Abstract
This paper will highlight the significance importance of the Islamic microfinance working in Pakistan as well as across the world. In 2007, the Greateconomicdamage the global economy of the world including United States, European Union as well as Asia, it made the researcher to studyabout the alternate system in the replacement of Conventional Financial System, after that study and research they recognized that there is no concept of interest in Islamic Financial System, it is totally based on asset-based system, this recognitionshift their area of interest from conventional financial system to Islamic financial system.Islamic financial System plays a significantrole in economic growth of a country through accumulation of deposits and providing the plate form of financing to speed up economic activities. In the last two decades, the traditional microfinance is replaced by the Islamic microfinance in Pakistan as well as in the whole world. This paper will highlight the working methodology of Islamic microfinance models and institutions that how these Islamic microfinance institutions working as an interest free sector in Pakistan and in the world. The paper is also highlighting the difference between conventional micro financing and Islamic micro financing that what are the models and functions that differs the Islamic micro financing from the traditional micro financing
Dr.Hasan Raza. (2018) Islamic Microfinance—An overview and Prospectsin Pakistan, Al Tafseer, Volume 31-32, Issue 2.
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