Islamic microfinance: exploring the experience of Akhuwat in promoting Qard Hasan in Pakistan

Joana Da Silva Afonso, A. A. Khan

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review

Abstract

Although the global microfinance sector has expanded rapidly over recent years, financial exclusion remains high, particularly in many Muslim-majority countries. In this context, Islamic microfinance has emerged as a potential remedy for the religious constraints that restrict some Muslims from engaging in interest-based microfinance. However, the development of Islamic microfinance has been challenging, with many institutions struggling to develop practical and financially sustainable operating models. Akhuwat Islamic Microfinance from Pakistan is a notable exception and its simple, yet innovative, approach is widely welcomed. This paper analyses Akhuwat’s experience within a framework of essential questions that were identified by the panellists of a thematic session at the fifth European Research Conference on Microfinance.
Original languageEnglish
Title of host publicationEmerging Challenges and Innovations in Microfinance and Financial Inclusion
EditorsMichael O’Connor, Joana Silva Afonso
PublisherPalgrave McMillan
Pages61-83
Number of pages23
ISBN (Electronic)978-3-030-05261-4
ISBN (Print)978-3-030-05260-7
DOIs
Publication statusEarly online - 16 Jul 2019

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