THE ROLE OF ISLAMIC MICROFINANCE IN EMPOWERING WOMEN ENTREPRENEURS: An exploratory

study in the context of Pakistan

1.0 Introduction

Women constitutes an integral part of any society but their importance is undermined due to gender

discriminatory policies set by the government and norms by societies in both developing and developed

world. The poverty burden is beard by them. Women perform 66% of the global work, contribute to the

production of 50 % of global food, and in return receive only 10% of world income and 1% share of

property. 38% of the world registered business is owned by women and its rate of growth is increasing

in Asia, Europe, Africa and Latin America (GEM2009). Despite the fact that women constitutes major

share of the population, they experience status disparity in developing and developed nations (Rehman

and Naoroze, 2007).Women are the untapped sources of economic growth. International organizations

like United nation is using women empowerment as a strategy to reduce poverty and population growth

rate (Kabeer,2001) An economically independent woman invests more in the family and community,

therefore , women economic empowerment is a prerequisite for sustainable economic development

and pro poor growth.

Hisrich (1984) argues that the financial community rates women as a second class citizen. Financial

markets have been showing gender discrimination and possess a certain bias towards women

entrepreneurs’ and had been a major obstacle in their efforts to start up a new business or

strengthening their position (Thabethe, 2006). Furthermore as per Khan & Noreen (2012) 70 % of world

poor are women who are rarely financially independent due to hurdles in accessing credit and financial

services. This makes them most vulnerable members of the society. In order to overcome this financial,

social, and economic instability, microfinance can be considered as an integral source of contribution

through targeting women. Littlefield, Murduch, and Hashemi (2004) argue that microfinance can be

used as a developmental tool to create emancipation and women empowerment. In concordance

Holvoet (2005) suggests that the only platform that can encourage women social, economic and political

empowerment in the wake of skeptical financial instruments is microfinance. The role of microfinance is

considered significant by many researches (e.g. Mayoux 2001 or Guérin 2006 for the African context;

Mahmud 2003, Holvoet 2005 or Moodie 2008 in Asia; Velasco and Marconi 2004 in Latin America).

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Researchers from different parts of the world agreed that women empowerment is created by

microcredit if the program is structured according to social and economic context of women.(Hartungi,

2007; Holvoet, 2005; Guérin, 2006).

Saqib, ( 2006:2) argued that Muslims deterred participation in conventional microfinance programs due

to Riba (interest) that is forbidden in Islam. This becomes the basis for the development of Islamic

microfinance products. Islamic microfinance is in nascent stage of its evolution, contributes 1% of total

Islamic banking outreach globally. The existing studies on Islamic microfinance are mainly done in

Malaysia, Bangladesh, Indonesia and Egypt. Many writers such as El-Gamal (2006), Ahmed (2001), and

others, believe in the great potential of Islamic banking to be involved in microfinance programs to cater

for the needs of the poor who usually fall outside the formal banking sector. Moreover different

researchers are of the opinion that diverse nature of Islamic instruments in collaboration with

mechanisms like Zakat, charity and waqaf can promote entrepreneurship (Akhtar, 1996, 1998; S. Al-

Harran, 1995, 1996, 1999; S. A. S. Al-Harran, 1990 Al-ZamZami & Grace, 2000; Dhumale & Sapcanin,

1998; Hassan & Alamgir, 2002). A study of Lebanese Islamic microfinance products (Chammas ,2006)

uncover the problems with them in terms of application of financial instruments. A study in Bangladesh

(Hossain and Siwar,2008) explores the prospects and problems of Islamic micro finance uncover the

untapped opportunity. Isler (2010) attributes the inefficiencies in Islamic microfinance operations to the

nature of Islamic Products. The above mentioned studies mainly explore or describe the nature of

Islamic micro finance products and their respective mechanisms. Little research is done in gauging their

impact on women empowerment.

There are very limited offerings of Islamic microfinance products in Pakistan. Therefore, majority of

Muslims are forced to use interest based products or exploitive informal money lender. Only two

institutions Akhuwat foundation and Wasil Foundation are offering limited Islamic microfinance

products to both men and women. No exclusive offerings are designed for women. The importance of

women empowerment through micro credit and possible bridging of gap that exists between religious

beliefs and practice demands a study to explore the role that Islamic microfinance can play in the

empowerment of women.

