Najib hails potential of Islamic microfinance

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Najib hails potential of Islamic microfinanceIslamic microfinance offers an ethical foundation to entrepreneurship and risk sharing that is lacking in conventional instruments, Malaysia Prime Minister Datuk Seri Najib Tun Razak said on Thursday (26/04/12).

Najib, in his keynote address at the Global Donors Forum 2012 in Kuala Lumpur, said Islamic microfinance can generate profitable products and help to create a dynamic environment for long-term investments.

“In recent years, some microfinance institutions have stepped in to service low-income Muslim customers and meet their need for products consistent with Islamic financial principles,” Najib was quoted as saying by Bernama.

“This has led to the emergence of Islamic microfinance as a new market niche and it is now for us to build on it.

The Global Donors Forum is an annual event that promotes philanthropy and the forming of strategic partnerships for social investment.

Islamic finance is based on the principle of removing riba, or usury, from the equation so that transactions are based on underlying and tangible assets.

Najib added that it is this principle that makes Islamic finance more than simply an industry from which to profit but an effort to ensure equity and enabling those less well of to pursue their entrepreneurial ambitions.

“Quite simply, financial innovations geared towards empowering not dominating people, can revolutionise our world. So, the ultimate focus of Islamic finance should be its core value proposition and not just furthering assets,” he added.



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Islamic microfinance offers an ethical foundation to entrepreneurship and risk sharing that is lacking in conventional instruments, Malaysia Prime Minister Datuk Seri Najib Tun Razak said on Thursday (26/04/12). Najib, in his keynote address at the Global Donors Forum 2012 in Kuala Lumpur, said Islamic microfinance can generate profitable products and help to create a dynamic environment for long-term investments. "In recent years, some microfinance institutions have stepped in to service low-income Muslim customers and meet their need for products consistent with Islamic financial principles,” Najib was quoted as saying by Bernama. "This has led to the emergence of Islamic...

Najib hails potential of Islamic microfinanceIslamic microfinance offers an ethical foundation to entrepreneurship and risk sharing that is lacking in conventional instruments, Malaysia Prime Minister Datuk Seri Najib Tun Razak said on Thursday (26/04/12).

Najib, in his keynote address at the Global Donors Forum 2012 in Kuala Lumpur, said Islamic microfinance can generate profitable products and help to create a dynamic environment for long-term investments.

“In recent years, some microfinance institutions have stepped in to service low-income Muslim customers and meet their need for products consistent with Islamic financial principles,” Najib was quoted as saying by Bernama.

“This has led to the emergence of Islamic microfinance as a new market niche and it is now for us to build on it.

The Global Donors Forum is an annual event that promotes philanthropy and the forming of strategic partnerships for social investment.

Islamic finance is based on the principle of removing riba, or usury, from the equation so that transactions are based on underlying and tangible assets.

Najib added that it is this principle that makes Islamic finance more than simply an industry from which to profit but an effort to ensure equity and enabling those less well of to pursue their entrepreneurial ambitions.

“Quite simply, financial innovations geared towards empowering not dominating people, can revolutionise our world. So, the ultimate focus of Islamic finance should be its core value proposition and not just furthering assets,” he added.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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