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Leveraging Islamic Microfinance For SMEs Development In Nigeria By Kabir Tahir Hamid PhD Final

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Amanah, Ard, Halal, Islam, Islamic banking, Mal, Riba, Shariah , Sukuk , Waqf, Zakat, Commenda, Provision

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  1. Leveraging Islamic Microfinance for SMEs Development in Nigeria 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. Contents                Introduction Microfinance in Nigeria Islamic Microfinance Factors to be considered in IsMF IMFIs Global survey Need Assessment of Islamic Microfinance for West Africa & MENA Challenges Facing IMF Sector The Concept of SMES Pillars of an Ideal Entrepreneurial Ecosystem Islamic Micro financing Options for SMEs Role of IsMF in the Development of MSMEs IsMF and Inclusive Growth IsMF Products and Inclusive Gwroth Umar Ibn Abul Aziz Model Conclusion and Recommendations 2
  3. Introduction Small and Medium Enterprises SMEs are the bedrock of the industrial development . Apart from the numerous goods produced by SMEs, they provide veritable means of generating employment, numerous opportunities and promoting sustainable economic development. Formal SMEs contribute up to 33 percent of GDP in developing countries (IFC 2010) and up to 51 percent in highincome countries (SME Corp 2015). Globally, SMEs contribute 43.5 percent to total employment and are responsible for 57.8 percent of total new jobs created (Ayyagari, Demirgüç- Kunt, and Maksimovic, 2011). The major challenge faced by SMEs is access to finance. The total financing gap for Small, and Medium Enterprises SMEs in developing countries is estimated to be $2.4 trillion. The financing gap in Emerging Markets and Developing Countries (EMDCs) is even more severe, since financial institutions such as banks widely consider SMEs as being too risky due to such factors as lack of collateral and insufficient credit history. About 55–68 percent of SMEs in developing countries are either financially underserved or not served at all, resulting in lost opportunities to develop their SMEs (SME Corp 2015). This is an important niche where IsMFIs would of great significance. 3
  4. Introduction … Cont’d Developing countries like Nigeria that require sustainable economic growth must therefore pay attention to SMEs to harness the great potentials for employment generation, improved local technology, developed indigenous entrepreneurship and enhance forward and backward integration with large-scale industries. In spite of the fact that they constitute more than 96% of Nigerian businesses there contributions to the nation’s GDP is only about 1% (Oyelarin-Oyeyinka 2010). This is as a result of poor funding, difficulty of accessing loanable funds, high cost of borrowing and difficult procedure from conventional financial institutions thereby leading to financial exclusion. 4
  5. Microfinance in Nigeria ... Cont’d Microfinance Institutions (MFIs) provide loans, savings and other financial services to low-income and poor people for use in small businesses. Originally based on traditional forms of community financing, microfinance is today found all over the world in places such as Africa, Latin America and Asia. Informal microfinance systems predated the formal microfinance sector in Nigeria and is still widely practiced up to today. There are several forms of informal finance in Nigeria including the Moneylender or Pawnbroker who are individuals that extend credit, usually with excessively high interest rates. Unpaid loans may result in the surrender of land, assets, or a form of indentured servitude on behalf of the debtor. Others are Personal Savings at Home where money is kept at home, Informal Savings and Credit (Esusu). These informal microfinance associations (often referred to as Rotating Savings and Credit Associations or RoSCAs) are operated by various ethnic groups both in urban and rural locations and resemble savings and loan institutions which provide benefits to members only. The association works by mandating that all members contribute to a pooled fund periodically. The pooled funds are then partially or entirely distributed to a member in rotation once the funds reach a certain amount. RoSCAs can be traced back to 16 century in Nigeria and are still practice in different parts of the country up to today. As far back as 1984, an estimated 12.25 million adults were involved in esusu (Anyanwu, 2004; Basu et al, 2004; Alabi et al, 2005; Onakoya, and 5Onakoya, 2013).
