder view’approach: An untapped opportunity to manage corporate performance and wealth. Strategic Change, 19(3‐4), 147-162.

Sachs, S., & Rühli, E. (2011). Stakeholders matter: A new paradigm for strategy in society: Cambridge University Press.

Salmon, F. (2011). Why Yunus is right about for-profit microfinance, Reuters.

Saltmarsh, M., & Contiguglia, C. (2009). Some Fear Profit Motive to Trump Poverty Efforts in Microfinance, The New York Times.

Schreiner, M. (2002). Aspects of Outreach: A Framework for the Disscussion of the Social Benefits of Microfinance. Microfinance Risk Management. and Center for Social Development, Washington University in St. Louis Campus, St. Louis, USA (Online). Retrieved from http://www. microfinancegateway. org.

Schreiner, M. (2003). A Cost Effectiveness Analysis of the Grameen Bank of Bangladesh. Development Policy Review, 21, 357-382.

Seibel, H. D., & Torres, D. (1999). Are Grameen Replications Sustainable, and Do They Reach the Poor? The Case of CARD Rural Bank in the Philippines. Journal of Microfinance,


Sekabira, H. (2013). Capital Structure and Its Role on Performance of Microfinance Institutions: The Ugandan Case. Sustainable Agriculture Research, 2(3), p86.

Sengupta, R., & Aubuchon, C. P. (2008). The Microfinance Revolution: An Overview. Federal Reserve Bank of St. Louis Review, 90(1).

Sengupta, R., & Aubuchon, C. P. (2008). The microfinance revolution: An overview. Federal Reserve Bank of St. Louis Review, 90(January/February 2008).

Sim, J., & Prabhu, V. V. (2013). Game theoretical approach to supply chain microfinance Advances in Production Management Systems. Sustainable Production and Service Supply Chains (pp. 48-53): Springer.

Siriaram, M., & Upadhyayula, R. S. (2004). The Transformation of the Microfinance Sector in India: Experiences, Options, and Future. Journal of Microfinance/ESR Review, 6(2), 6.

SPTF. (2009). Social Performance Standards Report.

Sriram, M., & Upadhyayula, R. (2002). The transformation of microfinance in India: Experiences, options and future: Indian Institute of Management Ahmedabad, Research and Publication Department.

Sriram, M. S. (2010). Commercialization of Microfinance in India: A Discussion on the Emperor’s Apparel.

Steger, I. (2012). Microfinance Growing in Attraction to Private-Equity.

Strøm, R. Ø., D’Espallier, B., & Mersland, R. (2014). Female leadership, performance, and governance in microfinance institutions. Journal of Banking & Finance, 42(0), 60-75.

Sveiby, K. E. (1997). The new organizational wealth: Managing & measuring knowledge-based assets: Berrett-Koehler Publishers.

Syedah, A., Shan, E., Anum, B. S., Zeshan, A., & Kaleem, K. M. (2013). Budding issues in Microfinance sector of Pakistan. Science International, 25(4).

Tchakoute-Tchuigoua, H. (2010). Is there a difference in performance by the legal status of microfinance institutions? Quarterly Review of Economics and Finance, 50(4), 436-442.

Tehulu, T. A. (2013). Determinants of Financial Sustainability of Microfinance Institutions in East Africa. European Journal of Business and Management, 5(17), 152-158.

Thapa, G. (2007). Sustainability and governance of microfinance institutions: recent experiences and some lessons for Southeast Asia. Asian Journal of Agriculture and Development, 4(1), 17-37.

Tiwari, R., & Anjum, B. (2015). Transformation from Microfinance to Bank: A Case Study of Bandhan. Arth prabandh: A Journal of Economics and Management, 4(3), 196-202.

Tucker, M. (2001). Financial performance of selected microfinance institutions: Benchmarking progress to sustainability. Journal of Microfinance/ESR Review, 3(2), 107-123.

