scholarly journals Unique aspects of the Islamic microfinance financing process

Humanomics ◽  
2016 ◽  
Vol 32 (3) ◽  
pp. 230-247 ◽  
Author(s):  
Permata Wulandari ◽  
Salina Kassim ◽  
Liyu Adhi Kasari Sulung ◽  
Niken Iwani Surya Putri
Keyword(s):  
Content Analysis ◽  
Cultural Influences ◽  
Poor People ◽  
Policy Makers ◽  
Content Type ◽  
The Poor ◽  
Proposed Model ◽  
Depth Interview ◽  
Islamic Principle ◽  
Islamic Microfinance

Purpose This paper aims to highlight on the unique aspects of Islamic microfinance based on the experience of Baitul Maal Wa Tamwil (BMT) in Indonesia. Design/methodology/approach It adopts the content analysis approach and focuses on three phases of financing, namely, pre-financing, financing and post-financing using coding and model buildings. Data are collected through in-depth interview with a sample of representatives of BMTs that offer product based on Islamic principle for the poor located in Jakarta, Bogor, Depok, Tanggerang and Bekasi (JABODETABEK), Sulawesi Selatan, Yogyakarta and Nusa Tenggara Barat (sample chosen based on the most concentrated areas of Islamic microfinance that offered product based on Islamic principles). Ultimately, a model based on the unique features of Islamic microfinance will be developed based on the findings of the content analysis. Findings The proposed model incorporates the peculiarities of the poor people in pre-financing, financing and post-financing activities of micro-financing products to serve as a reference for policy makers. The paper also found that each region has unique product preferences depending on the poor’s characteristics. Research limitations/implications This study is only conducted in four areas with BMT representation, namely, Jakarta, Bogor, Depok, Tangerang, Bekasi (often abbreviated as JABODETABEK), Sulawesi Selatan, Yogyakarta and Nusa Tenggara Barat) in Indonesia. Despite the limited scope, the findings have wide applications to the Islamic microfinancing in general. Originality/value The paper adds value to the literature on Islamic microfinance by enabling researchers and practitioners to understand the model of three step financing (pre-financing, financing and post-financing) in Islamic microfinance in Indonesia. Although not a new issue, the paper provides the practice of pre-financing, financing and post-financing processes which may differ from the practices of Islamic microfinance in other settings because of different cultural influences unique to every region.

Issues and challenges in financing the poor: case of Baitul Maal Wa Tamwil in Indonesia

2016 ◽  
Vol 34 (2) ◽  
pp. 216-234 ◽  
Author(s):  
Permata Wulandari ◽  
Salina Kassim
Keyword(s):  
Vital Role ◽  
Poor People ◽  
Structured Interviews ◽  
Screening Process ◽  
Joint Liability ◽  
Content Type ◽  
Social Ministry ◽  
The Poor ◽  
International Donor ◽  
Islamic Microfinance

Purpose – The purpose of this paper is to highlight the issues and challenges in providing financing to the poor people based on the experience of Baitul Maal Wa Tamwil (BMT) in Indonesia. Design/methodology/approach – A series of structured interviews were conducted with the chairman and staff of the Central BMT (Induk Koperasi Syariah) in Jakarta which is the head-quarter of 382 BMTs throughout Indonesia, with additional chairman and shari’ah supervisory in Central BMT (Pusat Koperasi Syariah) in Makasar. Subsequently, the results from the structured interviews were analyzed using qualitative analysis to arrive at the model of the peculiarities of financing the poor in Indonesia. Findings – The findings show that the Central BMT has built specific products and empowerment mechanisms for the poor and has an ideal product to be applied in 382 BMT in Indonesia. There are two schemes of financing source in BMT, namely, social ministry (Kelompok Usaha Bersama) and private financing (national and international donor). Specifically, the peculiarities of financing given in BMT are not only in the term of capital but also in the term of providing infrastructure and training for the poor. Moreover, collateral must be provided as a screening process for the poor people to secure any form of financing. If there is no collateral, potential borrowers must opt for joint-liability financing. Furthermore, if the poor could not repay the financing, endowment coming from charity and compulsory Islamic tax (zakat, infaq and sadaqah) would play a vital role to cover for the financing default. Lastly, religious capacity building is also provided as a part of risk management aspect. Research limitations/implications – This study was only conducted in Indonesia which focussed on the peculiarities of financing for the poor people in Indonesia BMT. Despite this limitation, the findings of this study enable the construction of a model that highlights the issues and challenges that might arise in financing the poor in general. Originality/value – The paper adds to the literature on Islamic microfinance by enabling researchers and practitioners to understand the model of Islamic microfinance in Indonesia. It also contributes toward enriching the knowledge in the Islamic microfinance area.

