Category Archives: Asia

Islamic Microfinance on the Rise

An estimated 1.28 million clients around the world use Sharia-compliant microfinance services, a four-fold increase since 2006, according to a Consultative Group to Assist the Poor (CGAP) study released Wednesday April 3rd.  Nearly a third of all institutions reported the launch of their Islamic microfinance operations in the last five years, and the number of providers offering these products has doubled since 2006.  Ninety-two percent of Sharia-compliant loans are concentrated … Read More >>

The number of people around the world who have access to microcredit financing has fallen for the first time in 13 years, reflecting turmoil in the sector and fall out from the global financial crisis.  The total number of people with access to microloans and other financial services fell by 10 million in 2011 compared to 2010.  The sector had ballooned since the 1990s, reaching hundreds of millions of people and … Read More >>

From the AlHuda Centre of Islamic Banking & Economics Agreement signed between AlHuda Pakistan and Vision Fund AzerCredit Azerbaijan in Baku (Baku- Azerbaijan) An agreement for the advancement of Islamic microfinance was signed between AlHuda Centre of Islamic Banking and Economics and Vision Fund AzerCredit in a splendid ceremony at the capital of Azerbaijan, Baku. According to the agreement, AlHuda CIBE will conduct market research in different cities of Azerbaijan including Baku to formally … Read More >>

  Indonesia is the newest country to dedicate itself to reducing poverty through microfinance.  The country’s president Susilo Bambang Yudhoyono said that microfinance is an effective way to reduce poverty, unemployment, and create more jobs at the 2012 International Microfinance Convention. This two-day conference was hosted by Indonesia’s Ministry of Cooperatives and Small Medium Enterprises, and featured 420 participants from twenty-three countries. The president stressed the importance of helping lower income people … Read More >>

Today I listened to this Global Prosperity Wonkcast with David Roodman: A crisis is unfolding in India’s microcredit sector that– beyond its immediate effects on borrowers and lenders– will greatly affect the future of financial services for the poor. I’m joined by David Roodman, senior fellow here at the Center for Global Development and author of the forthcoming book Due Diligence: A Guide to Microfinance (which he has shared step … Read More >>

How the Rural Half Lives – Wokai Video

[via WokaiSeattle on Twitter]

The Ramon Magsaysay Award Foundation announced this year’s award winners today. Out of the 8 awards given, the Center for Agriculture and Rural Development Mutually Reinforcing Institutions was the only organizations to receive an award. CARD MRI, a partner organization of the Grameen Foundation, provides more than 10 different products such as microcredit loans, savings, microinsurance, and other financial services. Some of the other equally as important recipients include: Grace … Read More >>