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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 . Definition

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AMANAH IKHTIAR MALAYSIA

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

  2. 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

  3. 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

  4. Introduction to Islamic Microfinance in Malaysia

  5. Evolution of Micro financing in Malaysia Micro Institutional Framework AmanahIkhtiar Malaysia (AIM) Central Bank (Amendment) Act 2009 TabungEkonomi Kumpulan Usaha Niaga (TEKUN)

  6. Differentiations of Players and Schemes

  7. Differentiation : Conventional Banks Vs Microfinance Institutions

  8. Differentiation : Islamic Vs Conventional MFI

  9. 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

  10. Business Process Flow

  11. Type of Contract – QardHasan Intensive supervisionSkills TrainingHuman Capital DevelopmentConsultation Qard 0% Service Charge (Ujrah) 10%

  12. 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

  13. Impact of Microfinance to Household Income

  14. Enhancement in Microfinance : (i) Entrepreneurs Development Program

  15. Enhancement in Microfinance : (ii) Entrepreneurs Development - Business Development From Grocery Shop to Mini Market Make over Before After

  16. Enhancement in Microfinance : (iii) Human Capital Development

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