Al Amal provides various financial services and products (Islamic financing, savings, solidarity insurance, etc.) and is among a handful of microfinance institutions in the Arab World providing Islamic financial services.
Tanzania eco-Volunteerism’s (TeV) honey project is a community development program providing rural poor communities of Tanzania with an innovative microfinance model that is in complete compliance with Islamic guidelines for business and finance.
Pakistan does not have any visible Islamic microfinance banks or institutions, so this is a critical project to move forward, albeit in a staged way to limit risk and cost and making sure that we apply new learning as we go.
How come in a country like Bangladesh, the largest MFI or bank providing products complying with Sharia reach only 100,000 active borrowers compared to the 22 million active borrowers reached by Grameen Bank, BRAC, and ASA, all of which are providing conventional products?
Today, microfinance and Islamic finance are professionalized industries with diverse products, growing client bases, and widening geographical coverage. Both have developed innovative solutions to cater to populations that are outside the fold of conventional financial access.