The Need for Introduction of Sharia Microfinance Program in the Gambia
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Abstract
The Gambia is a 95 percent Muslim country that is located in the western part of Africa. The population of the country is around 2.5 m. The Gambia is largely dependent on Agriculture, tax, tourism, and foreign aid and is ranked 178, in the Human Development Index 2019, the Gambia is classified as a country with medium human development. The paper used the literature review method. Currently, there is various microfinance program that has been existing for years, but none of them are having Islamic microfinance loan products until recently when two are lunched, as a result, some did not take their loans and even those who take it is hard to change their lives because it is purely for profit-making and also the higher interest rate for some of them. Islamic Microfinance would be the best development instrument for the population of Gambia. The microfinance institutions in The Gambia are very well expanded, they are the main source of credit to the Gambian population both rural and urban. Therefore it will be very important if microfinance institutions in the Gambia can introduce sharia microfinance. The objective of this paper is to suggest ways to introduce sharia microfinance in The Gambia and the benefits of sharia microfinance. The results of this study find out that Islamic microfinance is a viable loan product that can work in the Gambia, there are various kinds of Islamic microfinance products that can work for the poor in the Gambia, such as farmers, gardeners, and market vendors or SMEs. And Islamic microfinance could be the best way of eradicating poverty in the Gambia, since it is not based on the predetermined interest rate and have various suitable loan schemes, if well implemented can change lives.
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Gassama, S., Hamidah, & Sudaryati, E. (2021). The Need for Introduction of Sharia Microfinance Program in the Gambia. Economit Journal: Scientific Journal of Accountancy, Management and Finance, 1(3), 153-164. https://doi.org/10.33258/economit.v1i3.483
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References
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Park, Albert and Changqing Ren. 2001. “Microfinance with Chinese Characteristics.” World Development 29(1):39–62.
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Salleh, Muhammad Syukri. 2017. “Contemporary Vision of Poverty and Islamic Strategy for Poverty Alleviation.” SAGE Open 7(2).
Snyder, Hannah. 2019. “Literature Review as a Research Methodology: An Overview and Guidelines.” Journal of Business Research 104(March):333–39.
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Vakulabharanam, Vamsi and Sripad Motiram. 2007. “The Ethics of Microfinance and Cooperation.” Éthique et Économique / Ethics and Economics 5(2003):1–10.
Wajdi Dusuki, Asyraf. 2008. “Banking for the Poor: The Role of Islamic Banking in Microfinance Initiatives.” Humanomics 24(1):49–66.
Weeks, Max, Hiroko Oe, Yasuyuki Yamaoka, and Takuya Hirata. 2021. “Young Businesspeople’s Entrepreneurial Perceptions and Intentions to Contribute to Local Communities: A Case Study of the Cultured Pearl Industry in Mie, Japan.” Economit Journal: Scientific Journal of Accountancy, Management and Finance 1(2):96–109.
Yaqub, J. O. and H. T. Bello. 2011. “Applicability of Chapra’ S Model of Islamic Banking in Nigeria.” European Scientific Journal 8(15):72–85.
Young, Stephen. 2010. “The ‘Moral Hazards’ of Microfinance: Restructuring Rural Credit in India.” Antipode 42(1):201–23.
Afrane, Sam. 2002. “Impact Assessment of Microfinance Interventions in Ghana and South Africa: A Synthesis of Major Impacts and Lessons.” Journal of Microfinance / ESR Review 4(1):4.
Al-mubarak, Tawfique. n.d. “Going ‘Beyond Microfinance’: Enhancing Islamic.” (iii).
Alawattage, Chandana, Cameron Graham, and Danture Wickramasinghe. 2019. “Microaccountability and Biopolitics: Microfinance in a Sri Lankan Village.” Accounting, Organizations and Society 72:38–60.
Ambe Shu, Cletus, Bilge Oney, Beatriz Armendáriz de Aghion, Jonathan Morduch, Helms Bright, 2011. “Measuring Results of Microfinance Institutions Minimum Indicators That Donors and Investors Should Trac.Pdf.” University of Birmingham Research Archive E-Theses Repository 4(1):1–11.
Amin, Sajeda, Ashok S. Rai, and Giorgio Topa. 2003. “Does Microcredit Reach the Poor and Vulnerable? Evidence from Northern Bangladesh.” Journal of Development Economics 70(1):59–82.
Ariff, Mohamed, Meysam Safari, and Shamsher Mohamad. 2012. Sukuk Securities, Their Definitions, Classification and Pricing Issues Mohamed Ariff, Meysam Safari And.
Aslam, Muhammad Naveed. 2016. “Islamic Microfinance Model to Reduce Poverty: Pakistan’s Case.” International Journal of Management Sciences and Business Research 5(8):1–9.
Faal, Musa L. 2020. “Understanding Binding Constraints to Small and Medium Enterprises (SMEs ) in The Gambia : A Critical Review.” 11(02):216–21.
Fatoni, Ahlis, Sebastian Herman, and Adam Abdullah. 2019. “Ibn Khaldun Model on Poverty: The Case of Organization of Islamic Conference (Oic) Countries.” Journal of Islamic Monetary Economics and Finance 5(2):341–66.
Ferro, Nicoletta. 2011. “Value Through Diversity: Microfinance and Islamic Finance and Global Banking.” SSRN Electronic Journal (I).
Gertler, Paul, David I. Levine, and Enrico Moretti. 2009. “Do Microfinance Programs Help Families Insure Consumption against Illness?” Health Economics 18(3):257–73.
