Islamic Micro Finance

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MEDA PROJECTMicrofinance at the UniversityUniversity of Torino

Case study“Islamic microfinance and socially responsibleinvestments”

Chiara SegradoAugust 2005

The author would like to thank: Professor Sergio Bortolani, Mr Hassan El – Shabrawishi, Mr. MagdyMoussa, Ms Miranda Beshara, Mr. Karim Fanous, Dr Angelo Cicogna, Professor Abdel Rahim Mubarak Hashem, Mr Youssef Assad.

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)273(

ِﻒﱡ ﻔَ ﻌﱠ ﺘﻟا

َﻦِ ﻣ

ءﺎَ ﻴِ ﻨْ ﻏَأ

ُﻞِ هﺎَ ﺠْ ﻟا

ُﻢُ ﻬُ ﺒَ ﺴْ ﺤَ ﻳ

ِضْرَﻷا

ﻲِ ﻓ

ﺎً ﺑْﺮَ ﺿ

َنﻮُ ﻌﻴِ ﻄَ ﺘْ ﺴَ ﻳ

َﻻ

ِ ﻪّ ﻠﻟا

ِﻞﻴِ ﺒَ ﺳ

ﻲِ ﻓ

ْاوُﺮِ ﺼﺣُأ

َﻦﻳِﺬﱠ ﻟا

ءاَﺮَ ﻘُ ﻔْ ﻠِ ﻟ

ٌﻢﻴِ ﻠَ ﻋ

ِ ﻪِ ﺑ

َ ﻪّ ﻠﻟا

ﱠنِﺈَ ﻓ

ٍﺮْ ﻴَ ﺧ

ْﻦِ ﻣ

ْاﻮُ ﻘِ ﻔﻨُ ﺗ

ﺎَ ﻣَو

ﺎً ﻓﺎَ ﺤْ ﻟِإ

َسﺎﱠ ﻨﻟا

َنﻮُ ﻟَﺄْ ﺴَ ﻳ

َﻻ

ْﻢُ هﺎَ ﻤﻴِ ﺴِ ﺑ

ﻢُ ﻬُ ﻓِﺮْ ﻌَ ﺗ

273. " (Charity is) for the poor who are restrained inthe way of Allah, and are unable to move about inthe land. The unaware consider them wealthybecause of their restraint (from begging). You shallrecognize them by their countenance - they do notbeg people importunately. And whatever of goodthings you give, then Allah is All-Knowing of it."

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Table of contents:

1. Introduction

..................................................................................................4

2. The basic principles of Islam and Islamic finance

..............................................6

2.1 The principles of Islamic banking

............................................................8

2.2 The Islamic financing contracts

..............................................................10

a Murabaha

............................................................................................10

b Ijara and Ijara wa-Iqtina

........................................................................10

c Istinsa

.................................................................................................11

d Mudaraba

............................................................................................11

e Musharaka

...........................................................................................12

3. The basic principles of microfinance

.............................................................12

4. Islamic microfinance

....................................................................................14

3. Future perspectives

......................................................................................17

References

.........................................................................................................19

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