  6. Microfinance in Nigeria … Cont’d RoSCAs have several different tribal names. Esusu or Ajo in Yoroba, Isusu or Uto in Igbo and adashi Hausa (Anyanwu, 2004; Basu et al, 2004; Alabi et al, 2005; Onakoya, and Onakoya, 2013). Before the emergence of formal microfinance institutions, informal microfinance activities flourished all over the country. The key features of these informal schemes are savings and credit components, informality of operations and higher interest rates in relation to the formal banking sector. The microfinance movement began later in the early 1980s in places like Bangladesh and Bolivia and gradually spread across the globe. Today, the non-traditional, formalized microfinance institutions (MFIs) are operating side by side with the informal services. The financial services provided by the MFIs in Nigeria include savings, credit and insurance facilities. The launching of microfinance policy, regulation, and supervisory framework guideline by the Central Bank Nigeria 2005, is a major land mark in the history of micro credit delivery service in Nigeria. According to the apex bank, microfinance refers to loans, insurance funds, deposits, fund transfers and other related mediums of non-financial products targeted at low income earners. The CBN guidelines on MFIs according to Asuquo (2005:16) tigerred the emergence of large number of private-sector initiated Micro Finance Banks (MFBs) across the country, either through converting existing community banks, transforming the existing NGO-MFIs or promoting fresh micro finance operators. 6
  7. Microfinance in Nigeria … Cont’d Nigeria has 820 microfinance banks as at 31st December 2013 (CBN, 2013) that are licensed by the CBN to operate within the country with about 90% of these institutions located in the state capitals and the rest in some local government headquarters. Lagos has the highest share with 19.14% of the MFB and more than half of the MFB are in the South (79.62%).The Northern part of the country, with over 55% of the nation’s population, has 20.38% of the MFIs in the country. 7
  8. Islamic Microfinance IsMF is the provision of microfinance products and services (deposits, financing, loans and micro insurance) that are strictly in line with the Shari’ah devoid of riba, gharar, maysir and other things prohibiteb by Islam. Islamic microfinance is a financial relationship involving entrepreneurial investment which is based on Shari’ah principles that prohibit uncertainties, interest earning, sinful activities, gambling and speculative trade. Islamic microfinance focuses on providing an ethical financial system with a motive of wealth redistribution. It was founded on the basis of ethical responsibility, economic justice and social transformation. 8
  9. Basic Principles of Islamic Microfinance The basic principles of an Islamic financial system are summarized by Iqbal (1997) as follows:  Prohibition of Interest.  Care for the poor  Asset Based Financing  Risk Sharing  Sanctity of contracts  Financing in Halal/Shariah Complaint Activities  Prohibition of speculative behaviour ( Gharar)  Micro Takaful ( Micro Islamic Insurance) 9
  10. Some Islamic Microfinance Institutions Across the Worldwide •Germany:2 •- Muslim Society •UK: 5 •United States: 3 •Helping Hands •ISNA •Lariba •- HSBC Amanah •- Muslim Aid •- Islamic Relief •Faith Matters •- The Halal Mutual Investment Company •UAE: 4 •Switzerland :2 •- Dubai Islamic Bank •- Abu Dhabi Islamic Bank •- HSBC Amanah •Kuwait: 2 •- Kuwait Finance House •Bahrain: 2 Family Bank • Afghanistan 9: •Iran: 8 •Egypt: 3 •- Alwatany Bank of Egypt •- Egyptian Saudi Finance Nigeria 4 Albarka MFB Tijara MFB Al-hayat MFB Grass Roof MFB •- FINCA , WOCCU •- CHF • Ariana •Turkey: 2 •Pakistan: 11 •India: 3 •Bangladesh:9 •- Faisal Finance •Malaysia: 11 Institution •- Ikhlas Finance •2 - Pure Islamic Banks (Bank Islam, Bank House •Sudan: 13 Muamalat) •Rest - banks •Yemen: 05 •South Africa IsMFI’s Worldwide: 300 * Awqaf SA Countries: 32 Market Size: 1 billion USD •Al- Amal •Al Kuraimi •Indonesia: 133 •BPRS , BMT. Muaritius AlBaraka MPCS 10
  11. Need Assessment of Islamic Microfinance for West Africa and MENA Region MENA Region West Africa Countries Benin Burkina Faso Cape Verde The Gambia Ghana Guinea Guinea-Bissau Liberia Mali Mauritania Niger Nigeria Senegal Sierra Leone Senegal Sierra Togo Aggregate (Middle East & North Africa Region) * Muslim Population % Countries * Muslim Population % 2,259 24.5 Algeria 34,780 98.2 9,600 58.9 Bahrain 655 81.2 <1 0.1 Egypt 80,024 94.7 1,669 95.3 Iran 74,819 99.6 3,906 16.1 Iraq 31,108 98.9 8,693 84.2 Jordan 6,397 98.8 - - Kuwait 2,636 86.4 523 12.8 Lebanon 2,542 59.7 12,316 92.4 Libya 6,325 96.6 3,338 99.2 Morocco 32,381 99.9 Oman 2,547 87.7 15,627 98.3 Qatar 1,168 77.5 75,728 47.9 Saudi Arabia 25,493 97.1 12,333 95.9 Syria 20,895 92.8 12,333 95.9 Tunisia 10,349 99.8 12,333 95.9 UAE 3,577 76.0 827 12.2 Yemen 24,023 99.0 171,485 57.8% Aggregate 359,719 97.3% * According to 2010-11 & .in figure 000 11
