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Article
Publication date: 5 April 2022

Abdalrahman Mohamad Migdad

This paper aims to identify the intersection between Islamic microfinance (MF) (IsMF) and Takaful in high-risk economies and propose a model for the sustainable application of…

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Abstract

Purpose

This paper aims to identify the intersection between Islamic microfinance (MF) (IsMF) and Takaful in high-risk economies and propose a model for the sustainable application of IsMF. The word Takaful, although used to refer to Islamic insurance, means solidarity and is used as such in this paper.

Design/methodology/approach

The paper used a descriptive and analytical method to present findings derived from secondary data collected from the Palestinian Central Bureau of Statistics and primary data from semi-structured interviews.

Findings

Need in the Palestinian household is very high, and the performance of Palestinian MF institutions (MFI) was found to have deviated from the spirit of MF. A significant shortcoming by MFI lies in the Palestinian law that focuses on organizing MFI’s operations as financial institutions only. With a deviated purpose and generalized laws, the paper proposed a model of IMF. The model consists of three stages covering mission and market-based financing for the economically incapable and those better off. Finally, enacting laws to protect micro-enterprises and cooperation between institutions that operate at each stage is necessary.

Originality/value

This research contributes to the literature on MF and IsMF, especially in high-risk countries. Furthermore, this study proposes a model for IsMF best practices based on the spirit of MF where it is most needed.

Details

International Journal of Ethics and Systems, vol. 39 no. 1
Type: Research Article
ISSN: 2514-9369

Keywords

Available. Open Access. Open Access
Article
Publication date: 4 December 2017

Ashraf Md. Hashim

707

Abstract

Details

ISRA International Journal of Islamic Finance, vol. 9 no. 2
Type: Research Article
ISSN: 0128-1976

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