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ISLAMIC MICROFINANCE AS A POVERTY ALLEVIATION TOOL: EXPECTATIONS FROM OGUN, NIGERIAN SUB - NATIONAL STATE

Authors: ONAKOYA Adegbemi , Onakoya, Adefisayo Olasunkanmi

Publication Type: Journal article

Journal: Ppcss International Journal Series

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Abstract

This study attempts to understand how Islamic microfinance as a financial inclusion strategy can be applied in alleviating poverty and maintain sustainable development in Nigeria. It analyses the convergence of microfinance and Islamic finance in providing financial access to the poor in compliance with the Islamic social principle and tenets. This research employs the use of survey questionnaires and semi structured interviews. A descriptive analysis of data obtained from selected urban and rural areas was conducted using the deductive approach. The survey conducted in Ogun State, a sub national government of Nigeria reveal that notwithstanding the current upsurge in religious tension in Nigeria, religion is not a hindering factor to the implementation of Islamic microfinance. The religious affiliation is not considered critical to accessing microfinance products and services. The study recommends that microfinance of the Islamic genre , should together with other monetary and fiscal policies, will engender financial inclusiveness and be a veritable alternative of providing further inclusive financial access to the Muslims, the poor and other ethically minded investors in Nigeria. In order to achieve sustainable poverty alleviation, the ‘Tabarru’ principle which, focusses on helping the small scale entrepreneurs and the poor vulnerables, meet their financial requirements, should be considered for adoption.

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ONAKOYA,A. Onakoya,,A.O . (0000). ISLAMIC MICROFINANCE AS A POVERTY ALLEVIATION TOOL: EXPECTATIONS FROM OGUN, NIGERIAN SUB - NATIONAL STATE, 2 (), 105-105.

ONAKOYA,A. Onakoya,,A.O . "ISLAMIC MICROFINANCE AS A POVERTY ALLEVIATION TOOL: EXPECTATIONS FROM OGUN, NIGERIAN SUB - NATIONAL STATE" 2, no (), (0000): 105-105.

ONAKOYA,A. and Onakoya,,A.O and . (0000). ISLAMIC MICROFINANCE AS A POVERTY ALLEVIATION TOOL: EXPECTATIONS FROM OGUN, NIGERIAN SUB - NATIONAL STATE, 2 (), pp105-105.

ONAKOYAA, Onakoya,AO, . ISLAMIC MICROFINANCE AS A POVERTY ALLEVIATION TOOL: EXPECTATIONS FROM OGUN, NIGERIAN SUB - NATIONAL STATE. 0000, 2 ():105-105.

ONAKOYA,Adegbemi , and Onakoya,,Adefisayo Olasunkanmi . "ISLAMIC MICROFINANCE AS A POVERTY ALLEVIATION TOOL: EXPECTATIONS FROM OGUN, NIGERIAN SUB - NATIONAL STATE", 2 . (0000) : 105-105.

O.Adegbemi & O.Adefisayo Olasunkanmi , "ISLAMIC MICROFINANCE AS A POVERTY ALLEVIATION TOOL: EXPECTATIONS FROM OGUN, NIGERIAN SUB - NATIONAL STATE" vol.2, no., pp. 105-105, 0000.

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