Micro finance : microloans
Fatawa Question
Assalamulaikum, Dear Dr. Monzer Kahf, MFI-microloans finance institution had proven us tremendous success especially in Bangladesh with Prof. Muhammad Yunus, the founder of the Grameen Bank. It had pulled out the people of Bangladesh from the grip of poverty to be a self-entrepreneur with its microloans. But the problem is, the microloans itself operated under 'Riba' where it charge a moderate amount of interest on the people who take the loan. Would it be fine to charge interest since it just a small amount of loan ? Because it purpose is to help the poor and maybe it can be describe as Hibah (I mean the interest). And prof. Muhammad Yunus said it is fine because it is the borrower-owned bank....
Fatwa
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Publication Date
2008-09-21
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-730768
American Psychological Association (APA)
Qahf, Mundhir. 2008-09-21. Micro finance : microloans. .
https://search.emarefa.net/detail/BIM-730768
Modern Language Association (MLA)
Qahf, Mundhir. Micro finance : microloans. 2008-09-21.
https://search.emarefa.net/detail/BIM-730768
American Medical Association (AMA)
Qahf, Mundhir. 2008-09-21. Micro finance : microloans.
https://search.emarefa.net/detail/BIM-730768