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Essay / Research Paper Abstract
This 27 page paper considers the concept of Islamic microfinance and whether or not it would be suitable for use in Egypt. The paper starts by defining micro-finance, looking at what it is and how it is used, and the requirements for any type of financing or loans to be compliant with Islamic law. The paper then presents a plan for the implementation of Islamic microfinancing as a government policy. This is based on the literature review, as well as consideration of the way in which Jordan has implemented a successful micro-financing strategy. The bibliography cites 24 sources.
Page Count:
27 pages (~225 words per page)
File: TS65_TEislamicmicro.doc
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Unformatted sample text from the term paper:
3.1.6 Shariah approved activities 15 3.2 Compliant Tools for Islamic Financial Services 15 3.2.1 Murabaha 16 3.2.2 Ijara 16 3.2.3 Mudaraba 16 3.2.4 Musharaka 17 3.2.5 Bay muajjal and baysalam 17 3.3 Islamic Microfinancing 17 4. Potential for Egypt 19 4.1 Assessing Implementation Requirements 20 4.2 Strategies and Tactics for Egypt 22
References 28 1. Introduction Egypt has seen major political changes; the revolution of 2011 has resulted in the first democratically elected
president taking office after being sworn in on the 30th of June 2012 (Saleh, 2012). However, the position inherited by the new president and issues that the new government will
contend with are not new, a major issue is the economy; the country is one where there is a high level of poverty that appears to be increasing rather
than decreasing. It has been reported that in 2012, 25.2% of the population were below the poverty line, an increase in the 2010 figure of 21.6% (IRIN, (a), 2012). Mursi,
the new president has promised to undertake measures to help alleviate poverty, some of the measures include the use of price controls, and wealth redistribution including higher taxes for the
rich (IRIN, (b), 2012). However, he also appears aware that these are not likely to be sufficient; to reduce poverty there is a requirement to pursue policies that will aid
with increasing the long term income of those who are poor. In a recent TV interview with Al Mehwar TV he stated "I do not want to give people a
fish, but want to teach them how to fish" (IRIN, (b), 2012). The commitments indicate intent but have generally lacked any details on the way this will be achieved, but
it may be unsurprising that as the candidate for the Muslim Brotherhoods Freedom and Justice Party1 he has committed to undertaking this in an Islamic way (CNN, 2012).
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