Poverty Alleviation in Mogadishu, Somalia: The Role of Islamic Microfinance

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Author:
Year: 2018

Related Event : Global Conference on Islamic Economics and Finance 2018
Date : 24th October 2018
Venue : Kuala Lumpur, Malaysia
Year : 2018

MOHAMED ABDI ELMI XALANE
DR. MARHANUM BINTI CHE MOHD SALLEH
Department of Finance Islamic International University of Malaysia (IIUM)
Moallimoow@gmail.com
marhanum@iium.edu.my
 
 
The  objective  of  this  paper  is  to  empirically  examine  the  role  of  Islamic  microfinance  in  povertyalleviation  in  Mogadishu,  Somalia.  The  study  basically  concerns  on  two  objectives  which  are;  toobserve the current practice of Islamic microfinance in Mogadishu, Somalia, and to investigate theeffectiveness  of  Islamic  microfinance  institutions  in  this  country  towards  poverty  reduction.  Toachieve the  research objectives, quantitative methodology is  adopted  and primary data is  relied onfor  analysis.Based  onsurvey  questionnaire,  the  sample  of  this  research  were  microfinancerecipients in Mogadishu, Somalia. Via descriptive analysis,it is revealed that the current practice ofIslamic  microfinance  activities  inMogadishu,  Somalia  is  serving  the  poor  people,  but  thesemicrofinance activities are not effectivein terms of the procedure of obtaining loans, enhancementof standard living, usefulness of the system, and the awareness level of the people.In addition, thefindings of this study will be beneficial forthe Islamic microfinance institutions, Islamic banks whoinvolve microfinance services, enterprises,academiciansand researchers who interest in this area.
 
Keywords: Microfinance, Islamic Microfinance Institutions, Poverty Alleviation, Current Practice, Effectiveness

 

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