Microfinance

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Microfinance

Any mode of finance designed to provide low-income individuals with the means to become self-sufficient.  Microfinance institutions issue small loans to those marginalized from normal modes of finance with the intention of helping the poor prosper by allowing them to save or borrow money. See: Microcredit
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Fortunately, there are in fact a number of donors out there who would participate in such a scheme, and the majority of those potential donors is willing to socially lend and donate the funds for charitable purposes, microfinancing and especially to Islamic microfinance institutions.
The involvement of interest in microfinancing is one of the major causes behind the phenomenon and that is why Muslims were hesitating to avail the facility.
He said Islamic microfinance had the ability to be adopted with any microfinancing model of the world including village bank model, Garameen model, cooperatives and self-help model.