• Mohammad Irfan Auro University, Surat, India
Keywords: Islamic microfinance, Economic development, Human development, Content analysis


This study examines Islamic microfinance as an important contributor to both the economic and human development of India. We are aware that conventional microfinance products have flourished in India; however, these products do not fulfil the needs of all Muslim clients. Taking small glimpses of Islamic microfinance (IMF), we can say it is working successfully in Muslim countries. From the meta-analysis we classify the literature into seven categories, viz. social benefits, religious values, business enterprises, poverty alleviation, sustainable development, rural development and economic development. The contribution of research papers has risen across the literature review and there has been a sharp rise in new facts pertaining to Islamic microfinance in India. As a diagnostic check, all seven factors of the meta-analysis of IMF contain evidence for the case study of India. Bait-un-Nasr is an urban co-operative credit society, located in Mumbai, India that has practised all of the factors extracted by the meta-analysis. This paper provides a roster of emerging projects accompanied by a comprehensive review of literature that will be useful to both academicians and practitioners for studying existing research and contemporary future research.


Abdalla, M. G. (1999). Partnership (Musharakah): A New Option for Financing Small Enterprises. Arab Law Quarterly, 14(3), 257-267.

Abeng, T. (1997). Business Ethics in Islamic Context: Perspectives of a Muslim Business Leader. Business Ethics Quarterly, 7(3), 47-54.

Ahmed, H. (2002). Financing Microenterprises: An Analytical Study of Islamic Microfinance Institution. Islamic Economic Studies, 9(2), 27-64.

Ahmed, H. (2006). Frontiers of Islamic Banking: A Synthesis of Social Role and Microfinance. Islamic Research Training Institute, Islamic Development Bank, Jeddah.

Ahmed, H. (2007). Waqf-based Microfinance: Realizing the Social Role of Islamic Finance, International Seminar on “Integrating Awqaf in the Islamic Financial Sector. Singapore.

Ahmad, K. (1992). Economic Development in an Islamic Framework. Leicester, UK:The Islamic Foundation.

Ahsan, M. (2004). Human Development in the Muslim world: From theory to Practice. The Muslim World, 94(2), 181-200.

Ajwani-Ramchandani, R. (2017). The Role of Microfinance in Women’s Empowerment: A Comparative Study of Rural & Urban in India, Emerald, India.

Akhtar, M. R. (1996). Practice and Prospects of Musharaka Financing for Small Enterprises in Pakistan. Journal of Islamic Banking and Finance, 13(3), 7-27.

Akhtar, M. R. (1998). Islamic Microfinance: Credit where Credit is Really Due. Islamic Banker.

Al-Asyqar, M. S. (1998). Bay‘ al-Murabahah kama Tajrihi alBunuk al-Islamiyyah”.

In M. S. Al-Asyqar et al. (Eds.), Buhuth Fiqhiyyah fi Qadaya Iqtisadiyyah Mu‘asirah, 2 j. ‘Amman: Dar al-Nafa’is, 71- 114.

Al-Harran, S. (1990). Islamic Finance: The Experience of the Sudanese Islamic Bank in Partnership (Musharakah) Financing as a Tool for Rural Development among Small Farmers in Sudan (Unpublished doctoral thesis). Durham University, Durham.

Al-Harran, S. (1993). Islamic Finance: Partnership Financing. Petaling Jaya: Pelanduk Publications.

Al-Harran, S. (1995). Proposal for an Integrated Marketing Model of Musharakah Financing to help Disadvantaged Fishing People in Malaysia. International workshop on Islamic Partnership Financing For Small Enterprise. Organised by the Enterprise Development Centre, Cranfield Scholl of Management of England, Cairo, Egypt.

Al-Khair (2013). Al-Khair Co-Operative Credit Society Limited. Retrieved July 10, 2018 from http://alkhairsociety.com.

Al-ZamZami, A., & Grace, L. (2000). Islamic Banking Principles Applied to Microfinance: Case Study of Honeidah Microfinance Programmes, Yemen.

