ISLAMIC MICROFINANCE AS A TOOL FOR WOMEN EMPOWERMENT AND SUSTAINABLE ECONOMIC DEVELOPMENT GOALS IN BANGLADESH
Keywords:
Islamic Microfinance, Women empowerment, SDGs, Bangladesh.
Abstract
Bangladesh is now playing a role model in conventional microfinancing programs in the whole world. Though the financial sectors of this country cover both conventional and Islamic modes. There exist some limitations of conventional microfinancing operating by NGOs. The Islamic microfinancing programs are not enhanced in comparing conventional microfinancing due to a lack of proper policy formulation. Most people are practicing Muslims and want to avoid interest. The Islamic financial institutions have emphasized women's empowerment through shariah-based microfinancing and achieving sustainable economic development. The main objective of this study is to investigate the effectiveness of Islamic microfinance for empowering women and achieving SDGs in Bangladesh. The methodology of this study is based on secondary data including existing relevant literature and annual reports of different financial institutions. The findings of this study show that Islamic microfinance institutions perform a significant role in empowering women as well as attaining SDGs and have a broader scope to flourish more by applying their various investment modes. This study will help to promote shariah-based microfinancing in the future and transmit microfinance systems to other countries of the world. This paper also tries to recommend some strategies and policy options to promote shariah-based microfinancing to reduce the challenges to ensuring women's empowerment and attaining SDGs.
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Uddin, H. & Barai, M. K. (2016). Islamic microcredit: The case of Bangladesh. Journal of Accounting, Finance and Economics, 6(1), 49 – 64.
Usman, A. S., & Tasmin, R. (2016a). The Relevance of Islamic Micro-finance in achieving the Sustainable Development Goals. International Journal of Latest Trends in Finance and Economic Sciences, 6(2), 1115-1125.
Usman, A. S., & Tasmin, R. (2016b). “The Role of Islamic Micro-Finance in Enhancing Human Development in Muslim Countries.” Journal of Islamic Finance, 5(1), 53–62. https://doi.org/10.12816/0027652.
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Ananda, S. (2011). Micro finance in sustainable development: A descriptive study on Indian experience. Journal of Economics and Development, 13(3), 72-88.
Akhter, N. (2018). Women empowerment and microfinance: A case from North-Western Bangladesh. Asian Development Perspectives, 9(1), 35-50.
Akhter, J. & Cheng, K. (2020). Sustainable empowerment initiatives among rural women through microcredit borrowings in Bangladesh. Sustainability, 12(6), 2275. https://doi.org/10.3390/su12062275
Avtorhanov, A., Betilgiriev, M., & Temihanova, R. (2018, May). Sustainable economic development concept and factors: Global, regional, corporate aspects. In International Scientific Conference" Competitive, Sustainable and Secure Development of the Regional Economy: Response to Global Challenges"(CSSDRE 2018) (pp. 750-754). Atlantis Press.
Baten, M. W. (2009). Vision of micro financing in Bangladesh: Success and challenges. Copenhagen Business School (Unpublished Master's thesis).
Bank, W. (2016). http://www.worldbank.org/en/news/press-release/2016/10/03/bangladesh-can-overcome-extre me-poverty-through-more-inclusive-growth
Bin Mohamad, M. R. (2013). The Role of Entrepreneurial Competencies as a mediator in the relationship between Microfinance and Small Business Growth. Journal of Entrepreneurship and Business, 1(1), 21-31.
Bhuiyan, A. B., Siwar, C., & Rashid, M. (2011). ISLAMIC MICROCREDIT IN BANGLADESH. The Global Journal of Finance and Economics, 8(1), 1-21.
Caplan, G. (2013). An approach to community mental health (Vol. 3): Routledge.
Dhaoui, E. (2015). The role of Islamic Microfinance in Poverty Alleviation: Lessons from Bangladesh Experience.
Debnath, D., Rahman, M. S., Acharjee, D. C., Latif, W. U., & Wang, L. (2019). Empowering women through microcredit in Bangladesh: An empirical study. International Journal of Financial Studies, 7(37). https://doi.org/10.3390/ijfs7030037
Farooqi, A. H., Qamar, M. U. R., & Chachi, A. (2017). Role of Islamic microfinance scheme in poverty alleviation and well-being of women implemented by Islami Bank Bangladesh Limited. İslam Ekonomisi ve Finansı Dergisi (İEFD), 3(1), 1-32.
GIFR 2012 | Global Islamic Finance Report, Global Islamic Microfinance Landscape.” Retrieved http://www.gifr.net/home_ifci.htm
Hassan, A., & Saleem, S. (2017). An Islamic microfinance business model in Bangladesh: Its role in alleviation of poverty and socio-economic well-being of women. Humanomics, 33(1), 15–37. https://doi.org/10.1108/H-08-2016-0066
Iqbal, Z. 2015. “Islamic Finance: Financial Inclusion as a Core Concept. Islamic Finance for Asia: Development, Prospects, and Inclusive Growth, ADB and IFSB.” Islamic Finance: Financial Inclusion as a Core Concept. Islamic Finance for Asia: Development, Prospects, and Inclusive Growth, ADB and IFSB.