Modelling the significance of social support and entrepreneurial skills for determining entrepreneurial behaviour of individuals

2018 ◽  
Vol 14 (3) ◽  
pp. 242-266 ◽  
Author(s):  
Muhammad Shoaib Farooq
Keyword(s):  
Social Support ◽  
Explanatory Power ◽  
Entrepreneurial Intention ◽  
Subjective Norms ◽  
Policy Makers ◽  
Content Type ◽  
Entrepreneurial Behaviour ◽  
Entrepreneurial Skills ◽  
Proposed Model ◽  
The Impact

Purpose Although entrepreneurial behaviour is considered a key element for economic development, yet very less is known about the determinants of factors leading towards entrepreneurial intention and behaviour. In order to bridge this gap, the purpose of this paper is to investigate the role of social support and entrepreneurial skills in determining entrepreneurial behaviour of individuals. Developing on the base of the theory of planned behaviour (TPB), this study investigates the relationship between social support, entrepreneurial skills and entrepreneurial behaviour along with existing constructs of the TPB (i.e. attitude, subjective norms, perceived behavioural control and entrepreneurial intention). Design/methodology/approach Data was collected from 281 respondents using a simple random sampling method, and the variance-based partial least-squares, structural equation modelling (PLS-SEM) approach was used for testing the proposed conceptual model. Findings Findings of this study have validated the proposed model, which have an explanatory power of 68.3 per cent. Moreover, findings reveal that social support and entrepreneurial skills have a significant impact on entrepreneurial intention of individuals. However, an unanticipated and non-significant relation between subjective norms and entrepreneurial intention is also found. Research limitations/implications Due to the limited scope of this study, a multi-group analysis is not possible, which is considered as a limitation of this study. Moreover, due to time constraints, this study is conducted within a specified time-frame; however, a longitudinal study over a period of three to six years can overcome this limitation. Practical implications Findings of this study are expected to have substantial implications for policy makers, future researchers and academicians. Outcomes of this study can help to better understand the cognitive phenomenon of nascent entrepreneurs. Moreover, it is expected that this study can serve as a torch-bearer for policy makers to develop better entrepreneurial development programmes, policies and initiatives for promoting self-employment behaviour. Originality/value Findings of this study are a unique step forward and offer new insights towards a better understanding of the determinants of entrepreneurial behaviour. Moreover, this study extends Ajzen’s (1991) TPB in the context of entrepreneurial behaviour. By introducing and investigating the impact of two new variables, i.e. social support and entrepreneurial skills in the TPB and by validating the proposed model with PLS-SEM approach, this study makes a sizeable theoretical, methodological and contextual contribution in the overall body of knowledge.

Adopting Islamic microfinance as a mechanism of financing small and medium enterprises in Uganda

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ssemambo Hussein Kakembo ◽  
Muhamad Abduh ◽  
Pg Md Hasnol Alwee Pg Hj Md Salleh
Keyword(s):  
Financial Services ◽  
Small And Medium Enterprises ◽  
Skills Training ◽  
Microfinance Institutions ◽  
Alternative Scheme ◽  
Content Type ◽  
The Poor ◽  
Islamic Microfinance ◽  
Financial Challenges ◽  
Medium Enterprises