  12. Challenges facing Islamic Microfinance         Non - Availability of Donor/Shariah Compliant Sources of Funds Need to develop a uniform regulatory and legal framework for the Islamic Microfinance Institutions. Accounting & I.T systems., Rating Agencies. Lack of Quality HR in Islamic Microfinance Sector. Standardization of Islamic Microfinance Products. Reluctance in Research & Implementation of new Products, as only (Murabahah) is serving almost 80% of Islamic Microfinance Industry. Development of Shairah Expertise towards the Growth of Islamic Microfinance. Lack of Policies & Regulations on Zakat & Awqaf. 12
  13. The Concept of SMEs Small and Medium Enterprises , (SMES) are very critical to the development of any economy. The important role of SMEs to the development of the economy of any nation is even more evident when the economies of developing nations are considered. The SMEs have played very important roles in the development of many Asian countries and indeed the Asian giants. The economic boom in some of these Asian countries which is not unconnected to SMEs have lifted hundreds of millions of people out of poverty and created tens of millions of new middle-class consumers. SMEs are responsible for driving innovation and competition in many economies. SMEs possess great potential for employment generation, improvement of local technology, output diversification, development of indigenous entrepreneurship and forward integration with large scale industries (CBN, 2011). 13
  14. • Micro/Cottage Industry An industry with a labour size of not more than 10 workers, or total cost of not more than N1.50 million, including working capital but excluding cost of land. • Small-Scale Industry An industry with a labour size of 11-100 workers or a total cost of not more thanN50 million, including working capital but excluding cost of land. • Medium Scale Industry: An industry with a labour size of between 101-300 workers or a total cost of over N50 million but not more than N200 million, including working capital but excluding cost of land. • Large Scale An industry with a labour size of over 300 workers or a total cost of over N200 million, including working capital but excluding cost of land
  15. The Concept of SMEs … Cont’d An important feature of SME is their ability to create jobs. The total number of persons employed by the Micro, Small and Medium enterprises (MSME) sector in Nigeria as at December 2010 stood at 32,414,884. However, these enterprises are mostly characterized by inadequate capital base and low managerial and technical skills mainly caused by their poverty situation and inaccessibility to adequate investment capital (NBS, 2012 as cited in Abdullahi and Abdullahi, 2013). Capital is the blood life of every business. The main sources of capital in Nigeria are the financial institutions, precisely commercial banks. The lending procedures and collateral facilities are some of the obstacles hindering growth and development of SMEs in Nigeria. The formal banking system is beyond the reach of many who therefore patronize micro finance institutions. Similarly, the religious, vision and welfare objective determines the extent to which some entrepreneur patronize the informal banking system. Therefore, Islamic microfinance has emerged as a new financial innovation to substitute for conventional Microfinance. 15
  16. Figure III : Five Pillars of an Ideal Entrepreneurial Ecosystem (Ernst & Young, 2015): 16
  17. Islamic Microfinancing Options for SMEs The Islamic financing options for SMEs identified can be divided into two broad categories : asset-based and equity-based financing options. Each of these financing categories has a fundamental role to play in increasing the financial inclusion of SMEs. 17
  18. Role of IsMF in the Development of MSMEs Islamic Finance is a conglomerate of all ethical finances in consonance with the shariah . This includes, zakat administration, waqf, non interest financial services and institutions, prohibition of speculator finances, emphasis on real sector development, Waqf, Qard Hassan which can help in reducing poverty, unemployment and inequality. Islamic Finance (IF) has potentials of enhancing financial inclusion and social capital in the country while reducing the cost of and risk associated with financial transactions. Through its operational modalities, it may also enhance financial depth and breadth and capable of improving financial effectiveness and efficiency which are needed for national economic development. Islamic Finance reduces asymmetry and facilitates entrepreneurship and innovation. According to Ang (2008) two channels through which finance can influence growth are the capital accumulation and the total factor productivity (also known as the quantitative and qualitative channels, respectively). The former suggests that economic growth depends on capital accumulation through domestic credit and foreign capital investment. An efficient financial system is needed to mobilize savings and channel it to productive ventures. The latter suggests that efficient financial system boosts economic development through provision of credit facilities to facilitate human capital accumulation and development of technology-intensive industries. 18
