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Title: :  Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector
PaperId: :  5838
Published in:   International Journal Of Advance Research And Innovative Ideas In Education
Publisher:   IJARIIE
e-ISSN:   2395-4396
Volume/Issue:    Volume 3 Issue 4 2017
DUI:    16.0415/IJARIIE-5838
Licence: :   IJARIIE is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author NameAuthor Institute
Dr. Mushthaq Ahammed KSchool of Distance Education, University of Kerala

Abstract

Management and Commerce
Based Microfinance, Islamic Microfinance, Non Conventional Approach, MSME Sector
The policies associated with conventional banking system, indeed, accelerated the pace of coalescence of wealth in few hands. In such type of antagonistic and volatile environment, alternative microfinance would be a universal remedy for this prevailing evil. In fact, conventional microfinance approach has more or less same problems and challenges as those are faced by formal banking credit system. There is a need of alternative approach to overcome deficiencies of traditional and conventional approaches of microfinance. Alternative Approach is a Non-Conventional approach that is built upon moral, ethical and sustainable doctrine of business and premised on the principle of the welfare of all sections of society. All the activities those are unfair, unethical, and exploitative in nature for poor and underprivileged are prohibited under this approach. The main component of conventional approach is interest whereas the non-conventional approach is based on interest free concept and, profit and loss sharing practices in the proportionate way among respective stakeholder. Latter approach therefore would be a solution for draconian impact of former approach, especially, with regard to deprived and weaker sections of society.

Citations

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IJARIIE Dr. Mushthaq Ahammed K. "Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector" International Journal Of Advance Research And Innovative Ideas In Education Volume 3 Issue 4 2017 Page 24-31
MLA Dr. Mushthaq Ahammed K. "Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector." International Journal Of Advance Research And Innovative Ideas In Education 3.4(2017) : 24-31.
APA Dr. Mushthaq Ahammed K. (2017). Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector. International Journal Of Advance Research And Innovative Ideas In Education, 3(4), 24-31.
Chicago Dr. Mushthaq Ahammed K. "Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector." International Journal Of Advance Research And Innovative Ideas In Education 3, no. 4 (2017) : 24-31.
Oxford Dr. Mushthaq Ahammed K. 'Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector', International Journal Of Advance Research And Innovative Ideas In Education, vol. 3, no. 4, 2017, p. 24-31. Available from IJARIIE, https://ijariie.com/AdminUploadPdf/Sharia_Based_Microfinance__A_Non_Conventional_Approach_to_Empower_Indian_MSME_Sector_ijariie5838.pdf (Accessed : 04 July 2017).
Harvard Dr. Mushthaq Ahammed K. (2017) 'Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector', International Journal Of Advance Research And Innovative Ideas In Education, 3(4), pp. 24-31IJARIIE [Online]. Available at: https://ijariie.com/AdminUploadPdf/Sharia_Based_Microfinance__A_Non_Conventional_Approach_to_Empower_Indian_MSME_Sector_ijariie5838.pdf (Accessed : 04 July 2017)
IEEE Dr. Mushthaq Ahammed K, "Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector," International Journal Of Advance Research And Innovative Ideas In Education, vol. 3, no. 4, pp. 24-31, Jul-Aug 2017. [Online]. Available: https://ijariie.com/AdminUploadPdf/Sharia_Based_Microfinance__A_Non_Conventional_Approach_to_Empower_Indian_MSME_Sector_ijariie5838.pdf [Accessed : 04 July 2017].
Turabian Dr. Mushthaq Ahammed K. "Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector." International Journal Of Advance Research And Innovative Ideas In Education [Online]. volume 3 number 4 (04 July 2017).
Vancouver Dr. Mushthaq Ahammed K. Sharia Based Microfinance: A Non-Conventional Approach to Empower Indian MSME Sector. International Journal Of Advance Research And Innovative Ideas In Education [Internet]. 2017 [Cited : 04 July 2017]; 3(4) : 24-31. Available from: https://ijariie.com/AdminUploadPdf/Sharia_Based_Microfinance__A_Non_Conventional_Approach_to_Empower_Indian_MSME_Sector_ijariie5838.pdf
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