Fostering Islamic Financial Inclusion: A-10 Step Approach

The definition of financial inclusion clearly explains its aim and scope. The World Bank stated that individuals and businesses should have ease of access to financial products and services at an affordable cost to meet their financial needs. These financial services to the economic agents must be delivered responsibly and sustainably. Among so many options to start financial inclusion, the World Bank suggests opening a “transaction account” that allows individuals and businesses to perform financial activities such as to send and receive payments, save money etc. The reason behind focusing on transaction accounts is that it helps and facilitates performing day-to-day living and plans for unexpected future mishaps. For instance, people can use bank credit for business and pe...