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9.9.09

Case Study: Islamic Microfinance in Australia

The perspective from downunder is rather different than other periphery markets, but noticeably Islamic finance has been developing through community organizations and grassroots initiatives for quite some time now, MCCA being an example. This paper gives some color to the viability of microfinance and other financing schemes in Australia, particularly interesting as local demand might be small but it proves crucial to the viability of Islamic finance.

Islamic Microfinance: A Case Study of Australia
Abu Umar Faruq Ahmad
Professor A. B. Rafique Ahmad
Journal of Islamic Economics, Banking and Finance
August 2008

Abstract: "Microfinance services are commonly viewed for those traditionally considered non bankable. Microfinance tool can be adapted in every environment, based on the local needs and
economic situation. In Australia, Islamic microfinance enterprises that mostly rely on their shareholders’ savings proved to be very successful in providing microfinance to their clientele."
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