Haji Mohammad, Mohammad Tahir Sabit, David Martin @. Daud Juanil, and Sabariah Eni. 2018a. “Affordability of Islamic Microfinance.” Journal of Technology Management and Business 5(3).
Haji Mohammad, Mohammad Tahir Sabit, David Martin @. Daud Juanil, and Sabariah Eni. 2018b. “Affordability of Islamic Microfinance.” Journal of Technology Management and Business 5(3):43–53.
Hassan, M. Kabair. 2010. “An Integrated Poverty Alleviation Model Combining Zakat, Awqaf and Micro-Finance. Seventh International Conference – The Tawhidi Epistemology: Zakat and Waqf Economy, Bangi 2010.” Seventh International Conference – The Tawhidi Epistemology: Zakat and Waqf Economy, Bangi 2010 AN (January):261–81.
Hassan, Salwana, Rashidah Abdul Rahman, Nordin Abu Bakar, Rohani Mohd, and Aliyu Dahiru Muhammad. 2013. “Designing Islamic Microfinance Products for Islamic Banks in Malaysia.” Middle East Journal of Scientific Research 17(3):359–66.
Hoque, Nazamul, Mohammad Aktaruzzaman Khan, and Kazi Deen Mohammad. 2015. “Poverty Alleviation by Zakah in a Transitional Economy: A Small Business Entrepreneurial Framework.” Journal of Global Entrepreneurship Research 5(1).
Hoque, Nazamul, Abdullahil Mamun, and Abdullah Mohammad Ahshanul Mamun. 2014. “Dynamics and Traits of Entrepreneurship: An Islamic Approach.” World Journal of Entrepreneurship, Management and Sustainable Development 10(2):128–42.
IFSB. 2009. “Islamic Microfinance Report.” “International Technical and Economical Co-Operation” Faculty of Business Administration Islamic Microfinance (February):1–30.
Jaffar, Mariatul Aida and Rosidah Musa. 2014. “Determinants of Attitude towards Islamic Financing among Halal-Certified Micro and SMEs: A Preliminary Investigation.” Procedia - Social and Behavioral Sciences 130:135–44.
Jawara, Hamidou. 2020. “Access to Savings and Household Welfare Evidence from a Household Survey in The Gambia.” African Development Review 32(2):138–49.
Kaleem, Ahmad and Saima Ahmed. 2010. “The Quran and Poverty Alleviation: A Theoretical Model for Charity-Based Islamic Microfinance Institutions (MFIS).” Nonprofit and Voluntary Sector Quarterly 39(3):409–28.
Khalifa Mohamed Ali. 2014. “‘Integrating Zakah, Awqaf and IMF for Poverty Alleviation: Three Models of Islamıc Micro Finance.’” Irti 2(3):193–211.
Khan, Tariqullah, Development Bank, and Management Sciences. 2010. “BOOK REVIEW ISLAMIC MICRO FINANCE DEVELOPMENT:” 1(1):121–25.
Mansori, Shaheen, Chin Sze Kim, and Meysam Safari. 2015. “A Shariah Perspective Review on Islamic Microfinance.” Asian Social Science 11(9):273–80.
Misra, Alok. 2006. “Micro Finance in India and Millennium Development Goals: Maximising Impact on Poverty.” World Bank Annual Meeting Workshop Singapore 1–20.
Morduch, Jonathan. 1999. “The Role of Subsidies in Microfinance: Evidence from the Grameen Bank.” Journal of Development Economics 60(1):229–48.
Obaidullah, Mohammed and Tariqullah Khan. 2011. Islamic Microfinance Development: Challenges and Initiatives.
Oe, H. and Yamaoka, Y. 2020. How to enhance sustainability goals implementation in business behaviour: A lesson from discussions with Japanese small and medium-sized enterprises. Social Business, 10(3), 281-304.
Park, Albert and Changqing Ren. 2001. “Microfinance with Chinese Characteristics.” World Development 29(1):39–62.
Rashidah, Abdul Rahman and Dean Faisal. 2015. “Humanomics Article Information:” Humanomics 31(3):354–71.
Salleh, Muhammad Syukri. 2017. “Contemporary Vision of Poverty and Islamic Strategy for Poverty Alleviation.” SAGE Open 7(2).
Snyder, Hannah. 2019. “Literature Review as a Research Methodology: An Overview and Guidelines.” Journal of Business Research 104(March):333–39.
Union, European. 2019. “Women’ s Economic Empowerment in The Gambia PoWER Assessment of.” (June).
Vakulabharanam, Vamsi and Sripad Motiram. 2007. “The Ethics of Microfinance and Cooperation.” Éthique et Économique / Ethics and Economics 5(2003):1–10.
Wajdi Dusuki, Asyraf. 2008. “Banking for the Poor: The Role of Islamic Banking in Microfinance Initiatives.” Humanomics 24(1):49–66.
Weeks, Max, Hiroko Oe, Yasuyuki Yamaoka, and Takuya Hirata. 2021. “Young Businesspeople’s Entrepreneurial Perceptions and Intentions to Contribute to Local Communities: A Case Study of the Cultured Pearl Industry in Mie, Japan.” Economit Journal: Scientific Journal of Accountancy, Management and Finance 1(2):96–109.
Yaqub, J. O. and H. T. Bello. 2011. “Applicability of Chapra’ S Model of Islamic Banking in Nigeria.” European Scientific Journal 8(15):72–85.
Young, Stephen. 2010. “The ‘Moral Hazards’ of Microfinance: Restructuring Rural Credit in India.” Antipode 42(1):201–23.