Islamic Microfinance Products And Models By Kabir Tahir Hamid PhD Final Compatibility Mode

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1. Islamic Microfinance Products and Models Kabir Tahir Hamid , PhD., FCIFC, FIDRP, FCITM International Institute of Islamic Banking and Finance (IIIBF) Bayero University, Kano-Nigeria GSM: 08028376563, 08168743809 Email: khtahir2004@yahoo.com khtahir.acc@buk.edu.ng Being a Paper Presented at Thematic Workshop on Financing SMEs through Islamic Financial Instruments Jointly Organized by IRTI and IIIBF, held at Centre for Research in Nigerian Languages and Folklore, Bayero University, Kano-Nigeria, New Campus, 15th – 19th February, 2016 1
2. Outline of the Presentation 1 . 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Introduction Islamic Microfinance (IsMF) Islam, Shari’ah and IsMF Factors to be Considered in IsMF Islamic Microfinance products Market for Islamic Microfinance Products IsMF Models Waqf Model of Islamic Microfinance Takaful Model of Islamic Microfinance Summary, Conclusion and Recommendations References 2
3. Introduction … Cont’d Microfinance is an important tool for eradicating poverty and improving economic growth and development. Microfinance has great potentials in Nigeria, being the most populous black nation in the world with an estimated population of nearly 173.6 million people in 2015 out of which about 121.52 million, which is around 70% Muslims. It is estimated that a large number of the population living in predominantly Muslim countries do not use financial services, because they prefer sharia-compliant financial products. One of Islam objectives is to support the most vulnerable, which tally with the microfinance mission. Today, the Islamic microfinance (IsMF) is concentrated in few countries including Indonesia, Bangladesh, Sudan, Malaysia and Pakistan. However, in a number of Muslim countries, including Nigeria, IsMF is still a tiny share of microfinance. 3
4. Introduction … Cont’d There are a number of Islamic finance products that can be adapted to promote entrepreneurial development. These include Murabaha (mark-up sale), Musharakah (partnership), Mudharaba (capital-labour partnership), Muzara’ah (Mudarabah contract in farming), Wadiah (deposits), Qard Hassan (benevolent loan), Musaqah (Musharaka contract for orchards). Others are Ijarah Muntahiya Bittmalik (lease to purchase), Wakala (Procurement), Sarf (money exchange), and Hiwala (Money Transfer), among others. Similarly, different models are developed over the years to serve as modus operandi for the delivery of IsMF products and services. Islamic Finance covers a range of products, such as credit products, financing products and insurance. 4
5. Figure I : Islam, Shari’ah and Islamic Microfinance (Adapted from Mughal, M.Z. 2014 P5) Islam Aqidah (Faith & Belief) Shariah (Practices & Activities) IBADAT (Man to God Worship) Political Activities Akhlaq (Morality & Ethics) Muamalat (Man to Man Activities) Economic Activities Banking & Financial Activities Social Activities
6. Factors to be considered In Islamic Microfinance Moral Free from Interest Financing Ensure Shariah Compliance Trainings & Quality HR Ethical Social Micro financing & Takaful Islamic Micro Finance Shariah Compliant Investments Poverty Alleviation Element Free from Gharar Shariah Compliant Funds Shariah Vetted Products and more…. IsMF although strictly based on the Shari’ah is a system that can be utilized & operated by all and sundry for Poverty Alleviation, Social & Economic Development.
