Alfred Vierling’ s response to ‘ Islamic Businesss Contracts and Microfinance: A Case of
Mudaraba’ by Azhar Nadeem, published in Ab Aeterno, Journal of the Academy of Social &
Political Research, oct-dec 2010, issueno 5, .
Some features of the concept of...
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Alfred Vierling’ s response to ‘ Islamic Businesss Contracts and Microfinance: A Case of
Mudaraba’ by Azhar Nadeem, published in Ab Aeterno, Journal of the Academy of Social &
Political Research, oct-dec 2010, issueno 5, .
Some features of the concept of (sharia compatible) micro-finance as
proposed in this article are incompatible with the core of values as
promoted by Ab Aeterno:
It began nobly, when Dr.
Muhammad Yunus inverted everything he d learned in economics
school in 1976 Bangladesh, audaciously passing out 27 to 42 village women with nothing but
collective chutzpah to back them.
They built inventories, earned profits, paid back their loans,
and birthed a phenomenon that would change the world.
Yunus became known as the father
of microfinance, won the 2006 Nobel Peace Prize for his radical faith in human potential over
material collateral.
But meanwhile some disadvantages of micro-finance in general and of
sharia compatible micro-finance schedules have become clear:
Some
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