PurposeDespite the fact that small and medium enterprises (SMEs) play a crucial role in strengthening the financial sector within developing and emerging economies through providing employment opportunities to the rural and urban population, capacity building in the form of skills training and economic empowerment, they still face a plethora of challenges that continue to threaten their existence, performance and growth. Access to operational and administrative funds needed to execute their activities effectively is a significant challenge and detrimental to the growth of SMEs in Uganda. Conversely, Islamic microfinance has been noted as a panacea to the challenges of financial inaccessibility among SMEs, especially in developing countries. The purpose of this paper is therefore to investigate how the adoption of Islamic microfinance can play a fundamental role in enhancing the sustainability of microfinance institutions (MFIs) while meeting the financing challenges of SMEs in Uganda.Design/methodology/approachIn this study, a review of existing literature was carried out to critically examine relevant information (literature sources) and empirical studies on SMEs, their performance and challenges. The study being conceptual tries to understand how Islamic microfinance could be adopted as an alternative scheme of financing to bridge the gap and mitigate the financial challenges facing SMEs.FindingsThe study finds that the existing MFIs have failed to achieve their objectives of providing financial services to the poor and SMEs while remaining sustainable. This has left the majority of SMEs within Uganda's informal sector financially handicapped, thus leading to their failure in meeting their expectations and eventually collapsing even before celebrating their third or fourth birthdays. However, the enactment into law of the Financial Institutions Amendment Act 2016 that paved the way for the introduction of Islamic finance in Uganda, and the Tier 4 Microfinance Institutions and Money Lenders' Act, 2016 that incorporated the aspects of Islamic microfinance within the existing microfinance framework as seen and is perceived as a key factor in addressing the financial challenges faced by MFIs and the SMEs if fully adopted.Research limitations/implicationsThis study is conceptual with no empirical investigation and discussion of key theories. On the contrary, it will be imperative and useful when carrying out more extensive hypothetical studies by future researchers, specifically in the area of Islamic microfinance that is relatively new in Uganda.Practical implicationsPractically, this paper will serve as a guide to policymakers and practitioners in the field of microfinance by adding a flair that could enable in bridging the challenges associated with inadequate financing of SMEs in Uganda.Social implicationsSocially, the social aspects of charity (Zakah and Sadaqah) will help to improve the livelihood of the poorest of the poor who cannot engage in active business through meeting their basic needs of life without begging thereby preventing them from being social outcasts.Originality/valueThe study establishes Islamic microfinance (IMF) as a promising and unexplored viable option potentially needed in intensifying the financing needs of SMEs in Uganda. The paper provides an entirely new dimension in nature and way microfinance products should be structured with a view of ensuring that there is sustainable provision of financial services to SMEs. The paper adds real value to the existing conventional microfinance products and services in Uganda, given the ethical and moral attributes of Islamic microfinancing practices that are assumed to efficiently and effectively motivate SME owners and other small entrepreneurs to thrive.

Profitability vs Poverty alleviation: has banking logic influences Islamic microfinance institutions?

2019 ◽  
Vol 4 (2) ◽  
pp. 260-279
Author(s):  
Luqyan Tamanni ◽  
Mohd Hairul Azrin Haji Besar
Keyword(s):  
Mission Statements ◽  
Annual Reports ◽  
Microfinance Institutions ◽  
Local Data ◽  
Content Type ◽  
Related Information ◽  
The Poor ◽  
Islamic Microfinance ◽  
The Impact ◽  
Primary Mission

Purpose The purpose of this paper is to shed some lights on the process of mission drifting or abandoning poverty objective by Islamic microfinance institutions (IMFs). The paper investigates whether the extensive use of banking logic changes IMFs, from focusing on both development and financial objectives to only considering sustainability as their primary mission. Design/methodology/approach This paper adopts mixed methods by analyzing 7,200 microfinance data from Microfinance Exchange Market and reviewing annual reports and websites of 25 IMFs to examine their vision and mission statements and other related information. Findings The finding shows Islamic microfinance has not changed, despite increasing adoption of financial or banking performance measures. However, size and age of the institutions may affect the outcome in the future. The authors find that smaller microfinance institutions maintain genuine objective to serve the poor, as the grow larger they would be more inclined toward sustainability objectives. Research limitations/implications The research is limited on the sample size as data on Islamic microfinance globally is limited. However, the paper looked at the global data rather than local data to compensate for this limitation. Future study would be further taking the study through qualitative methods to support the study. Originality/value This paper aims to shed some lights on the process of mission drifting or abandoning poverty objective by IMFIs. The paper investigates how has the extensive use of financing logic has changed IMFIs from focusing on both development and financial objectives to only considering sustainability as their primary mission. Arun and Hulme (2009) argued that the interaction of multiple logic within microfinance institutions, i.e. financial vs social, could pose some serious management dilemmas within microfinance institutions. Further, commercialization puts pressure on the field staffs to achieve financial targets and often neglect their poverty outreach mission to the poor. The well-known crisis in Andhra Pradesh, India where clients of microfinance institutions committed suicide after being shamed by field officers who tried to collect payments of loans (Mader, 2013; Taylor, 2011), provides a powerful case of the impact of financialization to microfinance clients.