United Nations Capital Development Fund (UNCDF), New York, NY.

Alam, N. (2010). Islamic Venture Philanthropy: A Tool for Sustainable Community Development. Social Science Research Network.

Ali, J., & Al-Owaihan, A. (2008). Islamic Work Ethic: A Critical Review. Cross Cultural Management an International Journal. 15(1), 5-19.

Anderson, G. M. (1988). Mr. Smith and the Preachers: The Economics of Religion in the Wealth of Nations. Journal of Political Economy, 96(5), 1066–88.

Asaduzzaman, M. (1997). Role of Microcredit in Poverty Alleviation. In R.I.

Rahman (ed.), Poverty and Development: Bangladesh Perspective, Dhaka: BIDS, (in Bengali).

Ascarya (2014). Sustainable Conventional and Islamic Microfinance Models for Micro Enterprises. ISRA International Journal of Islamic Finance, 6(2), 49-85.

Ascarya (2016). Holistic Financial Inclusion based on Maqashid Shari‘ah through Baitul Maal Wat Tamwil. Middle East Insights: Islamic Finance Special, No. 1, Singapore: Middle East Institute –National University of Singapore.

Ascarya (2018). Baitul Maal wat Tamwil (BMT): An Integrated Islamic Social and Commercial Finance Institution in Indonesia. Malaysia: Isra-Thomson Reuters Irti Islamic Commercial Law Report, 2018.

Badr-El-Din, A. I. (1997). Financing Challenges for Small Enterprises – The Experience of Sudanese Islamic Banks. M. Harper Rugby: ITDG Publications, 3-12.

Badr-El-Din, A. I. (2003). Poverty Alleviation via Islamic Banking Finance to Microenterprises (MEs) in Sudan: Some Lessons for Poor Countries. Universita¨t

Bremen Institute for World Economics and International Management (IWIM) Sudan Economy Research Group Discussion paper no 35.

Bait-un-Nas’r (2015, June 18). Bait-Un-Nas’r, Urban Co-operative Credit Society limited. Retrieved July 9, 2018, from bait-un-nasr.org: http://bait-un-nasr.org/introduction.php.

Bait-un-Nas’r (2019, Nov 26). Bait-un-nas’r. Retrieved from Board of Directors: http://bait-un-nasr.com/members.php.

Bait-un-Nas’r (2019, Nov 26). Introduction. Retrieved from About Us: http://baitun-nasr.com/introduction.php.

Bakar, D. (1988). Perceptions of Malaysian Corporate Customers towards Islamic Banking Products and Services. International Journal of Islamic Financial Services, Institute of Southeast Asian Studies.

Bakhtiari, S. (2006). Microfinance and Poverty Reduction: Some International Evidence. International Business & Economics Research Journal, 5(12).

Basixindia (2013). Basix Social Enterprise Group. Retrieved July 09, 2018, fromhttp:// www.basixindia.com:http://www.basixindia.com/index.php?option=com_content&task=view&id=37&Itemid=51.

Baydoun, N., & Willett, R. (1997). Islam and Accounting: Ethical Issues in the Presentation of Financial Information. Accounting, Commerce and Finance: The Islamic perspective, 1(1), 1-25.

Bennett, L., & Cuevas, C. (1996). Sustainable Banking with the Poor. Journal of International Development, 8(2), 145-152.

Berger, A. N., & Udell, G.F. (1998). The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance, 22, 613-73.

Borbora, S., & Mahanta, R. (2001). Micro Credit through Self-help Groups and its impact: A Case of Rashtriya Gramin Bank Vikas Nidhi Credit and Saving Programme in Assam. Indian Journal of Agricultural Economics, 56(3), 449.

Boualem, B., & Khan T. (1995). Economics of Diminishing Musharakah. Jeddah: Islamic Research and Training Institute IRTI, Islamic Development Bank.

