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OPINION: Islamic Microfinance can eradicate poverty in Muslim world
Half of global poverty resides in Muslim world while the Muslim population is 24% of the total global population, if the dangerously increasing poverty in the Muslim community is not controlled soon then it will be alarming. These concerns were addressed by Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics while speaking at Islamic Microfinance Symposium held at Tunis and organized by Tunis Association of Islamic Economics with association of Islamic Development Bank (IDB) and German Donor Agency GIZ.
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Financial regulators increasingly skeptical of Bitcoin
Two financial regulatory bodies have issued new Bitcoin-related warnings and sanctions this week. The first came from FINRA, the financial industry’s self-regulatory organization. It published an investor’s note on Tuesday saying that “selling and using bitcoins carry numerous risks.” The second warning came Monday from a Texas state financial regulator. That document is an emergency cease-and-desist order against Balanced Energy, an energy firm taking investment in bitcoins.
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AmEx Pushes Tech to Bank the Unbanked
America's unbanked and underbanked spent $78 billion on fees and interest in 2011; $30 billion in overdraft fees. Meanwhile, 93% of branch closures over the last five years have been in low-income neighbourhoods.
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United Bank for Africa Strengthens E-banking Channels to Boost Financial Inclusion
The Division head said that UBA’s innovative e-Channels have accorded the customers triple gains of financial control, convenience and security.
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- Sub-Saharan Africa
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Microfinance Institutions Network Seeks Early Implementation of Mor Panel Report in India
"Our customers are demanding number of banking services from MFIs. They want services beyond loan offerings, including insurance, invesment opportunities, inter-bank trading services, where banks find it difficult to provide services due to various reasons," said Alok Prasad, chief executive officer (CEO), MFIN.
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NexThought Monday – The Dark Side of Reverse Engineering
A key difference between reverse innovation and the earlier work on base of the pyramid strategy is the promise – even expectation – of large and profitable up-market migration for the innovations incubated in the underserved space. This thinking has upsides, and potentially, a very dark side.
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This Social Enterprise Runs A Global Crowd-funding Platform; Eyes $3-5 Million In Series B Funding
Welcome to Milaap Social Ventures, a social enterprise operating from Bangalore and Singapore, which has developed an online crowd-funding platform to help the unbanked and the underprivileged masses in India. Simply put, Milaap (it means 'connecting together' in Hindi) offers an RBI-approved micro-lending platform that allows the organisation to receive 'loans' from all over the world.
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Women in Kenya stay united to reap benefits from micro-loans
Women in Kenya are reaping huge from micro-lending institutions because of their ability to form groups and stay united. The women, majority who are in groups commonly known as chamas, are the biggest beneficiaries of micro-loans in the East African nation.
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