Tucker, M., & Miles, G. (2004). Financial performance of microfinance institutions: A comparison to performance of regional commercial banks by geographic regions. Journal of Microfinance/ESR Review, 6(1), 41-54.

Uddin, M. M. (2008). Credit for the Poor: The Experience of Rural Development Scheme of Islami Bank Bangladesh Ltd. The Journal of Nepalese Business Studies, 1(1).

Ugur, Z. (2006). Commercial Banks and Microfinance. CUREJ-College Undergraduate Research Electronic Journal, 35.

UNCDF. (2005). Blue Book, Geneva: UNCF Press.

Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171-180.

Wijesiri, M., & Meoli, M. (2015). Productivity change of microfinance institutions in Kenya: A bootstrap Malmquist approach. Journal of Retailing and Consumer Services, 25, 115121.

Wilburn, K., & Wilburn, R. (2014). The double bottom line: Profit and social benefit. Business Horizons, 57(1), 11-20.

Wilkins, & Jennifer. (2007). Grameen: Banking for the Poor. From Grameen Bank Bhavan, Mirpur-1, Dhaka-1216, Bangladesh. Web site, available at: Accessed August 25, 2007. Journal of Nutrition Education and Behavior, 39(6), 359-359.

Woller, G. (2002). The promise and peril of microfinance commercialization. Small Enterprise Development, 13(4), 12-21.

Woller, G., & Schreiner, M. (2002). Poverty lending, financial self-sufficiency, and the six aspects of outreach. Disc. Paper, Ohio.

Woller, G. M., Dunford, C., & Woodworth, W. (1999). Where to microfinance. International Journal of Economic Development, 1(1), 29-64.

Yaron, J. (1992). Successful rural finance institutions: World Bank.

Yaron, J. (1994). What makes rural finance institutions successful? The World Bank Research Observer, 9(1), 49-70.

Yaron, J., & Manos, R. (2007). Determining the Self-Sufficiency of Microfinance Institutions. Savings and Development, 131-160.

Yunus, & Abed. (2004). Poverty Matters, State of Microcredit Summit Campaign Report, Microcredit Summit.

Yunus, M. (1999). The Grameen Bank: Scientific American Inc.

Yunus, M. (2007). Creating a world without poverty: Social business and the future of capitalism: PublicAffairs.

Yunus, M. (2010) Clinton Global Initiative. New York, USA.

Zaman, H. (2000). Assessing the Poverty and Vulnerability Impact of Microcreedit in Bangladesh: A case study of BRAC: The World Bank.

Zaman, H., President, W. B. O. o. t. S. V., & Chief Economist, D. E. (1999). Assessing the poverty and vulnerability impact of micro-credit in Bangladesh: A case study of BRAC: World Bank, Development Economics, Office of the Senior Vice President and Chief Economist.

Zeller, M., & Johannsen, J. (2006). Is there a difference in poverty outreach by type of microfinance institution? The case of Peru and Bangladesh. Paper presented at the Global Conference on Access to Finance: Building Inclusive Financial Systems. The World Bank and Brookings Institutions, Washington DC. Retrieved from http://info.worldbank. org/etools/docs/library/232695/ZellerJohannsen_Revisedpaper.pdf.

Zeller, M., Lapenu, C., & Greeley, M. (2003). Measuring social performance of microfinance institutions: A proposal. Social Performance Indicators Initiative (SPI)-Final Report, Argidius Foundation and Consultative Group to Assist the Poorest (CGAP).

Zeller, M., & Meyer, R. L. (2002). The triangle of microfinance: Financial sustainability, outreach, and impact: Intl Food Policy Res Inst.

How to Cite
Arshad, A., Bhuiyan, A. B., Kassim, A. A. M., Ali, M. J., & Saad, M. (2021). THE MICROFINANCE INSTITUTIONAL SUSTAINABILITY AND EMPOWERMENT OF WOMEN BORROWER’S IN MALAYSIA: AN EMPIRICAL REVIEW. American International Journal of Multidisciplinary Scientific Research, 9(1), 1-24.
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper