From Cognoscenti By Mark T. Williams December 5, 2013 Bitcoin is not a futuristic currency...
Guidelines for Islamic Microfinance Business by Financial Institutions
(enacted in 2007)
Guidelines for Islamic Microfinance Business by Financial Institutions, issued by the State Bank of Pakistan, provide guidance for financial institutions interested in offering Islamic microfinance services. This regulation provides four options of how Islamic microfinance services can be offered. Each option is broken down into several models for the provision of Islamic microfinance. The regulation is organized as follows:
- Establishing full fledged Islamic microfinance banks;
- Islamic microfinance services by full-fledged Islamic banks;
- Islamic microfinance services by conventional banks; and
- Islamic microfinance services by conventional microfinance banks.