  19. Role of IsMF in the Development of MSMEs … Cont’d Poldermans and Philippe (2008) observe that the ideal financial sector should display at least six core desirable features in line with World Trade Organization definition of a financial sector. These are financial depth, financial breadth; financial efficiency; financial effectiveness; regulatory sophistication and financial life cycle for it to serve as a catalyst for growth and development. Interestingly, IsMF has all those features with greater products diversification and product varieties and mutually beneficial contracts than the conventional finance. The financial depth connotes ability of the sector to mobilize financial resources from the economy; the financial breadth relates to the ability of the sector to offer several quality products and facilitates substantial choice. The willingness of the sector to provide affordable quality services is called financial efficiency indicator, the need for a good financial sector to be safe, stable and well regulated to meet the regulatory sophistication. A good system must have a defined progressive path known as financial life cycle. The existence of Islamic finance would possibly enhance financial depth by enhancing financial inclusion and increasing financial resources mobilization (Mobolaji, 2013). It would also enhance financial breadth of the country by providing several quality products, hence improving financial choice available to customers. Through zero interest rate and mutual risk sharing, the Islamic finance instrument offers affordable financial products. Shariah supervision ensures market discipline and enhances stability of the system, thus, Islamic finance offers a safe, stable and well regulated financial institution that meets the 19 regulatory sophistication criterion.
  20. Role of IsMF in the Development of MSMEs … Cont’d The gradual growth of Islamic Finance in many Muslim and Non-Muslim countries suggest that the institution has a progressive path and a sustainable financial life cycle. Chapra (2009) and Siddiqi (2009) argue that the non-interest banks exercise more market discipline, and thus were not totally destabilized during the shock. Chapra (2009) finally concludes that the noninterest banks are more resilient to shocks than the conventional banks, due to their ethical funding approach, avoidance of excess leverage and speculative financing, regulated financial innovativeness as well as asset-backed financing (Mobolaji, 2011). 20
  21. IsMF and Inclusive Growth- Wider Perspective HOUSEHOLD : it may provide an alternative portfolio of holding financial assets, broadens financial choice and inclusion. With it, some Muslims can conveniently partake in the financial sector. In UK for example, the UK Government Support for Islamic Finance, according to Lord Eddie George, Governor of the Bank of England (1993-2003), is for two principal reasons enhancing financial inclusion and business benefits to UK. BUSINESS/FIRM: Islamic Finance may encourage emerging small and Medium Enterprises through mutual risk sharing and promotion of entrepreneurship. For example, one of the financing Modes of Islamic Finance is Mudharabah, profit and loss where both where both the entrepreneur‟s idea and labour effort is rewarded along the capital contribution of the financier according to an agreed ratio. GOVERNMENT: It could encourage real sector development. Many of the government initiatives in the real sector can be financed at a low cost or zero interest, but on long term profit and loss sharing which would benefit both parties. A sukuk bond for example as being practiced in Malaysia London and other countries could help in real sector development for fairly long period. The Islamic finance through its Sukuk (Islamic Bond) can partner with the government to finance several other government initiatives in the real sector on a relatively long-term basis. Islamic Finance promotes inclusiveness through social capital 21
  22. IsMF and Inclusive Growth- Wider Perspective … Cont’d It enhances public confidence in the financial sector and promotes, equality in access to finance and opportunity for empowerment. This public confidence is needed to promote national economic development, as it is a basis of social capital and citizen‟ genuine passion for national development (patriotism.). This can be facilitated through the implicit mutual risk sharing profile of non interest bank, where financial support is equated to entrepreneurial skill, especially in the Mudarabah financing mode, where the business idea is valued as much as the financial contribution of the bank. And in case of any loss, individuals are indemnified to suffer only labour loss. This is in direct comparism with the conventional banking system, where the borrowers bears both the human and financial loss, and thus, have his welfare worsened in case of any loss, as there is unilateral risk shifting rather than mutual risk sharing in Islamic Finance. The existence of Islamic Finance widens financial choice and enhances financial inclusion (Mobolaji 2013). It could also reduce capital flights as it could create avenues for a clement investment 22 environment with low cost and adequate returns.