Brau, J. C., & Woller, G. M. (2004). Microfinance: A Comprehensive Review of the Existing Literature. Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, 9(1), 1-28.

Braverman, A., & Guasch, L. (1986). Rural Credit Markets and Institutions in Developing Countries: Lessons for Policy Analysis from Practice and Modern theory. World Development, 14(10/11), 1253-1267.

Buang, A. H. (2000). Studies in the Islamic Law of Contracts: The Prohibition of Gharar. Kuala Lumpur: International Law Book Services.

Buckley, G. (1996). Rural and Agricultural Credit in Malawi. A Study of the Malawi Muzdi Fund and the Smallholder Agricultural Credit Administration. Institute for Development Policy and Management, University of Manchester, United Kingdom.

CGAP (2008). Islamic Microfinance: An Emerging Market Niche. Word Bank.

Chapra, M. U. (1992). Islam and the Economic Challenge. Herndon, VA: The International Institute of Islamic Thought.

Chapra, M. U. (2000). Why has Islam Prohibited Interest: Rationale behind the Prohibition of Interest. Review of Islamic Economics, 9, 5-20.

Chiara, S. (2005). Islamic Microfinance and Socially Responsible Investment. University of Torino MEDA Project, 1-20.

Choudhury, M. A. (1997). The theory of Endogenous Money in Comparative Islamic perspectives. In M. A. Choudhury, Money in Islam (pp. 38-71). London: Routledge.

Choudhury, M. A. (2001). Islamic Venture Capital - A Critical Examination. Journal of Economic Studies, 28(1), 14-33.

Chowdhury, M. A. (2007). The Role of Islamic Financial Institutions in Resource Mobilization and Poverty Alleviation in Bangladesh: An Empirical Study of Rural Development scheme (RDS) of Islamic Bank Bangladesh Ltd. (IBBL), presented in International Seminar on Islamic alternative to Poverty Alleviation: Zakat, Awqaf and Microfinance, Bangladesh, April 21-23, 2007, 1-20.

Dadhich, C. L. (2001). Micro finance – A Panacea for Poverty Alleviation: A Case Study of Oriental Grameen Project in India. Indian Journal of Agricultural Economics, 56(3), 419-43.

Dhumale, R., & Sapcanin, A. (1998). An Application of Islamic Banking Principles to Microfinance. United Nations Development Program. Regional Bureau for Arab States, New York, N .

Dunia, A. (2013). Risk, Religion, and Islamic Microfinance. The University of San Francisco USF Scholarship: A Digital Repository @ Gleeson Library, Geschke Center, dsaburish@usfca.edu,

Dusuki, A. W. (2008). Banking for the poor: the Role of Islamic Banking in Microfinance Initiatives. Humanomics: The International Journal of Systems and Ethics, 24(1), 49-66.

El-Ansary, W. (1999). Recovering the Islamic Economic Intellectual Heritage, Problems and Possibilities. Proceedings of the Third Harvard University Forum on Islamic Finance, Cambridge MA: 7-13.

EI-Bhasri, M. E. T., & Adam, N. A. (1997). Examples of Partnership Financing for Microenterprise – the case of bank. In M. Harper (Ed.), Partnership Financing for Small Enterprise: Some lessons from Islamic Credit Systems. Rugby: ITDG Publications.

El-Gamal, M. (2006). Islamic Finance: Law, Economics and Practice. New York: Cambridge University Press.

Farooque, A. (2004). Micro-enterprise Financing in an Islamic Economic Framework: Bangladesh perspective. Thoughts on Economics, 14(3&4), 7-19.

Ferro, N. (2005). Value through Diversity: Microfinance and Islamic Finance, and Global Banking. Working Paper, Foundazione Eni Enrico Mattei.

Frasca, A. (2008). A Further Niche Market: Islamic Microfinance in the Middle East and North Africa. Center for Middle Eastern Studies & McCombs School of Business, University of Texas at Austin.

