How can microfinance providers innovate to diversify the range of Sharia-compliant products? With an estimated 650 million Muslims living on less than
Even as more microfinance institutions have entered the Islamic microfinance market, their products have been largely limited to the cost-plus-markup product known as murabaha, which is geared toward asset purchases.
In order to encourage microfinance providers to expand their Sharia-compliant product offerings, CGAP has partnered with the
The theme of the Islamic Microfinance Challenge was "Beyond Murabaha," and it received entries from microfinance institutions in 11 countries.
The judges also chose the
Examples like these three finalists provide a snapshot of the kind of innovation that is needed to ensure that Islamic microfinance products can meet the financial needs of poor Muslim populations.
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