7. Islamic Microfinance Products Sources of Islamic Finance •Quran •Sunnah •Ijma’a (jurist consensus) •Ijtihad & Qiyas (analogy) Islamic Banking & Microfinance Product Mechanism
8. Islamic Microfinance Products … Cont’d 1.Qard-Hasan (Benevolent/Interest free loan): There is no interest on these loans and the only extra cost that maybe charged on these loans is the amount of money required to cover the administrative and processing cost (Kazim and Haider, 2012). Utilization : Emergency loan, benevolence loan, student, maternity, etc. 2. Wadiah (savings and current accounts): Al-Wadi’ah literally means the thing left with a person who is not its real owner for the purpose of safe-keeping. For both current and savings accounts, the depositors grant permission to the Islamic bank to mobilize the funds but at the same time guarantee their deposits (wadi’ah yadhamanah). No return is promised or expected but a gift (hibah or hadia) can be given to the depositors (Ibrahim & Noor, 2011). Utilization : Current and savings Accounts 8
9. Islamic Microfinance Products … Cont’d 3. Mudarabah (labour capital partnership): This can be used both as an assets as well as a liability. One of the parties invests its money while the other invests its labour (Shabrewy, 2011). Profit is shared based on agreed proportion while the loss (if any) is borne by the Rabbul Mal except where the Mudarib is found to be negligent. While, the loss of the Mudarib is limited to its/his time and effort. 9
10. Islamic Microfinance Products … Cont’d 4. Bai-Istijrar (repeat purchases from a single seller): Bai-Istijrar takes place when the buyer purchases different quantities of a given commodity from a single seller over a period of time. The payment may be deferred to a future date and may indeed be based on a normal price or average price prevailing in the market. This model is ideal for microfinance where micro-entrepreneurs often buy their raw materials and inputs in small quantities from the same vendor over extended periods. 10
11. Islamic Microfinance Products … Cont’d 5 Salam – Forward Sale Salam means a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract . It is ideal instrument for agricultural production activity and standardized manufacturing where client can be financed for both purchase of raw material/inputs and liquidity requirement. IsMFIs can also enter parallel salam contract with third parties to dispose off the supplies. Utilization in Halal Industry: Salam is ideal product for Agricultural Financing, it can also be utilize for other business purposes as well. 11
12. Islamic Microfinance Products … Cont’d Salam cum Murabahah Financing: Sometimes financing through Murabahah only may not cater liquidity requirement of farmers. On the other hand, providing salam capital may find way towards unproductive uses. Inputs/raw material can be sold through Murabahah while salam can provide liquidity to meet financial requirements like hiring of tractor/labour, purchase of water, marketing and transportation, etc. 6. 12
13. Islamic Microfinance Products … Cont’d 7. Musharaka - Partnership Musharaka (partnership): This involves joint contributions with profit and loss sharing between the parties. Profit is shared based on agreed ratio while loss is shared based on capital contribution ratio (Mirza & Halabi, 2003). The most suitable technique of Musharakah for microfinance could be diminishing partnership or Musharakah Mutanaqisah (Rahim, 2007). Utilization : Musharaka can be used for Microenterprise & SME’S setup’s, Small productive projects, Working capital financing 13
14. Islamic Microfinance Products … Cont’d 8. Murabahah – Cost Plus Sale Murabaha (sale at a mark-up): This is a sale of goods usually fixed asset at the cost price added with an agreed profit margin (Sabita, 2007). Profit margin is negotiable and the payment is made in installments. This type of finance is commonly used for financing fixed assets such as machinery or equipment. Utilization : Murabahah can be utilize for Purchase of raw materials, equipment, agri. Inputs, Consumer goods, Vehicle, Houses etc.. 14
15. Islamic Microfinance Products … Cont’d 9. Ijara – Islamic Lease This product is the Shariah compliant alternative to leasing, where Islamic bank first buys the good to be leased, and then determines a repayment schedule over time (Kazim and Haider, 2012). Individual clients can be financed through Ijarah wa Iqtina or Ijarah Muntahiya Bittmalik (lease to purchase) enabling them to ultimately own the assets). The entrepreneur as a lessee will be responsible to safeguard the asset whereas the lessor will monitor their usage (Rahim, 2007). Utilization : Auto Financing, Equipment Financing, House Lease, small production unit lease etc. 15
16. Islamic Microfinance Products … Cont’d Istisna - Manufacturing contract This is commissioned manufacture made-to-order in which the manufacturer designs and makes the product in accordance with the buyer's wishes. It is an order to manufacture and payment of price, unlike Salam, it’s flexible, where price may be paid in advance, or in installments or on delivery of good. Utilization: Istisna may be utilize for small manufacturing business, for production use, Micro entrepreneur Development sectors etc.