scholarly journals Contesting digital finance for the poor

2020 ◽  
Vol 22 (2) ◽  
pp. 135-151 ◽  
Author(s):  
Peterson K. Ozili
Keyword(s):  
Discourse Analysis ◽  
Private Sector ◽  
Design Methodology ◽  
Socioeconomic Development ◽  
Policy Discourse ◽  
Poor People ◽  
Content Type ◽  
Development Finance ◽  
The Poor ◽  
Critical Policy

Purpose This paper aims to critically assess digital finance as a pro-poor intervention in the development finance space. Design/methodology/approach Using critical policy discourse analysis, this paper explains the turn from microfinance to digital finance, and thereafter discusses four issues: the lack of evidence that digital finance for poor people actually promotes socioeconomic development; the risks that poor people are exposed to, which arises from their exposure to digital finance technology; the lack of evidence that digital finance actually brings poor people immediate benefits; and the weak business rationale for digital finance. Findings The expectation for digital finance serving as a major pro-poor private sector intervention lacks justification. Originality/value The paper reflects on the effect of digital finance for poor people.

The effectiveness of Baitul Maal wat Tamwil in reducing poverty

Humanomics ◽  
2015 ◽  
Vol 31 (2) ◽  
pp. 160-182 ◽  
Author(s):  
Muhammad Akhyar Adnan ◽  
Shochrul Rohmatul Ajija
Keyword(s):  
Design Methodology ◽  
Poverty Measurement ◽  
Descriptive Statistics ◽  
Case Study Approach ◽  
Content Type ◽  
Study Approach ◽  
Data Measurement ◽  
The Poor ◽  
Islamic Microfinance

Purpose – This paper aims to investigate the effectiveness of Baitul Maal wat Tamwil (BMT) in reducing poverty. Design/methodology/approach – The case study approach on BMT MMU Sidogiri (located at East Java Province) is taken. Two important and dominating products of BMT MMU Sidogiri (i.e. ba’i bithaman ‘ajil (BBA) and mudarabah) are examined carefully on how much they have helped the customers in reducing their poverty. The paper goes beyond data measurement using descriptive statistics, paired t-test and some poverty measurement indexes such as headcount index; poverty gap; Sen index; and Foster, Greer and Thorbecke Index to investigate the effectiveness of the BMT in reducing poverty. Findings – This paper reveals that BMT financing is effective in reducing poverty. Most of respondents can increase their income after receiving BMT financing. Products of BMT, especially BBA and mudarabah, to empower the poor in various productive businesses have been able to reduce the extent and severity of poverty. This paper also discloses some interesting and important findings related with how BMT’s work, so that it can contribute more to the knowledge enrichment, as well as the development of BMTs, in general, in realising their mission. Originality/value – The establishment of the so-called BMT in the form of an Islamic microfinance is intended initially to effectively help the poor. At present, there are around 3,874 BMTs operating around the country. Although the BMTs have been existing since more than ten years, no research has been conducted to examine their effectiveness in alleviating the poverty. This study in aimed at fulfilling this important gap.

scholarly journals Objectives of Islamic banks: a missive from mission statements and stakeholders’ perceptions

2017 ◽  
Vol 8 (3) ◽  
pp. 284-303 ◽  
Author(s):  
Ishfaq Ahmed ◽  
Muhammad Musarrat Nawaz ◽  
Rizwan Qaisar Danish ◽  
Ahmad Usman ◽  
Muhammad Zeeshan Shaukat
Keyword(s):  
Content Analysis ◽  
Mission Statement ◽  
Business Students ◽  
Mission Statements ◽  
Islamic Banks ◽  
Policy Makers ◽  
Content Type ◽  
Communication Flow ◽  
Business Entities ◽  
Conventional Banks

