Islamic Microfinance: A Model for Alleviating Poverty

Islamic microfinance is evolving into an increasingly popular mechanism for alleviating poverty, particularly in developing countries around the world. The Islamic finance industry as a whole is forseent to reach over $2 billion dollars in 2012 and is a continually growing sector due to its ethical principles and prohibition of riba (interest).
Islamic microfinance offers the investor a chance to get implicated in worthwhile projects which could essentially play a significant role in targeting poverty and alleviating it in many countries around the world. Moreover, it is based on the provision of financial services to the poor or developing regions which are subject to certain conditions laid down by Islamic jurisprudence, representing the merging of two growing sectors: microfinance and the Islamic finance industry.