17. Islamic Microfinance Products … Cont’d 11. Muzara’ah. Mugharassaah, and Musaqah: Muzara’ah is essentially a Mudarabah contract in farming where the bank can provide funds in return for a share of the harvest of a new cereal or vegetable plantation (Dhumale & Sapcanin, 1998). Mugharassaah (sharecropping) joint venture in agriculture to share the proceeds of a new tree plantation. Musaqah (sharecropping) joint venture in agriculture to share the proceeds in existing tree. 12. Takaful: The word ‘Takaful’ is derived from ‘kafala’, which literally means ‘to take care’ and hence ‘Takaful’ is taking care of each other. Technically, Takaful refers to mutual insurance. Microfinance that was considered giving ‘credit only’ is now recognized to include other financial services to meet the financial needs of the poor households and micro-entrepreneurs. Utilization : Micro Risk Management, Crop & Livestock Insurance Other services that IMFBs can offer to small and medium business entrepreneurs are Sarf (money exchange, where the exchange must be of equal quantity and quality and it must take place on the spot whereas the forward contract is not allowed) (Islamic Finance, 2013) and hiwala (the transfer of money from one party muheel to another muhal alaihi by order of the creditor the muhal at relative ease (Faith, 2011). 17
18. Market for Islamic Microfinance Products Salam , Istisna and other products Non-Poor Transitory Non-Poor Transitory Vulnerable Transitory Poor Chronic Poor Extremely Poor 18 Qard--Hasan, Murabahah, Ijarah, Mudarabah Zakat, Sadqa
19. Discussion Questions (i) What are the challenges of Islamic micro financing in Nigeria? (ii) What are the IsMF products that are offered in Nigeria? (iii) What are the potentials for product diversification in the Nigerian IsMF industry? 19
20. Microfinancing Models Obaidullah (2007) classify MF models into four based on the target customers/beneficiaries. These are the Grameen Bank Model, which requires careful targeting of the poor who are mostly of women groups, requiring intensive fieldwork by staff to motivate and supervise the borrower groups which normally consist of five members, who guarantee each other’s loans. A number of variants of the model exist; but the key feature of the model is group-based and graduated financing that substitutes collateral as a tool to mitigate default and delinquency risk. In the country of its origin, i.e. Bangladesh, a Shariah-compliant replication has been attempted by Islami Bank Bangladesh Limited. A second model that has been successfully implemented in a Shariah-compliant manner in Jabal al-Hoss, Syria. A new experiment by FINCA in Afghanistan also seeks to implement this model been widely replicated mainly in Latin America and Africa is the Village Bank model. The model involves an implementing agency that establishes individual village banks with about thirty to fifty members and provides “external” capital for onward financing to individual members. Peer pressure operates to maintain full repayment, thus assuring further injections of capital, and also encourages savings. As a village bank accumulates sufficient capital internally, it graduates to become an autonomous and self-sustaining institution (typically over a three-year time period). 20
21. Microfinancing Models … Cont’d The third type of MF model is a Credit Union (CU). A CU is based on the concept of mutuality. It is in the nature of non-profit financial cooperative owned and controlled by its members. CUs generally relate to an apex body that promotes primary credit unions and provides training while monitoring their financial performance. CUs are quite popular in Asia, notably in Sri Lanka. A variant of CUs are the member-based Islamic financial cooperatives in Indonesia called Baitul Maal wat Tamweel (BMT) that provide charitybased not-for-profit as well as for-profit financing. A fourth model originating in India is based on Self-Help Groups (SHGs). Each SHG is formed with about ten-fifteen members who are relatively homogeneous in terms of income. The terms and conditions of loans differ among SHGs, depending on the democratic A SHG essentially pools together its members’ savings and uses it for lending and also seek external funding to supplement internal resources. Typical SHGs are promoted and supported by NGOs, but the objective (as with village banks) is for them to become selfsustaining institutions. Implementation of the above models in a Shariah-compliant manner has been experimented across the World. . 21
22. Islamic Microfinance Models Islamic microfinance model can be defined as the distinct mechanism through which an Islamic financial product can be provided to the beneficiaries at the micro level . A model can be differentiated from another by any of the following characteristics: 1. 2. 3. 4. 5. Primary Islamic product to be provided: The nature of a product is crucial in setting up a model. For example, it stands to reason that the implementation of a financing product will be different from a savings product. The sources of funds: This refers to how the initial fund is to be generated and then maintained over the course of operations. Intended beneficiaries: The design of certain models can vary depending upon the targeted segment of society. Generally, as will be seen later, Qard Hasan loans may be given to clients below the poverty line while products such as Ijarah and Murabahah are directed towards established small scale entrepreneurs. Role of all stakeholders involved: Different models can propose different ways in which the stakeholders can interact with each other. Delivery channel: The method of delivery can distinguish one model from another. 22