Purpose It is believed that the core aim of Islamic institution is idiosyncratic from conventional business entities. Considering this presumption, this study aims to reveal the understandings of various stakeholders about objectives of Islamic banks. Design/methodology/approach The research endeavor is based on the findings of two distinctive studies, where Study 1 was aimed at investigating the communication of objectives through mission statements of Islamic banks and conventional banks with window operations. Here, mission statements were analyzed using content analysis and readability and understandability tests. Study 2, on the other hand, was aimed at investigating the understandings of various stakeholders, both internal (employees) and external (Muslim and non-Muslim customers of both Islamic and conventional banks, employees and management of conventional banks and business students). In total, 370 responses were received and analyzed in this study. Findings The findings (Study 1) unveil, the fact, that the mission statements of Islamic banks working in Pakistan are not good at communicating the corporate goals clearly. Out of ten banks investigated for Study 1, it is evident that only one bank (HBL, with window operations) was at par with readability threshold standards. Thus, it was imperative to share that mission statements of Islamic banks are difficult to read and comprehend. Study 2 adds further by revealing that most of the stakeholders are not clear about the objectives of these banks, while customers of conventional banks do not value the distinctive objectives of Islamic banks. Research limitations/implications This study leaves a valuable message for the policy makers and top management of Islamic banks by focusing on the unattended part on their end, i.e. quality of mission statements and stakeholders’ perception about the objectives of their organization, thus highlighting the needs of greater emphasis on the communication flow to stakeholders, as the clarity of business purpose may change the way customers react toward the business and opt for banking – customer relation in future. Originality/value This study covers a multi-dimensional investigation of the understanding and communication of objectives of Islamic banks. There is dearth of literature focusing on the aspects of content analysis, mission statement readability and understandability and investigation of stakeholders’ perception in tandem.

Safety net programs in West Bengal: how much effective?

2017 ◽  
Vol 44 (12) ◽  
pp. 2019-2032
Author(s):  
Arghya Kusum Mukherjee
Keyword(s):  
Distribution System ◽  
West Bengal ◽  
Household Survey ◽  
Safety Net ◽  
Cash Transfer ◽  
Poor People ◽  
Transfer Program ◽  
Content Type ◽  
The Poor ◽  
Employment Guarantee

Purpose The purpose of this paper is to find the determinants of participation and targeting efficiency of the following safety net programs in West Bengal: Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA), self-targeted program; National Rural Livelihood Mission (NRLM), subsidy based livelihood program; Indira Awaas Yojona (IAY), targeted cash transfer program and Public Distribution System (PDS), targeted in kind transfer program. Design/methodology/approach The study is based on a household survey comprising 900 households across three Districts: Murshidabad, Nadia and Burdwan. Findings Benefits from MNREGA and PDS are not substantial, whereas financial benefits are substantial from NRLM and IAY. This paper shows that poor people have higher likelihood of participation in MNREGA and PDS. But, non poor get disproportionate benefits from IAY and NRLM both have been designed for the poor. Therefore, targeting cannot remove elite capture altogether. Socially down trodden section have higher participation in MNREGA and PDS, whereas people who are at upper tier of social hierarchy enjoy the benefits of IAY and NRLM. However, it cannot be said that these programs miss their target completely. Practical implications The study suffers from the usual limitations of sampling. Social implications Programs targeted for the poor are being appropriated by the non poor. If there is better targeting money will be channelized to the desired beneficiaries and welfare will be enhanced. Originality/value The study has unearthed the underlying reasons behind why some safety net programs have better targeting and some safety net programs have poor targeting.

scholarly journals Alleviating Poverty Through Islamic Microfinance: Factors and Measures of Financial Performance, and Roles of Islamic Values and Financial Policies

2019 ◽  
pp. 1266-1273
Author(s):  
Adhitya Ginanjar ◽  
Salina Kassim
Keyword(s):  
Financial Services ◽  
Poverty Alleviation ◽  
Financial Education ◽  
Financial Inclusion ◽  
Microfinance Institutions ◽  
Financial Policies ◽  
The Poor ◽  
Depth Interview ◽  
Rich Information ◽  
Islamic Microfinance

Indonesia has a strong presence of microfinance sector with the number of Islamic Microfinance Institutions (IMFIs) estimated to be around 5,000 currently. Microfinance is an effective tool in alleviating poverty in Indonesia due to the limited access to financial services by the poor who accounted for approximately 96 million Indonesians (or 37% of the total population), living on less than USD 1.90 a day. In the absence of collateral and steady income, the poor are considered too risky to be given credit facilities by the formal financial services providers and living in remote areas has also limited their access to formal financial services. This study aims to examine the poverty alleviation efforts from the perspective of the IMFIs in view of their direct involvement in the process and having rich information about financial issues facing the borrowers. The managers also understand about financial inclusion agenda as well as financial guidelines and regulations issued by the relevant authorities. A total of 34 managers of Baitulmaal Wa Tamwil (BMTs), which registered under the Sharia Cooperative Centre (INKOPSYAH) are taken as respondents from the Jakarta, Bogor, Depok, Tangerang and Bekasi (JABODETABEK) areas. The first instrument was a survey questionnaire, and the second one was an in-depth interview to outline data related to the model design. The findings of this research are expected to contribute to better decision-making for the BMTs to further enhance its role in alleviating poverty. The findings also elaborate several dimensions to improving financial inclusion among the poor including providing financial services, implementing Islamic principles, significant policies, community-based framework concept and training financial education. This research highlights the need for a variety of strategies to warrant success of poverty alleviation efforts by BMT.