  23. IsMF Products and Inclusive Growth 23
  24. IsMF Products and Inclusive Growth … Cont’d 24
  25. IsMF Products and Inclusive Growth … Cont’d 25
  26. UMAR ABDUL AZIZ ’s MODEL Umar ibn Abd ul-Aziz (2 November 682– 31 January 720)was an Umayyad caliph who ruled. A cursory glance at the era of Umar Abdul Aziz, would give great lessons for replication by IsMFI. The reign of the great Caliph established basic features of inclusive growth (that is an economic growth that facilitates empowerment and access to opportunities, reducing poverty, inequality and unemployment) which certain provide great lessons to IsMF. from 717 to 720. He was also a cousin of the former caliph, being the son of Abd al-Malik's younger brother, Abd al-Aziz. He was also a female-line great-grandson of the second caliph Umar ibn Al-Khattab. He reigned for only two and half years, from 717 to 720. During his reign, his economic reform led to persistent growth in the economy that actually exhibited inclusiveness as poverty was totally eradicated, inequality and unemployment were drastically reduced. Thus, in mankind history, a perfect example of inclusive growth was established. He enforced the collection of Zakaah and its correct distribution according to the Sharee'ah rules. This helps to redistribute wealth and reduce income inequality and poverty in the 26 state.
  27. UMAR ABDULAZIZ ’s MODEL… Cont’d 'Umar went through the state's affairs and looked in to all the areas where the Sharee'ah rules were being manipulated or abused. Some of the matters that he changed included: • Instead of relying on taxes, he requested all the governors to encourage the citizens to practice agriculture. This enhances both forward and backward, horizontal and vertical integration.it effectively reduced poverty and enhanced employment, as every able and willing labour was productively engaged in production and services and were adequately compensated to reduce inequality gap. • He dictated that if anybody had a piece of land which he/she did not cultivate for three years, the land was to be taken and given to somebody else who would cultivate it. This policy encourages efficient resource utilization and boost capacity and employment, while curtailing wastage and • State officials were excluded from entering into any business. This policy was meant to curtail corruption and abuse/arbitrary use of public office through artificial transaction. It enhanced equity and equality in distribution of national resources, as reduces information asymmetry. 27
  28. UMAR ABDULAZIZ ’s MODEL… Cont’d 'Many public officials have access to some information which places them at an advantage over other citizens. Hence, he ensured level playing ground for economic opportunity. • Unpaid labour was made illegal. He ensured adequate and prompt payment of wages to labour, and all outstanding labour bills before his regime were paid. This led to reduction of poverty incidence and bridged the inequality gap • Pasture lands and game reserves (which had been previously reserved for families of high ranks) were evenly distributed among the poor for the purpose of cultivation. This greatly enhanced equitable redistribution of wealth and reduces income inequality. The redistributed lands further enhanced productive employment and reduced household poverty. • He urged all officials to listen to the complaints of their citizens. In addition, he used to announce that if any subject had seen an officer mistreating the people, the officer should be reported to the leader and that subject would be given a reward ranging from 100 - 300 dirhams. This promotes inclusiveness through stakeholders participation. 28
  29. UMAR ABDULAZIZ ’s MODEL… Cont’d • His economic philosophy was based on the following verse: "Verily, Allah enjoins Al-Adl(Justice) and Al-Ihsân (Good) and giving (help) to kith and kin and forbids Al-Fahshâ' and Al-Munkar and Al-Baghy (i.e. All kinds of oppression), He admonishes you, that you may take heed." [An-Nahl, 16:90] 29
