Islamic micro-financing schemes among financial institutions

Palabras clave: Conventional banking, financial institution, islamic provisions, muslims.




The present study aims to identify the importance of Islamic micro-financing schemes among the financial institutions and also determine the knowledge and attitudes of the respondents towards Shari’ah based financial products. A mixed-method approach, including quantitative and qualitative designs, has been employed by recruiting 255 and 15 respondents, respectively. The results showed no significant differences between respondents’ knowledge and access to Shari’a-compliant finance. Similarly, there were no significant differences between respondents depending on their length of stay in the UK, ethnicity, and employment status. Moreover, this required financial support and empowerment from the government and related institutions.


ALI, A (2015). “Islamic microfinance: Moving beyond financial inclusion.” European Scientific Journal, ESJ, 11(10), pp.313-326.

ASYLGARAEVA, G., NURETDINOVA, A., CHIZHEVSKY, A., & ANTIPINA, E (2019). “Collections of the archaeological museum of Kazan (Volga Region) Federal University. Part 2”, Povolzhskaya Arkheologiya, 1(27), pp. 84-103.

AVAIS, M (2014). “Financial Innovation and Poverty Reduction.” International Journal of Scientific and Research Publications, 4(1), pp.2250-3153.

AYDIN, A, IQBAL, Z (2018). “Islamic Finance Approach to Financial Inclusion to Enhance Shared-Prosperity.” Financial Inclusion for Poverty Alleviation, 174(196), pp.174-196.

BELENTSOV, S. I., FAHRUTDINOVA, A. V., GREVTSEVA, G. Y., & BATRACHENKO, E. A. (2019). “Free Education: Fundamentals of Humanistic Pedagogics (On the Example of Activity of the German Public Figures of the Second Half of XIX--The Beginning of the XX Centuries of F. Gansberg, L. Gurlitt, G. Sharrelman)”, European Journal of Contemporary Education, 8(1), pp. 201-207.

BERGUIGA, I, SAID, Y, & ADAIR, P (2017). The social and financial performance of Microfinance institutions in the MENA region: Do Islamic institutions perform better?. In 34th Spring International Conference, French Finance Association (AFFI).

COLE, I, & ROBINSON, D (2003). Somali housing experiences in England. Sheffield: UK, Centre for Regional Economic and Social Research, Sheffield Hallam University Press.

CROSS, A (2015). “The Viability of Islamic Microfinance: Financial Sustainability and Outreach Capabilities of Firms in the Middle East and North Africa.” (Retrieved on 2018/02/03) from:

DHAOUI, E (2015). “The role of Islamic Microfinance in Poverty Alleviation: Lessons from Bangladesh Experience.” Tunisan Institute for Competitiveness and Quantitative Studies Journal. 1, pp.1-19.

ILIEVA, J, RISTOVSKA, N, KOZUHAROV, S (2017). “Banking Without Interest.” (Retrieved on 2018/04/07) from:

ISLAM, M, ALAM, M (2016). “Can Islamic micro-finance alleviate poverty? A case study from south-eastern Bangladesh.” Journal of Islamic Economics and Finance (JIEF), 2(2), pp.1-9.

KAMRUZZAMAN, M, & ISLAM, R (2015). “Evolution of Islamic Banking and Its Salient Features: An Overview.” Journal of Business and Economics, 8(1), pp.1-17.

KEMPSON, E, ATKINSON, A, PILLEY, O (2004). “Policy level response to financial exclusion in developed economies: lessons for developing countries.” Report of Personal Finance Research Centre, Bristol: UK, University of Bristol Publication.

LUO, C, LI, M, PENG, P, FAN, S (2018). “How Does Internet Finance Influence the Interest Rate? Evidence from Chinese Financial Markets.” Dutch Journal of Finance and Management, 2(1), pp.1-8.

MHAMMED, A, HASAN, Z (2008). “Microfinance in Nigeria and the prospects of introducing its Islamic version there in the light of selected Muslim countries' experience.” International Islamic University Malaysia Journal, 1, pp.1-19.

NAZIRWAN, M (2015). “The dynamic role and performance of Baitul Maal Wat Tamwil: Islamic community-based microfinance in Central Java.” Doctoral dissertation, Indonesia, Victoria University. p.273

RIWAJANTI, N, ASUTAY, M (2015). “The role of Islamic micro-finance institutions in economic development in Indonesia: A comparative analytical empirical study on pre-and post-financing states.” Access to Finance and Human Development—Essays on Zakah, Awqaf and Microfinance, 1, pp.1-55.

ROBERTS, P (2013). “The profit orientation of microfinance institutions and effective interest rates.” World Development Journal, 41, pp.120-131.

SANDBERG, J (2012). “Mega‐interest on Microcredit: Are Lenders Exploiting the Poor?.” Journal of Applied Philosophy, 29(3), pp.169-185.

SILVA, J, TEIXEIRA, C, PINTO, J (2016). “Banking desmaterialization using cloud computing.” Journal of Information Systems Engineering and Management, 1(2), pp.123-140.

TAMANNI, L, NABI, M. S. & ZOUARI, Z. (2014). “Islamic Microfinance.” (Retrieved on 2018/07/03) from:

ZAMORA-LOBATO, T, GARCIA-SANTILLAN, A, MORENO-GARCÍA, E, LOPEZ-MORALES, J, RAMOS-HERNANDEZ, J (2017). “High School Students and their Perception of Financial Institutions: An Empirical Study in Xalapa, Veracruz.” International Electronic Journal of Mathematics Education, 12(2), pp.133-143.

Cómo citar
WARSAME, M. (2020). Islamic micro-financing schemes among financial institutions. Utopía Y Praxis Latinoamericana, 25(1), 223-232. Recuperado a partir de