Why Bangladesh Is Falling Behind In Implementing Islamic Microfinance System? A Systematic Literature Review
Keywords:
Microfinance, Islamic Microfinance, Islamic Microfinance Institutions, Bangladesh, ChallengesAbstract
Due to the inability to access formal financial services, millions of people in Bangladesh living in extreme poverty are unable to engage in development activities. Hence, they are unable to fund their children's education, accumulate assets, or capitalize on other economic opportunities. As a consequence, it's critical to look at how Islamic microfinance might assist these poor people in improving their entire socioeconomic situation and living in a community where they are treated with respect and dignity. This study has used a systematic literature review, where the relevant data for this study was acquired through secondary sources. 15 peer-reviewed articles were collected, synthesised, and analysed to obtain the necessary information. This study's findings highlight the primary reasons why Bangladesh continues to fall behind in terms of successfully implementing Islamic microfinance system. The government, civil society organizations, and financial institutions all need to take initiatives to popularize the Islamic microfinance system in this country, as highlighted in this article.
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