Girsh, M., & Mehta, P. (2003). Crop Diversification: An Empirical Analysis on Kangra farms of Himachal Pradesh, India. Asia-Pacific Journal of Rural Development, 13(2).

Hadavian, A. (1999). Gharzul-hasaneh and its Economic Consequences. Islamic Thought & Cultural Research Center, Ghom: Iran.

Hamid, M., A. (2005). Islamic Banking in Bangladesh: Expectations and Realities. International Conference on Islamic Economics in the 21st Century: Kuala Lumpur, Malaysia, IIUM, 241-281.

Hamid, S. A., & Ahmad, F. (2001). Performance Evaluation of the Islamic Banking Scheme in Malaysia. Bankers Journal, 118, 19-23.

Hans, S. D., & Agung, W. D. (2005). Islamic Microfinance in Indonesia. GTZ, Weisbaden, 1-2.

Harper, M. (1994). Musharaka Partnership Financing – An Approach to Venture Capital for Microenterprise. Small Enterprise Development, 5(4), 27-36.

Hassan, M. K., & Alamgir, D. A. H. (2002). Microfinancial Services and Poverty Alleviation in Bangladesh: A Comparative Analysis of Secular and Islamic

NGOs. In M. Iqbal (Ed.), Islamic Economic Institutions and the Elimination of Poverty. Leicester: The Islamic Foundation.

Hassan, M. K., & Khan, J. M. (2007). Zakat, External Debt and Poverty Reduction Strategy in Bangladesh, Journal of Economic Cooperation, 28(4), 1-38.

Hayes, L., & Frank, E. (1998). Islamic Law and Finance: Religion, Risk and Return. Arabic and Islamic Law Studies, 16, Kluwer Law International.

Hulme, D., & Mosley, P. (1996). Finance Against Poverty, 1. London: Routledge.

Human Welfare Foundation (2014, Oct 12). Vision2026. Retrieved 10 July from http://vision2026.org.in/: http://vision2026.org.in.++ Ibn-Baz (2005). Paying Zakah to Earthquake Victim. IslamOnline.Net. Retrieved from http://www.islamonline.net/servlet/Satellite?pagename=Isla mOnline-English.

Ibrahim, W. (1999). La vie, la mort, le marche. Le Monde diplomatique.

Imai, T., & Annim, K. (2010). Microfinance and Household Poverty Reduction: New Evidence from India. World Development, 38(12).

Indian Centre for Islamic Finance (2017, Jan 23). Institutions, Retrieved July 12, 2018 from http://www.icif.in: http://www.icif.in/institutions.php

Iqbal, Z., & Mirakhor, A. (2007). An Introduction to Islamic Finance: Theory and Practice. Singapore: John Wiley and Sons.

Iqbal, Z., & Mirakhor, A. (2012). Financial inclusion: Inclusion: Islamic Finance Perspective. Journal of Islamic Business and Management, 2(1), 35-64.

Ismail, A. G., & Smolo, E. (2010). A Theory and Contractual Framework of Islamic Micro-financial Institutions Operations. Journal of Financial Services Marketing, 15(4), 287-295.

Janseva Co-operative Credit Society (2015, June 23). Janseva. Retrieved July 10, 2018, from http://www.janseva.in/: http://www.janseva.in.

John, E. (2008). Attaining Empowerment: The Potential of Religious Social Capital in Microfinance Programs. A Thesis, Georgia State University.

Joni, B. (2000, December 20). Isu-Isu Syariah dalam Sistem Perbankan Islam. Paper presented in Discussion on Islamic Economic, Organized by Department of Sharia and Economic, Academy of Islamic Study, University of Malaya, 2.

Karim, N., Tarazi, M., & Reille, X. (2008). Islamic Microfinance: An Emerging Market Niche. The Consultative Group to Assist the Poor (CGAP) Focus Note, Washington DC., USA.