23. Islamic Microfinance Models … Cont’d Asutay (2013) classified IMF models into four based on historical antecedents, namely Gulf Model (top-down, business sector dominated model), Malaysian Model (top-down, state-centric model), Indonesian Model (bottom up, civil society oriented model and a Hybrid Model. While historically various forms of ‘Islamic financing’ operated in the peripheries of the Muslim World for centuries, the institutionalization of the Islamic bank beyond ‘Islamic financing’ in the modern sense took place in Dubai in 1975 with the establishment of the Dubai Islamic Bank, after the formation of the Islamic Development Bank in 1974. However, the rise of Islamic banking in the Gulf region is mostly motivated by the increased oil revenues after 1973 oil shock alongside the identity search. As the oil boom in 1973 and 1978 brought about a very large amount of wealth for the Gulf countries to manage with the objective of delivering growth and development, which motivated and speeded up the creation of Islamic banks in the region. Hence state does not involve itself in the development of the Islamic Banking and Finance (IBF) industry and hence does not provide any particular incentive system in the form of tax incentives or others to protect them from competition. GCC Islamic banks in their objective functions aim at achieving efficiency and maximizing profit. 23
24. Islamic Microfinance Models … Cont’d  The second model is the Malaysian Islamic Banking Model: Top-down/State-centric Model. Malaysia is an emerging country, which has demonstrated an unprecedented successful performance in its economic performance over the last twenty years in particular. It is also a country, which is always given as an example where modernity and Islam together determines the nature of everyday life for individual and society. Therefore, the country has witnessed the rise of new institutions constructed through Islamic principles and values, which includes Islamic banks and financial institutions, takaful and also other non-banking financial institutions which is greatly supported by the state. 24
25. Islamic Microfinance Models … Cont’d The third model is Indonesian Islamic banking industry formation model: bottom-up/civil society-centric model Despite being in the same region and sharing mostly the same ethnic features, development trajectories of Indonesia have been much different than in Malaysia. Indonesia is not only the largest populated Muslim country but also is now the largest economy in the Muslim world, despite having a very low per-capita income. The development of IBF industry is considered to be the result of Islamic identity construction and therefore the authorities avoided in engaging with and facilitating the IBF industry. But rather support was immense from the bottom by civil society organizations. The fourth model is the hybrid model which can be a combination the features of any two or all the three models discussed above. 25
26. Islamic Microfinance Models … Cont’d Other scholars proposed two models based on type of products offered, namely a Waqf model, which has an interest free credit line to the borrowers and a Takaful model, which is an insurance against economic shocks. 26
27. Waqf Based Model of IMF Waqf means the dedication of a resource in the way of God for a charitable purpose . Usually, waqf is visible in the form of community mosques, cash donations and dedication of land for charity purposes. The basis of the waqf based model is that the resources are given away as waqf and need to be utilized rightfully in order to bring about change amongst those who require them. Another concept to waqf is “sadqatul-jaariya”, a sadqa that is self perpetuating and bears fruit for generations to come. Planting a tree or teaching someone are popular forms of this, where one act perpetuates itself and brings prosperity to many over time. In the same vein, feeding the poor is indeed a noble cause, but helping them in acquiring a skill and thus earn a living is also a self perpetuating charitable act. Therefore, waqf used as a means of setting up a business can be seen as a “sadqatul-jaariya”, which justifies the use of waqf in microfinance. The administration of Waqf in some countries is governed by statutory provisions like the Pakistan Waqf Properties Ordinance of 1959, which was introduced to bring such properties under a formal structure. The microfinance institutions could use the Waqf funds to provide capital investment and working capital for micro businesses. This model was envisioned to have the potential of fighting poverty as well as generating employment, bringing about capital growth, improving skills and ensuring financial inclusiveness. 27
28. Waqf based Model … Cont’d In this instance, waqf will be a source of funds that can be used to extend loans and other Islamic products to the borrowers. Investment Risk Reserve (IRR) for instance, is to be used in case an investment suffers loss. The model has been designed so that the IMFIs is able to offer all kinds of products such as credit, savings and insurance. However, the primary function for the waqf cash is to be able to offer Qard-Hasan loans. 28
29. Waqf based Model … Cont’d There can be two alternate ways in which a Waqf model can be set up or structured. 1. Waqf funds from the Government: States and Local governments can choose to allocate certain amount of funds to setting up microfinance operations in certain parts of their areas. While this option might provide a steady stream of resources if ever implemented, it is highly unlikely that the State will give patronage to microfinance institutions in this fashion. 2. Waqf funds directly from the populace: Microfinance institutions can set up cash boxes and other donations for people to contribute their institutions. While one cannot determine a definite amount that this activity can generate, it can be a source of income that an individual organization can utilize at its own discretion. 29
30. Strengths of Waqf based Model … Cont’d    The Waqf based Microfinance model has many advantages which include the following: Waqf based IsMFBs will be able to generate a considerable amount of funds through the cash waqf. This will enable the banks to provide Qard-Hasan loans on a regular basis, which can be instrumental in setting up communities and businesses. It will also enable IsMFBs to expand in scale and reach out to many more by gaining geographical coverage. Many potential clients decline conventional microfinance loans due to their non-compliance with Shariah guidelines. The waqf model will therefore enhance financial 30 inclusion.
