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AMANAH IKHTIAR MALAYSIA. The Role of Microfinance in Poverty Alleviation: AIM’s Experience. ISLAMIC MICROFINANCE AN INSTRUMENT FOR POVERTY ALLEVIATION. Microfinance . Definition

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amanah ikhtiar malaysia
AMANAH IKHTIAR MALAYSIA

The Role of Microfinance in Poverty Alleviation: AIM’s Experience

  • ISLAMIC MICROFINANCE
  • AN INSTRUMENT FOR POVERTY ALLEVIATION
microfinance
Microfinance
  • Definition
  • Microfinance is the provision of financial services to low-income clients in solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services
  • Microfinance is a broad category of services, which includes microcredit
  • Objectives
  • To eradicate poverty amongst the poor and achieve sustainable independence
  • to bring lower income groups and micro enterprise into the mainstream
  • To enable poor segments of the population and microenterprises to participate in income generating economic activities, thereby equalizing opportunities and reducing inequalities
  • Microfinance is a broad category of services, which includes microcredit
microfinance promoting balance and equitable growth
Microfinance Promoting Balance and Equitable Growth
  • Financial Services
  • Financial Inclusion
  • Access to financing
  • Ensure that every economic activity, geographical region & segment of society has access to financial services
  • Access to financial services

Eradicate poverty

  • Access to financial assistance
  • Access to financial information
  • Ensure all economic sectors, regions an the population at range have access to a broad range of financial products and services
evolution of micro financing in malaysia
Evolution of Micro financing in Malaysia

Micro Institutional Framework

AmanahIkhtiar Malaysia (AIM)

Central Bank (Amendment)

Act 2009

TabungEkonomi Kumpulan Usaha Niaga (TEKUN)

case study amanah ikhtiar malaysia aim
Case Study : AmanahIkhtiar Malaysia (AIM)
  • Largest microcredit organization in Malaysia – established in 1987
  • Objectives – Reducing poverty in Malaysia through disbursement of loans to poor households to finance income generating activities
  • Practice Islamic microfinance scheme – instead of paying interest rates, members pay “service charge”
  • Since inception, more than RM 6.4 billion or USD 2.0 billion has been disbursed to about 280,000 borrowers
type of contract qard hasan
Type of Contract – QardHasan

Intensive supervisionSkills TrainingHuman Capital DevelopmentConsultation

Qard

0%

Service Charge

(Ujrah) 10%

enhancement in microfinance contract murabahahcommodity
Enhancement in Microfinance Contract : MurabahahCommodity

1

Commodity Market KOMODITI

Purchasing Commodity (Pool of Suppliers)

AIM

Commodity Suppliers A

Cash Payment

2

Commodity Suppliers B

Deferred Payment

Selling Commodity

Commodity Suppliers C

BURSA SUQ AL-SILA

(Trading & Clearing Engine)

3

6

Selling Commodity

Commodity Suppliers D

SAHABAT

4

Commodity Supplier E

5

Cash Payment

enhancement in microfinance ii entrepreneurs development business development
Enhancement in Microfinance : (ii) Entrepreneurs Development - Business Development

From Grocery Shop to Mini Market

Make over

Before

After