Khalil, A., A., & Colin, R. (2000). Evidence on Agency Contractual Problems in Mudarabah Financing Operations by Islamic Banks. In M. Iqbal and D. T.

Llewellyn (Eds.), Islamic Banking and Finance: New Perspectives on Profit Sharing and Rrsk. Cheltenham, UK: Edward Elgar Publishing.

Khan, A. (2008). Islamic Microfinance: Theory, Policy and Practice. Birmingham, UK: Islamic Relief Worldwide.

Khan, M. (1986). Islamic Interest-free Banking: A Theoretical Analysis. International Monetary Fund, Staff Papers, 1-25.

Khandker, S. R. (1998). Fighting Poverty with Microcredit: Experience in Bangladesh. Oxford: Oxford University Press.

Khanka, S. (2010). Microfinance in India: Its Growth, Challenges and Prospects. KAIM Kournal of Management and Research, 2(1), 41-48.

Khidmat Foundation. (2018, July 10), Khidmat Foundation. Retrieved July Tuesday, 2018 from http://khidmatfoundation.com: http://khidmatfoundation.com/about_us.php.

Kohn, D., & Jainzik, M. (2006). Microfinance Investment Funds Leveraging Private Capital for Economic Growth and Poverty Reduction, Part III. Springer, 179-191.

Ledgerwood, J. (1999). Sustainable Banking with the poor. In Microfinance handbook- An Institutional and Financial perspective. Washington DC: World Bank.

Lewis, M., & Algaoud, M. (2001). Islamic Banking. Northampton, MA: Edward Elgar.

Lustiq, N., & Omar A. (1998). Poverty Reduction, Finance and Development. Quarterly Journal of the IMF, 37(1).

Malik, J. (2005). Agriculture Growth and Rural Poverty: A Review of the Evidence of Asian Development Bank. Pakistan Resident Mission, Working Paper No.2.

Meera, A. K. M., & Razak, D. A. (2005). Islamic Home Financing through Musharakah Mutanaqisah and al-Bithaman Ajil Contracts: A Comparative Analysis. Review of Islamic Economics, 9(2).

Metwally, M. (1997). Economic Consequences of Applying Islamic Principles in Muslim Societies. International Journal of Social Economics, 24(7/8/9), 941-957.

Meyer, R., & Nagarajan, G. (2000). Rural Financial Markets in Asia: Policies, Paradigms, and Performance. New York: Oxford University Press.

Michsel, C., & Demombynes, G. (2013). The New Transparency in Development Economics: Lessons from the Millennium Villages controversy. Center for Global Development, working paper 342,

Morduch, J., & Armendariz, B. (2005). The Economics of Microfinance. Cambridge, Mass: MIT Press.

Mukhlisin, M., & Komalasari, R. (2018). Do you capture the Financial Crisis. Journal of Islamic Monetary Economics and Finance, 3(2), 245-292.

Nelson, R. B. (2006). An Introduction to Copulas (2nd edition). New York: Spring Verlag.

Nicholas, A. (1994). Islamic and Western Banking: Part I-major Features, Structural Forms, Comparison with Western Banks, Riba. Middle East Executive Reports. 17(12), 914.

Nimra, K., Michael, T., & Xavier, R. (2008). Islamic Finance: An Emerging Market Niche. Consultative Group to Assist the Poor (CGAP). Washington, DC, August 2008.

Obaidullah, M. (2008). Role of Microfinance in Poverty Alleviation: Lessons from Experiences in Selected Member Countries. Jeddah, KSA: Islamic Research Training Institute, Islamic Development Bank.

Parveen, A. (2001). Outreach of Micro-credit to Alleviate Rural Poverty—An Evaluation of the Operational Performance of MFIs in Bangladesh (Unpublished master’s dissertation). University of Antwerp - RUCA, Belgium, 1-10.

Parvez, Z. (2000). Building New Society: An Islamic Approach to Social Change. Leicester: The Islamic Foundation.

