How Islamic Microfinance Can Support The Growth of Micro-Businesses In Nigeria - Abdulkadir Abdullateef
This edition of the Islamic Finance Weekly anchored by Bukola Akinyele explores how Non-Interest Finance can support the growth and development of Micro-businesses who constitute over 80% of the Micro, Small and Medium Enterprises, MSMEs ecosystem.
According to Mr Abdulkadir Abdullateef the Co-Founder of Islamic Knowledge, Cairo, Egypt unlike the conventional microfinance banks, the non-interest environment provided by the Islamic Microfinance banks brings immense opportunities for the micro-businesses in the country.
Speaking further he believed that Islamic Micro-Finance can serve as an economic tool for empowerment of women in business, the youth and also promote agric-financing that keys into national productivity.
Looking at Islamic microfinance he noted that there are several models that have the non-interest products and components which include Wakala, Zakat, Qard Hassana, Mudaraba and Musharaka.