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Islamic social finance initiatives: an insight into bank Islam Malaysia berhads innovative bangkit microfinance product

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General Information
Title
Islamic social finance initiatives: an insight into bank Islam Malaysia berhads innovative bangkit microfinance product
Type
Article
Main Author
Mohd Yahya Mohd Hussin
Subject
HG Finance
ISSN
0128-1976
Language Code
eng
Bibliographic Details
Place of Production
Tanjung Malim
Publisher
Fakulti Pengurusan dan Ekonomi
Year of publication
2023
Notes
ISRA International Journal of Islamic Finance
Degree Type
Not related
Corporate Name
Universiti Pendidikan Sultan Idris

Abstract

Purpose ? The aim of this study is to explore the initiative taken by Bank Islam Malaysia Berhad (BIMB) in upholding Islamic social finance (ISF) through the innovative BangKIT Microfinance product. Design/Methodology/Approach ? This paper adopts the qualitative approach to review and synthesise the relevant literature on microfinance and Islamic microfinance and, moreover, analyses the BangKIT Microfinance product offered by BIMB. Findings ? The paper identifies the ISF initiative undertaken by BIMB as one of the primary objectives of Islamic banks with the noble aim to contribute to the society. This study makes some recommendations for further improvement of the product to unlock the full potential of ISF. It also proposes such a unique ?adaqah-based product to other Islamic financial institutions (IFIs) and Islamic microfinance institutions (IsMFIs) to promote the provision of credits to individuals and businesses that lack access to fundamental financial products and services. Originality/Value ? This paper sheds light on the use of loans and ?adaqah-based products as a microfinance initiative offered by an Islamic bank. Although there are several microfinance institutions (MFIs) in Malaysia, this product is amongst the pioneer contributions to the role of Islamic banks in ISF. Norazlina Abd. Wahab, Saeed Awadh Bin-Nashwan, Mohd Nazri Chik and Mohd Yahya Mohd Hussin.

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