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> Posted by Jeffrey Riecke, Communications Associate, CFI
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Islamic finance is expected to expand substantially in 2015, from 2014’s total of $2.1 trillion to $2.5 trillion, according to figures released last week by the Al-Huda Centre of Islamic Banking and Economics. In 2011, the industry had assets of about $1 trillion. Islamic microfinance, the segment of Sharia-compliant services targeting clients at the base of the pyramid, only occupies a small slice of the pie, at 1 percent of all Islamic finance globally. However this uptick in Sharia-compliant finance, as well as encouraging recent support for the 650 million Muslims living on less than 2 dollars a day, suggest a rising tide for Islamic microfinance.
The industry findings indicate that not only did Islamic finance surpass the $2 trillion landmark in 2014, it gained traction in nascent markets and entered new ones. Markets still green in offering Islamic finance that showed growth in 2014 include Morocco, Tunisia, Azerbaijan, Libya, and several non-Muslim-majority countries including Nigeria, Tanzania, and South Africa. Among the new markets where Islamic finance took root last year are Australia, Brazil, and China. Globally, there are 1,500 organizations working in Islamic finance across 90 countries – 40 percent of which are non-Muslim-majority countries. The expansion of Islamic finance opens the door for the many Muslims whose beliefs preclude them from accepting finance with interest rates and fee structures outlawed by Sharia doctrine.
> Posted by Center Staff
Tunisia’s regime change is creating immediate challenges for everyone who lives there, but also hopes for political reform and new opportunities. It may be possible for microfinance to contribute to a new Tunisia offering greater freedom and economic opportunity.
The events of the past week have been difficult for everyone. Michael Cracknell, of Enda Inter-Arabe (enda-ia), the only best-practice microfinance institution in Tunisia, reports that several clients have lost their lives. Beyond that, some of the MFI’s branches have been damaged. Throughout, Enda Inter-Arabe has continued to operate, in recognition that clients, especially some whose businesses have been damaged, need access to services more than ever.
Press reports indicate that the latest turn of events seems to be for the better – a calming of the streets, and more peaceful demonstrations for change. Meanwhile, markets have remained open, and public services such as electricity, gas, water, and transportation have continued to function.
Read the rest of this entry »
> Posted by Jon Pattee
Why do so many capable people put their lives into building the microfinance industry? What do they hope to accomplish? What motivates them? Why do they think microfinance is a solution? Are they pleased with the results? The Center for Financial Inclusion is interviewing founders, pioneers, and entrepreneurs in order to answer these questions and capture the scale and impact of microfinance in today’s world.
Over the course of 2011, we will bring you a score of such interviews from microfinance leaders around the globe. These authentic voices will speak about what is most meaningful to them in their work. We begin with a Tunisian trailblazer…
Essma Ben Hamida
Opening Minds and Empowering Women with Microfinance
In the early 1990s, after returning from Europe to her native Tunisia, Essma Ben Hamida felt it a revelation to notice something that had always been part of her world: When she walked through the poor neighborhoods of Tunis, there were very few women who had a business.
As the co-founder of Enda Inter-Arabe, a non-governmental organization promoting vocational training for school drop-outs and health orientation for women, Essma met regularly with small groups of women to learn their views and see how best to serve them. In one of these Enda discussion circles, Essma asked the women if they were busy. In unison, they said no. They explained that they were occupied caring for their families, but could not work because they had no capital. The women’s response carried Essma back to scenes of her family home. Growing up in Kairouan, Essma observed how non-working women like her mother didn’t have access to money.
“The women were always dependent on their fathers or husbands to give them money for housekeeping. This situation struck me as almost a form of begging,” she remembers.
To read more of the interview with Essma Ben Hamida, click here.
> Posted by Kelley Mesa
We would like to congratulate the leadership and staff of Tunisia’s enda inter-arabe today as they celebrate their 20th anniversary!
Founded in 1990, enda inter-arabe began with just the two co-founders and no budget. Today, enda inter-arabe employs nearly 750 people and serves 125,000 low-income Tunisians, mainly women, throughout the country. They provide microcredit as well as non-financial services, such as training, advice, and support for marketing.
Enda inter-arabe has also taken a leadership role in The Smart Campaign, with Executive Director Essma Ben Hamida serving as a member of the Campaign’s Steering Committee.
Here’s to another successful 20 years!
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