Central Data Catalog

Citation Information

Type Conference Paper - III International Conference on Business and Management
Title A Future Outlook on Financial Inclusion through Islamic Finance: Gaps and Challenges Ahead
Author(s)
Publication (Day/Month/Year) 2014
City Mumbai
Country/State India
URL http://acrpub.com/proceedings/ARC 2014 Mumbai Conference Compendium- ICOBM.pdf#page=48
Abstract
The goal of financial inclusion appears to be within reach. But achieving it depends on scaling up innovation from across the private, public, and social sectors. More than half the world’s adults do not use formal or semiformal financial services. In recent years, the Islamic finance industry has attracted the attention of policy makers and international donors as a possible channel through which to expand financial inclusion, particularly among Muslim adults. Yet cross country, demand-side data on actual usage and preference gaps in financial services between Muslims and non-Muslims have been scarce. The heightened interest reflects a better understanding of the importance of financial inclusion for economic and social development. It indicates a growing recognition that access to financial services has a critical role in reducing extreme poverty, boosting shared prosperity, and supporting inclusive and sustainable development. The paper investigates that which type of financial sector structure works better for Shari’ah compliant countries and reaching out to a broad set of individuals and firms. Therefore, policy makers in various countries who are serious about enhancing access to finance or “financial inclusion” should exploit the potential of Islamic instruments to achieve this goal and focus on improving the regulatory and financial infrastructure to promote an enabling environment. This research paper is an attempt to enhance better financial inclusion with the help of Islamic finance. The purpose of this research paper is to present the issues, challenges and possible solution related to Islamic Financial Inclusion in Middle East Countries.

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Qureshi, Shahina. "A Future Outlook on Financial Inclusion through Islamic Finance: Gaps and Challenges Ahead." III International Conference on Business and Management. Mumbai, India, December 26, 2014.
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