Islamic Microfinance Challenge 2010: Innovating Sustainable, Scalable, and Market-Driven Models

CGAP, Deutsche Bank, Islamic Development Bank, and Grameen-Jameel are pleased to announce Islamic Microfinance Challenge 2010: Innovating Sustainable, Scalable, and Market-Driven Models. The contest is a joint initiative to promote the innovative design of Shariah-compliant products for Islamic microfinance clients.

We are seeking original Islamic microfinance business proposals which are profitable, sustainable, scalable, and Shariah-compliant. The finalist of this competition will be awarded US $100,000 in grant funds as well as need-based technical support to launch a pilot project of their proposed business idea.

This is an opportunity for you to showcase innovative business ideas, gain industry-wide recognition, and benefit from the funds and technical expertise of leading institutions in the microfinance and Islamic finance sectors. 

Download the Phase I Application Form

Please complete and return the application form with accompanying attachments to Ms. Nimrah Karim at islamicmfchallenge2010@gmail.com
The deadline for submission is May 10, 2010. 

Why apply?

• Design a working model for an emerging industry which could extend financial access to millions of poor people
• Win US $100,000 in grant funds to pilot an Islamic microfinance program
• Gain industry-wide recognition
• Benefit from the mentorship and technical expertise of leading institutions in the microfinance and Islamic finance sectors

Who can apply?

• This competition is open to the general public. We welcome applicants from all geographical locations.
• We are now accepting applications in English, Arabic, French, and Indonesian Bahasa.
• Institutions as well as individuals may apply, whether or not they have prior operational experience with Islamic microfinance.
• Applicants must have the capacity to launch a pilot project, should they become a finalist.

What will judges look for?

• Original and innovative business ideas
• Sustainable, self-sufficient, and scalable business models
• Products that are profitable, affordable, Shariah-compliant, and suit the financial needs of the poor and economically vulnerable

What is the application process?

• Applicants must apply to a two-stage process.
• Phase I seeks background information on the applicant and basic information on your proposed business idea. This application is due on May 10, 2010. You can download the form here.
• Applications will be filtered by the judges and the short-listed group will be invited to apply for Phase II.

For further information: Send any queries to Ms. Nimrah Karim at islamicmfchallenge2010@gmail.com