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Targeting Underdevelopment and Poverty in the Muslim World Role of Islamic Finance
Abstract
[While there is no dearth of potential on scarcity of resources, most of the countries of the present day Muslim World find themselves at a lower level of development. A major chunk of the global Muslim population continues to languish in abject poverty. Imbalances and inequalities between and within the countries, also, are obvious. Not that it is because of the absence of a conceptual framework and practices based on it; if on one hand, conventional financial system has suffered blows, Islamic Finance industry is flourishing, on the other. The need is to translate this growth of Islamic Finance into visible initiatives for development and poverty reduction in the OIC member countries by means of institutionalizing the vast, but mostly unorganized, potential of charity-giving in the Muslim Societies. While the conceptual framework is available, need is to move ahead practically at strategic, institutional and operational levels. In this regard, some of the specific policy suggestions, to be considered at OIC's multilateral as well as at unilateral level, may include: Developing a well-thought-out, consensus-driven OIC agenda and framework, aiming for developing Islamic finance; considering the possibility of establishing Islamic Central Bank; instilling research awareness and motivation; setting up specialized institutions such as Sadaqh banks; encouraging resourceful Muslims and Diaspora to contribute in the form of deposits; channelizing spontaneous and rather unorganized charity; and utilizing micro-credit for micro-economic activity and employment generation.]
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[Footnotes]
http://www. sesrtcic.org
SESRIC, Statistical Year Book of OIC Member Countries 2009.
Ibid.
Ibid.
http://www.imf.org/external/pubs/ft/survey/so/2010/res100410a.htm
http://tribune.com.pk/story/480449/islamic-financial-system-shows-inherent- resistance-to-global-crises/
http://www.meezanbank.com/docs/brecorder.pdf
http://www.akhuwat.org.pk/
Sudhirendar Sharma, "Are micro-finance institutions exploiting the poor?" available at http://infochangeindia.org/poverty/analysis/are-micro-finance-institutions- exploiting-the-poor.html (accessed on June 15, 2013.)
Event Summary: "Global Islamic Microfinance Forum", Al-huda Center for Islamic Banking and Economics, Dubai, 9-10 December 2012 accessible at http://www.alhudacibe.com/imfc2012/summary.php
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State Bank of Pakistan Annual Report 2010-11.
http://www. charitybank.org/
Murat Cizacka, "Historical Perspective with Specific Reference to Ottoman Case" in Poverty Alleviation in Pakistan, Institute of Policy Studies, Islamabad 1997.