Patel, S. (2004). Takāful and Poverty Alleviation. London: International Cooperative and Mutual Insurance Corporation (ICMIF).

Rahman, A. (1999). Micro-credit Initiatives for Equitable and Sustainable Development: Who pays? World Development, 27(1), 67-80.

Rahman, A. R. A. (2006). The Islamic Microfinance Potential. New Horizon, 162, 9-12.

Rahman, M. M. (2006). Impact of Rural Development Scheme (RDS) of IBBL on the Rural Poor’s livelihood in Bangladesh. Islamic Bank Training and Research Academy (IBTRA), Mohammadpur Dhaka, 1-50.

Remenyi, J., & Quinones, B. (2000). Microfinance and Poverty Alleviation: Case Studies from Asia and the Pacific. New York: Routledge.

Rice, G. (1999). Islamic Ethics and the Implications for business. Journal of Business Ethics, 18, 345–58.

Riwajanti, N. I. (2014). Islamic Microfinance in Indonesia: A Comparative Analysis between Islamic Financial Cooperative (BMT) and Shari’ah Rural Bank (BPRS) on Experiences, Challenges, Prospects, and Roles in Developing Microenterprises. Bulletin of Indonesian Economic Studies, 50(3), 483-484 . doi: https://doi.org/10.1080/00074918.2014.980385.

Riwajanti, N. I. (2014). Exploring the Role of Islamic Microfinance Institution in Poverty Alleviation through Microenterprises Development, a Case Study of Islamic Financial Cooperative (BMT) in Indonesia. Kyoto Bulletin of Islamic Area Studies, 7, 49-66.

Rizk, R. (2008). Back to basics: an Islamic Perspective on Business and Work Ethics. Social Responsibility Journal, 1, 246-254.

Robert, H. (2008). Ambivalent Embrace: Islamic Economics and Global Capitalism. In J. B. Imber (Ed.), Markets, Morals and Religion (pp. 141-156). New Brunswick: Transaction Publishers.

Rodney, W. (2007). Making Development Assistance Sustainable through Islamic Microfinance. International Islamic University of Malaysia (IIUM) Journal of Economics and Management, 15(2), 197–217.

Rosly, A., & Bakar, M. (2003). Performance of Islamic and Mainstream Banks in Malaysia. International Journal of Social Economics, 30(12), 1249-65.

Roy, M. (2007). The Effect of Religion in Development Efforts – Evidence from the Microfinance Industry and a Research Agenda. University of Agder, Kristiansand, Norway.

Saad, M. (2010). Achieving Human Development Objectives through Microfinance Institution: The case of Amanah Ikhtiar Malaysia. Journal of Islamic Economics, Banking and Finance (JIEBF), 14-28.

Sadiq, A., & Tasmin, R. (2016). The Role of Islamic Micro-finance in Enhancing Human Development in Muslim Countries. Journal of Islamic Finance, 53-62.

Sahulat Microfinance Society (2013, August 24). Retrieved June 23, 2018, from sahulat.org: http://sahulat.org/index.php/en/

Said, P., Shafqat, M., & Rehman, Z. (2006). Draft Guidelines for Provision of Islamic Microfinance Services and Products by Financial Institutions. State Bank of Pakistan, Karachi, 1-11.

Sajjad, C. (2006). Creating an Islamic Microfinance Model: The Missing Dimension. Dinar Standard: Business Strategies for the Muslim World, November 18th 2006. www.dinarstandard.com/finance/ MocroFinance111806.htm

Schreiner, M. (1999). Aspects of Outreach: A Framework for Discussion of the Social Benefits of Microfinance. Journal of International Development, Retrieved from http://www.gwbweb.wustl.edu/users.

Schreiner, M. (2000). Ways Donors can help the Evolution of Sustainable Microfinance Organizations, Savings and Development. Center for Social Development Working Paper No. 99-3, Washington University in St. Louis, www.microfinance.com, 24 (4), 423-37.