31. Weaknesses of Waqf based Model … Cont’d     As with any novel endeavor, there are a few drawbacks of this model especially in Nigeria. Waqf is not a sustainable source of funds. Although the influx of cash may be considerable, but not all of that cash will be placed with a single IsMFB. No current legal framework structure exists that can redirect the funds collected as waqf by the IsMFBs. A fully functioning IsMFB may require considerable cash reserves, which may not be possible for the banks to do. 31
32. Opportunities of Waqf based Model … Cont’d     Many opportunities lie ahead for the waqf model which, if properly utilized, can help address the concerns that currently exist in microfinance. This model can be a great tool in eradicating poverty since the purpose of the waqf funds is to help the poor, even though providing Qard Hasan loans would, in other cases, not be financially viable for IsMFBs. Islamic microfinance currently makes for less than one percent of the microfinance borrowers across the world. Waqf can give the impetus to Islamic microfinance to enable them to expand their operations, which are being held back by a lack of funds. It will afford opportunity to IsMFBs to meet the needs of their customers who require cash instead of assets financing. 32
33. Takaful Based Model of Islamic Microfinance Takaful literally mean “guaranteeing each other”. It is a Shariah compliant alternative to insurance. Although there was a bold step to establish Takaful Companies or windows by conventional insurance companies in Nigeria, it has not been successful, especially at the microfinance level. However, the challenges of Takaful model is that it requires a certain amount of funds to become viable. This would require capital, which remains a challenge in setting up Takaful. The additional stipulation in Takaful is that the unused funds need to be returned to those who made the contribution. First, Takaful needs a larger initial fund than required in conventional insurance. Secondly, there are more risks at the micro level because of the vulnerability of the segment that is targeted. The impoverished segment tends to have more health claims, for example, due to the fact that they tend to live in an unhygienic environment. 33
34. Takaful Based Model of Islamic Microfinance … Cont’d    Opportunities lie ahead for Islamic Microfinance models in the times ahead. Natural calamities have increased in globally in the past few years. It is also feared that the rains and floods will become a regular feature. In this unfortunate scenario, Takaful can be a way for communities to generate funds and insure themselves. While Qard-Hasan loans are crucial for people below the poverty line, this model can cater to the more settled entrepreneurs, as it can help the existing clientele secure itself from shocks. It can help strengthen the waqf model and both of these models can be implemented in conjunction with each other. 34
35. Takaful Based Model of Islamic Microfinance … Cont’d The threat of the model is that due to the greater risk associated with Takaful at the micro level, it is hard to find auxiliary functionaries to cooperate with the model. In the case of providing health insurance, clinics and local insurance practitioners may be unwilling to provide the coverage required for this model to be successful. 35
36. Discussion Questions 1 . 2. 3. What is the IsMF model that is used in Nigeria? How effective is the model? How can it be strengthened to serve the most vulnerable, poor and the financially incapacitated? 36
37. Conclusion Since its modern emergence in about the last 5 decades , Islamic banking and finance has shown unprecedented global success in terms of growth, expansion, and institutional and product diversification. Over the last five years, the Islamic banking and finance industry has grown by a compound annual growth rate of about 17 percent, reaching more than $1.87 trillion in total assets in the first half of 2014 (IFSB 2015). The Islamic banking sector grew by 16 percent in 2013, compared to the much slower overall global growth of the banking sector (based on the assets of the top 1,000 global banks, which grew by only 4.9 percent in 2012 and 0.6 percent in 2013) (IFSB 2015). This growth rate is an indication of the potentials of the industry in the long-term especially that it enhances financial inclusion in the form of servicing the unbankable of the society, such as the MSMEs (Asutay 2012) and provide mutually beneficial financing opportunities to them thereby helping them generate income, employment and economic assets. 37
