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- Title
Interest-free Microfinance in India: A Case Study of Al Khair Baitulmal Ambajogai.
- Authors
Shaik Mohammed, Wasiullah; Waheed, Khalid
- Abstract
Purpose: The objectives of the paper are to understand the interest-free microfinance practices in India, identify the issues and recommend the possible solutions. Design/Research Methodology: To achieve the proposed objectives, Al Khair Baitulmaal Nagari Sahakari Patsanstha - a cooperative society providing interest-free microfinance services - has been selected for case study on the basis of convenience sampling method. Primary data required for the study is collected through 'Questionnaire' which is shared with Managing Director of the Society. The secondary data is collected from different sources. The institution is evaluated in terms of outreach and sustainability measures. A brief comparative study of its performance with the aggregate performance of Indian microfinance industry is also done. Findings and Results: It is found that Al Khair is providing the interest-free microfinance services effectively in India. However, a few operational and Shariah issues have been highlighted and possible solutions are recommended. It is also found that despite the fundamental and operational differences, the performance of Al Khair has been better than the Indian microfinance industry. Practical Implication/Limitations: This study would help in documenting the operations of Al Khair so as to bring them to the notice of the researchers. Moreover, the recommendations provided, if implemented, would help Al Khair in further growth and development. Originality/Value: This paper highlights the interest-free microfinance practices in India that have not received the needed attention. It also identifies the key issues and proposes the possible solutions.
- Subjects
INDIA; MICROFINANCE; FINANCIAL performance; ISLAMIC finance
- Publication
Wealth: International Journal of Money, Banking & Finance, 2018, Vol 7, Issue 2, p42
- ISSN
2277-9388
- Publication type
Article