Abstract
From the end of World War Two, the core methodology of law and development projects has been to transplant the best legal institutions of Western capitalism to poor and emerging economies. In many post-colonial contemporary Muslim-majority countries, such programs have not adequately engaged with local legal systems, cultures and traditions. Contrary to the restrictive modernist approach to law and development, and inspired by the Sharia, there are numerous Islamic social finance mechanisms that can be utilised for poverty alleviation and their existence is evident across Bangladesh. These cover the full spectrum of philanthropic to financing, investments and insurance built upon Sharia norms and principles. Unfortunately, the true potential of Islamic social finance is considerably constrained by the weak regulatory and policy environment. Islamic social finance does not feature in national development plans, is regulated through a patchwork framework, and operates at a negligible scale. This paper provides a detailed analysis of the existing regulatory and institutional landscape of Zakah (obligatory almsgiving), awqaf (perpetual endowments), Islamic microfinance and microtakaful (microinsurance) in Bangladesh and examines the potential and challenges for Islamic social finance to reduce poverty. Thereafter, several pertinent policy and institutional recommendations are provided to effectively modernise and advance the effectiveness of Islamic social finance institutions. The methodology employed is a mixed approach incorporating literature review, legal analysis of laws and regulation and contextual analysis and field interviews among industry stakeholders. Ultimately, while private investment and initiatives are always able to support the Islamic social finance sector, this paper focuses on the extent to which the regulatory and policy environment is a crucial enabler for widespread and sustained development impact.
APPENDICES
APPENDIX 1: Differences between conventional and Islamic microfinance institutions
| Conventional MFIs | Islamic MFIs | |
|---|---|---|
| Source of Funds | Foreign donors, multilateral and national agencies, government, central bank, savings clients | Religious institutions, Islamic charitable sources, savings of clients, foreign donors, national agencies, private sector |
| Mode of financing | Interest-based | Non-interest-bearing financial instruments |
| Financing the poorest | The extreme poor are usually left out of the financing model | The extreme poor are integrated in the financing model by integrating the zakah (Act of giving) principles in the model |
| Funds transfer | Cash | Goods |
| Deduction at inception of contract | Percentage of funds deducted from principle | No deductions from principle |
| Methods of dealing with defaults | Group/centre pressure | Group/spouse guarantee and Islamic ethics |
| Social development programme | Secular, ethical and social development | Religious which includes behaviour, ethics, and social values |
Source: H. Ahmed, Financing microenterprises: an analytical study of Islamic microfinance institutions, 9 Islamic Economic Studies, no. 2 (2002), 27–64; cited in UNDP, Poverty reduction: Scaling up local innovations for transformational change (July 1, 2011), available at:<https://www.undp.org/content/dam/undp/library/Poverty%20Reduction/Participatory%20Local%20Development/ScalingUp_en_Br.pdf>, accessed October 12, 2019.
APPENDIX 2: Common Islamic Microfinance Contracts
| 'Murabaha Sale (cost plus mark-up credit sale) Murabaha is an asset-based sale transaction used to finance goods needed as working capital. Typically, the client requests a specific commodity (tangible good) for purchase, which the financier procures directly from the market and subsequently resells to the client, after adding a fixed “mark-up” for the service provided. However, ownership of the commodity (and the risk inherent thereto) strictly lies with the financier until the client has fully paid the financier. In most cases, clients repay in equal instalments. The mark-up is distinct from interest because it remains fixed at the initial amount, even if the client repays pats the due date. |
| Musharaka and Mudaraba (profit and loss sharing) The profit and loss sharing (PLS) schemes are the Islamic financial contracts most encouraged by Sharia scholars. Musharaka is equity participation in a business venture, in which the parties share the profits or losses according to a predetermined ratio. Musharaka can be used for assets or for working capital, Mudaraba denotes trustee financing, in which one party acts as a financier by providing the funds, while the other party provides the managerial expertise in executing the project. In mudaraba, profits are shared according to a predetermined ratio; any losses are borne entirely by the financier. If the mudaraba joint venture results in a loss, the financier loses the contributed capital and the manager loses time and effort. |
| Ijarah (leasing) Ijarah is a leasing contract typically used for financing equipment, such as small machinery. Duration of the lease and related payments must be determined in advance to avoid any speculation. For the transaction to be considered Islamic (and not a sale with camouflaged interest), the ijarah contract must specify that the ownership of the asset and responsibility for its maintenance remains with the financier. An ijarah contract may be followed by a sale contract, in which event the ownership of the commodity is transferred to the lessee. |
| Takaful (mutual insurance) The equivalent of Islamic insurance, takaful is a mutual insurance scheme. The word originates from the Arabic word “kafala”, which means guaranteeing each other or joint guarantee. Each participant contributes to a fund that is used to support the group in times of need, such as death, crop loss, or accidents. Paid premiums are invested in a Sharia-compliant manner to avoid interest. |
Source: N. Karim, M. Tarazi and X. Reille, Islamic Microfinance: An Emerging Market Niche (Washington: Consultative Group to Assist the Poor, 2008), available at:<https://www.cgap.org/sites/default/files/CGAP-Focus-Note-Islamic-Microfinance-An-Emerging-Market-Niche-Aug-2008.pdf>, accessed January 18, 2017.
APPENDIX 3: Alternative Microfinance Institution Legal Structures in Bangladesh
| Institution | Registration Framework | MFI Activity Regulator | Examples |
|---|---|---|---|
| Commercial bank | Banking Companies Act (1991)Companies Act (1994) | Bangladesh Bank | Islami Bank Bangladesh Limited (IBBL); Social Islami Bank Limited |
| Non-banking financial institution | Financial Institutions Act (1993) | Bangladesh Bank | Lanka Bangla Finance Ltd; IDLC Finance Ltd; |
| Cooperative | Cooperative Societies Act (1985) | MRA | BRDB (Bangladesh Rural Development Board) |
| Non-government organisation microfinance institutions (NGO-MFIs) | Registered under one or more:
| MRA | Association of Social Advancement (ASA); Bangladesh Rural Advancement Committee (BRAC); Shakti, Caritas Bangladesh (CB); Muslim Aid Bangladesh. |
| Special microfinance bank | Grameen Bank Ordinance (1983) | MRA | Grameen Bank (GB) |
Source: Adapted from T. R. Noor, Fine tuning the microfinance sector under regulatory control in Bangladesh: Imminent issues and challenges, Bangladesh Economic Association 2013, available at:<http://bea-bd.org/site/images/pdf/082.pdf>, accessed April 8, 2017.
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