EXPLORING THE ADVANCEMENT AND ROLES OF ISLAMIC MICROFINANCE INSTITUTIONS IN MICROENTERPRISE DEVELOPMENT IN NIGERIA

Authors

  • Umar Aliyu Maishanu Abdu Gusau Polytechnic Talata Mafara, Zamafara State
  • A.K Siti-Nabiha Graduate School of Business, Universiti Sains Malaysia, Malaysia

DOI:

https://doi.org/10.15282/ijim.7.0.2020.5754

Keywords:

Islamic microfinance, Micro enterprise, Entrepreneurial development, Nigeria

Abstract

This paper discusses the advancement and roles of microfinance institutions, specifically Islamic microfinance institutions in microenterprise development in Nigeria. Microfinance institutions play a key role in financial inclusion and microenterprise development, especially in developing countries. The key aim of microfinance initiatives is to eradicate poverty by providing access to a wide range of financial products and services for those who are financially excluded. The emergence of microfinance in Nigeria appears to be promising, as these institutions support Nigerians of average or poor means by improving their living conditions. However, the nature and conditions of the schemes do not satisfy the sensitivities and requirements of a substantial number of people including poor Muslims who need funding but are unable to take advantage of conventional microfinance services, as loan conditions are seen as being contradictory to Islamic teachings. Islamic microfinance, therefore, can alleviate poverty through the development of microenterprises.

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Published

2020-09-01

How to Cite

Maishanu, U. A., & Siti-Nabiha, A. (2020). EXPLORING THE ADVANCEMENT AND ROLES OF ISLAMIC MICROFINANCE INSTITUTIONS IN MICROENTERPRISE DEVELOPMENT IN NIGERIA. International Journal of Industrial Management, 7, 52–59. https://doi.org/10.15282/ijim.7.0.2020.5754