Segrado, C. (2005). Islamic Microfinance and Socially Responsible Investments: A Case Study. University of Torino.

Seibel, H., D., & Parhusip, U. (1998). Rural Bank Shinta Daya: Attaining Outreach with Sustainability – a Case Study of a Private Microfinance Institution in Indonesia. IDS Bulletin, 29(4).

Shaik , M., & Waheed, K. (2019). Interest-free Microfinance in India: a Case Study of Bait-un-Nasr Urban Cooperative Credit Society, ISRA International Journal of Islamic Finance. doi: https://doi.org/10.1108/IJIF-10-2018-0114.

Shylendra, H. S. (2006). Microfinance Institutions in Andhra Pradesh: Crisis and Diagnosis. Economic and Political Weekly.

Siddiqi, M. (1985). Partnership and Profit-sharing in Islamic law. Leicester, U.K.: The Islamic Foundation.

Siddiqi, N. (1996). Role of the State in the Economy: An Islamic perspective. Leicester, U.K: The Islamic Foundation.

Sirageldin, I. (2002). The Elimination of Poverty: Challenges and Islamic Strategies. In M. Iqbal (ed.), Islamic Economic Institution and the Elimination of Poverty. Leicester: The Islamic Foundation.

Siraj, S., & Hilary, L. (2005). Islamic Credit and Microfinance. Islam, Land and Property Research Series, UN-HABITAT, New York, Paper 8, 1-21.

State Bank of Pakistan (2007). Islamic Banking Sector Review 2003 to 2007. Islamic Banking Department, Islamabad.

Stephanie, N. (2006). Microfinance: the Opportunity for Islamic Banks. Islamic Finance News, Kuala Lumpur, 3(43), 16-17.

Syubair, M. U. (1998). al-Mu‘amalat al-Maliyyah al-Mu‘asirah fi al-Fiqh al-Islami. Beirut: Dar al-Nafa’is.

Tinker, I. (2000). Alleviating Poverty: Investing in Women’s work. Journal of the American Planning Association, 66, 229-242.

Usmani, M. T. (1999). The Concept of Musharakah and its Application as An Islamic Method of Financing. Arab Law Quarterly, 14(3), 203-220.

Warde, I. (2000). Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press.

Weiss, W. M. (1989). The Bazaar: Markets and Merchants of the Islamic world. London: Thames and Hudson.

Wikipedia (2019, Nov 26). Islah, Retrieved from en.wikipedia.org: https://en.wikipedia.org/wiki/Islah.

World Bank (1978). Employment and Development of Small Enterprises. Sector policy paper. Washington, DC: World Bank.

World Bank (2002). Pakistan – Poverty Assessment: Poverty in Pakistan: Vulnerabilities, Social Gaps and Rural Dynamics. Poverty Reduction and Economic Management Sector Unit, South Asia Region. Washington: DC, Report No. 24296-PAK.

World Bank (2004). Pakistan – Rural Factor Markets: Policy Reforms for Growth and Equity. Rural Development Unit, South Asia Region. Washington: DC. Report No. 30381-PAK.

Yaron, J., McDonald, B., & Charitonenko, S. (1998). Promoting Efficient Rural Financial Intermediation. intermediation. The World Bank Research Observer, 13(2), 147-170.

Zaheer, T. S., & Hassan, M. K. (2001). A Comparative Literature Survey of Islamic Finance and Banking. Retrieved from: https://ssrn.com/abstract=3263061 or http://dx.doi.org/10.2139/ssrn.3263061

Zeller, M., & Meyer, R. (2002). The Triangle of Microfinance: Financial Sustainability, Outreach, and Impact. Baltimore, MD: John Hopkins University Press.

How to Cite
Irfan, M. (2020). A META-ANALYSIS OF ISLAMIC MICROFINANCE : CASE BASED EVIDENCE FROM INDIA. Journal of Islamic Monetary Economics and Finance, 6(1), 21 - 50. https://doi.org/10.21098/jimf.v6i1.1202