38. Conclusion … Cont’d IsMFIs can offer a wide range of products to the Micro, Small and Medium Enterprises (MSMEs) with a view enhancing financial inclusion, employment generation and sustainable economic growth and development. However, what is important is to have a regulatory framework in place by the CBN which would enable the licensing and establishment of IsMFIs to operate in the Nigerian banking sector. 38
39. Conclusion … Cont’d Rehabilitation of the poorest can be achieved by providing social safety net through waqf where capacity can be developed to undertake business and sustain livelihood by the destitute. It is evident that inclusion is emphasized more in Islamic framework as the poor who do not possess required entrepreneurial skills are generally excluded from conventional microfinance. 39
40. References Asutay , M. (2007). Models of Islamic Finance Industry Formation and Their Impact on Social and Developmentalist Outcomes and Welfare Consequences: A Political Economy Perspective Hassan K.M. An Integrated Poverty Alleviation Model Combining Zakat, Awqaf And Microfinance. Paper Presented At 7th International Conference - The Tawhidi Epistemology: Zakat And Waqf Economy, Bangi, Selangor 2010 Karim N, Tarazi M. and Reille X. (2008). “Islamic Microfinance: An Emerging Market Niche”, Focus Note No. 49, CGAP, Washington DC, USA, 2008. Cited from Honohon, Patrick.. “Cross-Country Variations in Household Access to Financial Services” Presented at the World Bank Conference on Access to Finance, Washington, D.C. 15 March. 2007 Kazim, S.S. and Haider, S. E. (2012). Islamic micro- finance models and their viability in Pakistan. Pakistan Microfinance Network. Accessed online on 08/02/2016 at www.cgap.org/blog/islamic-microfinance-pakistan-experience-so-far Khaled, M. (2011). Building a Successful Business Model for Islamic Microfinance. MENA Regional Representative The Consultative Group to Assist the Poor (CGAP) Khaleequzzaman, M. (2007). “Islamic Microfinance: Outreach and Sustainability”, A paper presented at IIUM International Conference on Islamic Banking and Finance, 23 – 25 April 2007, Kuala Lumpur, Malaysia. 40 Khaleequzzaman, M. and Shirazi, N.S. (2013). Islamic Microfinance: An Inclusive Approach with Special Reference to Pakistan. Accessed online on 08/02/2016 at
41. References … Cont’d Khaleequzzaman, M. and Shirazi, N.S. (2013). Islamic Microfinance: An Inclusive Approach with Special Reference to Pakistan. Accessed online on 08/02/2016 at Obaidullah, M. (2008). Introduction to Islamic Microfinance. India: IBF Education and Charitable Trust. Patel, S. (2004). Takaful and Poverty Alleviation, International Cooperative and Mutual Insurance Federation PO Box 21, Altrincham, Cheshire, WA14 4PD, UK www.icmif.org/Takaful Savaş A. and Mohamed, A. H. (2015). Integration of Waqf and Islamic Microfinance for Poverty Reductuction: Case Studies of Malaysia, Indonesia and Bangladesh 2015 The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) and International Islamic University Malaysia (IIUM), Gombak, Kuala Lumpur SESRIC (2008). Microfinance Institutions in OIC Member Countries. Ankara. Shirazi, N. (2013). Integrating Zakat and Waqf into the Poverty Reduction Strategy of the IDB Member Countries, A presentation at the 2nd International Conference on Islamic Economics and Economies of the OIC Countries (ICIE 2013) 29-30 January 2013, Kuala Lumpur Tohirin A. The Cash Waqf For Empowering The Small Businesses. Paper Presented At 7th International Conference- The Tawhidi Epistemology: Zakat And Waqf Economy, Bangi, Selangor, 2010 41
42. Wassalam Thank you for listening