scholarly journals Penggunaan Dana Zakat dalam pembangunan Takaful Mikro:Satu Sorotan Literatur

2019 ◽  
pp. 73-91
Author(s):  
Nik Abdul Rahim Nik Abdul Ghani ◽  
Ihsan Ilahi Mohd Sabri ◽  
Salmy Edawati Yaacob ◽  
Nurul Ilyana Muhd Adnan ◽  
Ahmad Dahlan Salleh ◽  
...  
Keyword(s):  
Content Analysis ◽  
Qualitative Study ◽  
Financial Institutions ◽  
Distribution System ◽  
Financial Assistance ◽  
Financial Inclusion ◽  
Poor People ◽  
The Poor ◽  
The Needy ◽  
Efficient Distribution

Micro takaful is a manifestation of financial inclusion in a country. The purpose of micro takaful is to support the financial needs of the poor and unfortunate group, in which most of them are known as the B40 segment. The majority of them are considered the asnaf (reciepients) of zakat. They are the groups most susceptible to financial shocks in the event of accident, illness or death . However, they typically do not have sufficient income to purchase takaful. Insufficient contribution could thus impede the development of micro takaful. One of the proposed solutions is to utilise the zakat funds to help the asnaf group especially the needy and poor people. Additionally, the yearly increment of the zakat fund requires a more efficient distribution system. Amongst the proposed mechanisms is to utilise the fund to develop a microtakaful model. This paper analyses previous studies on micro takaful model in the takaful industry and its need for the use of zakat fund. The article also examines some issues and challenges in utilising zakat fund for the development of micro takaful. This research is a qualitative study using content analysis approcah. The findings suggest that there are several financial assistance schemes for poor people provided by the governement or financial institutions. However,, very few micro takaful schemes are currently being offered . Thus, a study on using zakat to develope micro takaful schemes should Abstrak Takaful mikro ialah manifestasi amalan rangkuman kewangan (financial inclusion) dalam sesebuah negara. Tujuan takaful mikro ialah untuk menyokong keperluan kewangan golongan miskin dan tidak bernasib baik, yang sebahagian besar mereka juga dikenali sebagai B40. Kebanyakan mereka terdiri daripada asnaf zakat. Mereka ialah kumpulan masyarakat yang akan menghadapi masalah kejutan kewangan apabila berlaku kemalangan, sakit atau kematian. Walaubagaimanapun, golongan ini tidak mempunyai pendapatan yang cukup untuk mencarum sumbangan dalam takaful. Dana sumbangan yang tidak signifikan juga boleh membantut pembangunan takaful mikro. Antara solusi cadangan ialah melalui penggunaan dana zakat bagi membantu golongan asnaf khususnya fakir dan miskin. Di samping itu, peningkatan kutipan zakat setiap tahun dapat dipadankan dengan kaedah agihan yang lebih efisien.  Salah satu mekanisme agihan yang dicadang ialah melalui kaedah pembinaan takaful mikro berasaskan dana zakat. Kertas ini menganalisis beberapa kajian lepas yang telah dijalankan berkaitan pembangunan model takaful mikro dalam industri takaful dan keperluannya kepada dana zakat. Kertas ini turut menjelaskan beberapa isu dan cabaran berkaitan penggunaan dana zakat bagi pembangunan takaful mikro. Kajian ini adalah kualitatif dengan menggunakan pendekatan analisis kandungan. Hasil mendapati beberapa skim bantuan kewangan kepada golongan miskin disediakan sama ada oleh kerajaan atau institusi kewangan. Namun tidak banyak skim takaful mikro ditawarkan buat masa sekarang. Justeru, satu kajian penggunaan zakat untuk membangunkan takaful mikro wajar perlu dijalankan dalam kajian lanjutan.

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