  30. Conclusion Based on Islamic doctrines of social and economic justice , ethics, wealth distribution and public interest; Islamic microfinance advocates economic empowerment through entrepreneurship, risk sharing and financial inclusion. It also contributes to the reduction of inequalities in income and wealth. Thus, there is a great potential for Islamic micro financing to improve the business environment for small and medium enterprises (SMEs) and empower women. Therefore, policy makers and stakeholders should give serious consideration to promoting asset-backed and equity-based financial instruments to leverage Islamic finance is primarily about ethics, which are promoted by all religions as well as ethical standards; hence there is no reason non-Muslims should consider themselves excluded from benefiting from Islamic financial institutions. 30
  31. Conclusion … Cont’d Islamic microfinance is a good way of supporting entrepreneurs. It provides poor borrowers with access to sustainable livelihood through the following without difficulty of accessibility, prohibitive collaterals and exploitative interest. Globally, SMEs contribute 43.5 percent to total employment and account for 57.8 percent of total new jobs created (Ayyagari, Demirgüç-Kunt, and Maksimovic 2011). Various studies have been conducted across different countries and regions confirming that the SME sector is the key driver of economic growth and development. Other important factors regarding SMEs in general and start-ups specifically are their increased engagement of women and youth. The major challenge faced by SMEs, however, is access to finance., which IMFIs have the potentials to tackled. Self reliance, increase employment opportunities, enhance household income and create wealth (CBN, 2005) access to loans and savings services for poor people is currently being promoted as a key development strategy to enhancing poverty eradication and economic development (Shreiner, 2005). 31
  32. Conclusion … Cont’d Islamic finance, as an alternative and ethical financing method, directs funding to impactoriented real economic activities; it thus utilizes economic and financial resources to satisfy the material and social needs of all members of the community—including SMEs. The main foundations of Islamic financial products are its asset-based transaction nature, together with its equity-based nature of sharing risk and profits. 32
  33. Recommendations For the Islamic Finance to fully realize its potentials and impact on the economy , some challenges have to be attended to such provision of a well structured regulatory framework on Islamic Finance to guide against abuses and ensure uniformity in practices, manpower development, more public enlightenment and standardization of accounting procedures to accommodate Islamic Finance institutions and instruments among others. 33
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  36. References … Cont’d Khan, A.A. (2008). Islamic microfinance theory policy and practice.Islamic relief worldwide Birmingham, United Kingdom: Islamic Reliefworldwide. Khan,A.A and Phillips,I. (2010). The influence of faith on Islamic Microfinance Programmes. Kazim,S.S. and Haider,E.S. (2012). Islamic Micro Finance Models and their viability in Pakistan. Micro note. (15). Kurya, U. L and Kurfi, A.K (2010). The role of entrepreneur in reducing rural poverty in sub-saharan Africa, issues on African entrepreneurship. Meredith, G. G., Nelson, R. E., and Neck, P. A. (1991). The Practice of Entrepreneurship.Lagos:University of Lagos Press. Mirza,M.A., and Halabi,K.A . (2003). Islamicc banking in Australia : Challenges and Opportunities. Journal of Muslim Minority affairs. 23 (2). Mobolaji, H. and Abikan, A. I. (2014). Poor Nigerians, Rich Nigeria: The Dilemma of Inclusive Growth and the Role of Islamic Finance Dr. Hakeem Mobolaji. A paper presented and IRTI-UNILORIN/ALHIKMA Thematic Workshop. Morsid,N.A and Abdullahi, A . (2013). The effectiveness of Islamic microfinance in Brunei Darussalam. A paper presented at the 5th Islamic economic system conference. Muhammad, A .D., and Zakaullah, M. A . (2013). Appilicability of Islamic micro investment model in kano state, Nigeria. Austrian Journal of basic and applied sciences. 7 (4). 36 Obaidullah, M. (2014). Introduction to Islamic Microfinance. IBF NET: the Islamic Business and Finance Network. India: IBF Net (P) Limited, India
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  38. Wassalam Thank you for listening 38