Islam, M. S. (2020). Role of Islamic microfinance in women’s empowerment: Evidence from rural development scheme of Islami bank Bangladesh limited. International Journal of Islamic Finance. DOI: 10.1108/IJIF-11-2019-0174
Lamichhane, B. (2020). Microfinance for women empowerment: A review of best practices. Interdisciplinary Journal of Management and Social Sciences, 1(1), 13-25. https://doi.org/10.3126/ijmss.v1i1.34504
Loro, L. (2013). Women’s empowerment as a result of microcredit loans in Bangladesh. Bangladesh Development Research Working Paper Series. BDRWPS 18. Retrieved from: http://www.bangladeshstudies.org/wps/
Kates, Robert W., Thomas M. Parris, and Anthony A. Leiserowitz. (2005). “What Is Sustainable Development? Goals, Indicators, Values, and Practice.” Environment 47(3), 8–21. doi: 10.1080/00139157.2005.10524444.
Khan, M. A., & Rahaman, M. A. (2007). Impact of microfinance on living standards, empowerment and poverty alleviation of poor people: a case study on microfinance in the Chittagong District of Bangladesh.
Khan, R. E. A., & Noreen, S. (2012). Microfinance and women empowerment: A case study of district Bahawalpur (Pakistan). African Journal of Business Management, 6(12), 4514-4521. https://doi.org/10.5897/AJBM11.2407
Mamun, A., Uddin, M. R., & Islam, M. T. (2017). An Integrated Approach to Islamic Microfinance for Poverty Alleviation in Bangladesh. Üniversitepark Bülten| University Park Bulletin.
Mahmood, R., & Mohd Rosli, M. (2013). Microcredit position in micro and small enterprise performance: the Malaysian case. Management research review, 36(5), 436-453.
Mohamed, E. F., & Fauziyyah, N. E. (2020). Islamic microfinance for poverty alleviation: A systematic literature review. International Journal of Economics, Management and Accounting, 28(1), 141-163.
Nabi, Golzare, Aminul Islam, Rosni Bakar, and Rafiun Nabi. 2017. “Islamic Microfinance as a Tool of Financial Inclusion in Bangladesh.” Journal of Islamic Economics, Banking and Finance 13(1), 24–51. doi: 10.12816/0051154.
Nisser, A. H. I., & Ayedh, A. M. A. (2017). Microfinance and women’s empowerment in Egypt. International Journal of Business and Economic Affairs (IJBEA), 2(1), 52-58. https://doi.org/ 10.24088/IJBEA-2017-21007
Nurasyiah, A., Utami, S. A., Rosida, R., Cakhyaneu, A., & Wulandari, N. S. (2018). The Impact of Education and Islamic Microfinance as an Economic Empowerment for Women in Poverty: January, 17–23. https://doi.org/10.5220/0006879900170023
Obaidullah, Mohammed. 2008. Introduction to Islamic Microfinanc.
Rashid, Md. Harun Ur, Mohammed Jashim Uddin, and Shah Asadullah Mohd. Zobair. 2018. “Islamic Microfinance and Sustainable Development Goals in Bangladesh.” International Journal of Islamic Business & Management 2(1):67–80. https://doi.org/10.46281/ijibm.v2i1.53.
Rahayu, N. S. (2020). The Intersection of Islamic microfinance and women’s empowerment: A case study of Baitul Maal Wat Tamwil in Indonesia. International Journal of Financial Studies, 8(37). doi: 10.3390/ijfs8020037
Safiullah, Samoon. 2021. “A Comprehensive Review on The Empowerment of Muslim Women Through Islamic Microfinance.” (February):0–19.
Shirazi, N. S. (2012). Targeting and Socio-Economic Impact of Microfinance: A Case Study of Pakistan. Islamic Economic Studies, 20(2), 1-28.
Sustainable Economic Development Wikipedia - Google Search.” Retrieved April 29, 2021b
Uddin, M. N., Hamdan, H., Kassim, S., Embi, N. A. C. E., & Saad, N. B. M. (2020). Role of Islamic microfinance institutions for sustainable development goals in Bangladesh. Journal of International Business and Management, 3(1), 01-12. https://doi.org/10.37227/jibm-2020-64
Uddin, H. & Barai, M. K. (2016). Islamic microcredit: The case of Bangladesh. Journal of Accounting, Finance and Economics, 6(1), 49 – 64.
Usman, A. S., & Tasmin, R. (2016a). The Relevance of Islamic Micro-finance in achieving the Sustainable Development Goals. International Journal of Latest Trends in Finance and Economic Sciences, 6(2), 1115-1125.
Usman, A. S., & Tasmin, R. (2016b). “The Role of Islamic Micro-Finance in Enhancing Human Development in Muslim Countries.” Journal of Islamic Finance, 5(1), 53–62. https://doi.org/10.12816/0027652.
ULFI, I. (2018). Empowering Women Through Islamic Microfinance: Experience of Bmt Beringharjo. JEBI (Jurnal Ekonomi Dan Bisnis Islam), 3(1), 89. https://doi.org/10.15548/jebi.v3i1.147
Published
2022-05-27
How to Cite
Alam, M. S., Uddin, M. K., Ali, M. J., Huda, M. N., & Bhuiyan, A. B. (2022). ISLAMIC MICROFINANCE AS A TOOL FOR WOMEN EMPOWERMENT AND SUSTAINABLE ECONOMIC DEVELOPMENT GOALS IN BANGLADESH. American International Journal of Multidisciplinary Scientific Research, 13(1), 1-13. https://doi.org/10.46281/aijmsr.v13i1.1734
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Original Articles/Review Articles/Case Reports/Short Communications
Copyright (c) 2022 Md. Shahbub Alam, Md. Kamal Uddin, Md. Jafor Ali, Md. Nazmul Huda, Abul Bashar Bhuiyan
This work is licensed under a Creative Commons Attribution 4.0 International License.
