Islamic Microfinance: Opportunities for Women Entrepreneurs
Poverty is one of the biggest threats to Nigeria's social stability, as over 40.1% of Nigerians are classified as poor.
Microfinance plays a key role in addressing poverty and providing sustainable livelihoods to disadvantaged groups all over the world, from the example of the "Grameen Bank" model in Bangladesh.
Islamic microfinance provides immense opportunities for funding households and businesses especially those that are led by women. Studies have shown that women's empowerment is one of the strategic ways of reducing poverty in a nation. Women constitute 50% of Nigeria's population and almost 41% of women participate actively in the micro-enterprise sector.
This edition of Islamic Finance Weekly anchored by Bukola Akinyele-Yisau features Mrs. Faoziyah Giwa, Assistant Director, Cooperatives, Ministry of Commerce, Industry and Cooperatives, Lagos.
She speaks on the importance of providing funding for women entrepreneurs from an Islamic perspective. According to her, the biggest motivation for providing micro-funding for women is to encourage them to achieve self-sufficiency and uplift them from poverty.