Awareness and perceptions of Islamic microfinance among microfinance clients in Kyrgyzstan and Tajikistan

Sabi, Manijeh

doi:10.1080/02634937.2016.1147214

Cited by 2 publications

(3 citation statements)

References 7 publications

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“…This study was based on the data obtained from questionnaires and structured interviews with almost 50 officers of conventional microfinance institutions and not only revealed "latent demand for the Islamic method of microfinance" in Kyrgyzstan and Tajikistan but also identified the major obstacles to Islamic microfinance: high cost, legal barriers and the difficulty of funding. Nevertheless, a more recent field research (Sabi, 2016) conducted on a sample of 150 clients of several conventional microfinance institutions suggested that "although many analysts still maintain that there is a demand for Islamic microfinance in many parts of the world," there is "no clear demand for these products in these two countries." Regarding other post-Soviet markets, in recent study, Nagimova (2021a) reveals the dependency of Kazakh Islamic finance industry on two key investors -IDB and Abu Dhabi Government.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Islamic finance is an emerging phenomenon in the post-Soviet area, where all countries are secular states with almost a century-old atheistic past. Because of this fact, the existing studies concerning Islamic finance in the post-Soviet area were mainly focused on Islamic banking (Bekkin, 2008), Islamic microfinance (Sabi, 2015(Sabi, , 2016, the political (Aliyev, 2012), post-colonial aspects of Islamic finance (Hoggarth, 2016) and the state of Islamic finance (Wolters, 2013;Malik, 2015). Bekkin (2008) believes that Islamic banking activity is unlikely to become a common practice among Kyrgyzstan's banks, as the majority of local population "are less scrupulous in observing Islamic rites as Muslims in the neighboring states of Uzbekistan and Tajikistan."…”

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

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Islamic finance in the post-Soviet Central Asia and Transcaucasia: the evidence from Kyrgyzstan

Nagimova

2022

JIABR

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Purpose Over the past decades, Islamic finance has expanded its presence to many countries including Muslim-majority post-Soviet Central Asian and Transcaucasian region. Undoubtedly, this expansion has aroused keen interest among the representatives of a range of areas such as science, politics and business. The purpose of this paper is to describe the scope, the key players and the main investment strategies of the Islamic finance market based on the evidence obtained from Kyrgyzstan. Design/methodology/approach The main empirical corpus was formed from Bureau van Dijk’s databases (Zephyr and Orbis) and includes approximately 80 deals involving Shariah-compliant investments in Kyrgyzstan from 1991 to 2020. The initial corpus was then significantly expanded by means of content analysis of open media sources. Being still insufficient for deeper generalization, these data were further complemented by the analysis of an array of corporate information (press releases, presentations and financial reports) related to the identified deals. To ensure the credibility of the conclusions to be made on the nature of Islamic finance in Kyrgyzstan, the desk analysis was also complemented with field research using qualitative method of in-depth expert interviews. Findings This paper has shown that despite the yet modest market volumes represented by Islamic bank, Islamic windows, Islamic leasing company and microfinance companies, Islamic finance in Kyrgyz Republic has further growth prospects, which are associated with the arrival of large foreign Islamic banks that bring innovative financial products, the issuance of Islamic securities (sukuk) and launch of Islamic insurance (takaful). Being more open and consistent in the development of Islamic finance industry, the authorities of Kyrgyzstan understand the need for the initial development of the market by their own forces. Originality/value This paper is original and up-to-date, as it contains new and significant information. Suggesting a new approach to studying Islamic finance in post-Soviet area, this paper identifies the most active Islamic investors in Kyrgyzstan, classifies them, reveals their investment strategies and assesses the financial performance of Islamic investors as well as the total volume of Shariah-compliant capital in Kyrgyzstan. The findings of this paper can contribute to shaping policies toward Islamic finance in the post-Soviet region and, therefore, may be beneficial to the development of Islamic finance industry.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

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Islamic finance in the post-Soviet Central Asia and Transcaucasia: the evidence from Kyrgyzstan

Nagimova

2022

JIABR

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İslami Mikrofinans: Bir Literatür İncelemesi

Ülev

2022

Adam Akademi Sosyal Bilimler Dergisi

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Bu çalışmanın amacı, İslami mikrofinans ile ilgili yapılan çalışmaların bir dökümünü sunarak İslami mikrofinans literatürünün genel bir resmini ortaya koymaktır. Çalışmada nitel araştırma yaklaşımı benimsenmiş ve veri toplama tekniği olarak doküman incelemesinden faydalanılmıştır. İslami mikrofinans konusunda yapılan akademik çalışmalar Sciencedirect, Google Scholar, EBSCO ve YÖK Ulusal Tez Merkezi veri tabanlarından tespit edilerek içerik analizine tâbi tutulmuştur. Bu çalışmalar konu olarak incelendiğinde altı konu başlığı ön plana çıkmıştır. Bu konular sırasıyla; İslami mikrofinans kuruluşlarının ürün ve hizmetleri, İslami mikrofinans kuruluşları için yeni model önerileri, İslami mikrofinansın yoksulların refahına etkisi, İslami mikrofinans kuruluşlarının performansı, İslami mikrofinans kuruluşlarının paydaşları ve İslami mikrofinans kuruluşlarında risk yönetimidir.

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Awareness and perceptions of Islamic microfinance among microfinance clients in Kyrgyzstan and Tajikistan

Cited by 2 publications

References 7 publications

Islamic finance in the post-Soviet Central Asia and Transcaucasia: the evidence from Kyrgyzstan

Islamic finance in the post-Soviet Central Asia and Transcaucasia: the evidence from Kyrgyzstan

İslami Mikrofinans: Bir Literatür İncelemesi

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