The aim of this research is to explore the role of Islamic Microfinance products in the empowerment of

women entrepreneurs in the light of social and financial structures in Pakistan. The study focuses on the

women entrepreneurs from Lahore District that are using Islamic Microfinance products to reveal their

rich experiences and challenges in accessing and using the Islamic Microfinance products. In addition,

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the current research will explore the perspectives of Islamic and conventional microfinance providers

operating in Pakistan on the challenges faced by them in offering the Islamic microfinance products and

the possible reasons behind the low outreach of these products.

1.1 Background of Research

Women possess a disadvantaged position in developed and developing countries. This can be tracked

from studying history starting from post-world war II period. Women were considered unproductive and

isolated as housewives till 1970. Post 1970 era is characterized by industrial development where women

remained an unequal recipient. This resulted in receipt of only 10% of world income by women even

after performing 67% of world working hours as reported by GEM (2010). This reflects that women

economic health globally. Cheston and Kuhn (2002) argue that women hold low paid jobs mostly in

informal sector in most economies of the world. This is further supported by the work of Islam (2006)

that highlights the contribution of women in the economic development. Consequently, World bank

(2002) acknowledge that the ease of access of financial resources to women creates women

empowerment and subsequently contributes to the development of economy. Mayoux (1998) noted

that increasing women's access to micro-credit has the tendency to initiate a series of 'virtuous spirals'

of economic empowerment, increased well-being for women and their families and on the wider scale,

on social and political empowerment.

Recently increased attention is given to the gender dimension of microfinance due the fact that

researchers consider women role as instrumental in societal change and development. Their

empowerment can bring great social and economic benefits to society. In a study of Bangladeshi women

by Kossmann (2008) women strategic needs like gender equality and their everyday practical needs are

analyzed as a result of availability of microfinance. Kabeer (1998) reveal that Bangladeshi women

contribution to household wellbeing due to access to micro credit reduced domestic abuse. In a similar

study by Cheston and Kuhn (2002) confirms that access to microfinance by women reduced domestic

violence in Nepal thus creating social and economic empowerment. Høgh and Petersen (2009) studied

the behavior and actions of women on the success of microfinance. Similarly , Joloshev ( 2010) argues

that microfinance provides an empowering sustainable path for women entrepreneurs. Mahmood

(2013) investigates the role of microfinance in women’s economic empowerment, well-being of the

family and lack of access to finance from commercial banks due to non-availability of track record and

collateral. Three paradigms on microfinance and gender are discussed by Mayoux (1998) are:

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i. Financial self-sustainability paradigm focuses on providing the right interest rate to poor

and is followed by donor agencies. Gender lobbies argue that women repayment rate and

women contribution to economic development demand support of donors to women for

financial sustainability.

ii. Poverty Alleviation Paradigm: Its focus is client group in a contextual based program. Rural

areas are targeted. The women are responsible for household wellbeing therefore access to

easy finance for women will increase the wellbeing of household in particular while

benefiting the society in general.

iii. Feminist Empowerment Paradigm: The underline assumption is creating gender equality

with help of women targeted microfinance programs.

The microfinance programs can follow any one or a mix of the three paradigms. In the current research

the Financial self-sustainability paradigm and Feminist Empowerment paradigm will be explored.

Jolosheva (2010) argued that microfinance rates are higher for women and creates distress in women in

Kyrgyzstan. The inherent problem with the conventional microfinance products are high interest rates.

Also Interest or Riba is forbidden in Islam. Therefore the conventional microfinance products create a

conflict in one’s religious belief system and the practical needs. The emergence of Islamic banking and

subsequently development of Islamic microfinance products are the solutions that can resolve this

conflict but it is not that easy. Riba is prohibited in Islam and this poses a major challenge to Islamic

banks to extend credit in an efficient and profitable manner that is Shariah compliant. A study by Isler

(2010) revealed an efficiency gap in conventional and Islamic microfinance products. He proposed that

the gap can be bridged by improving the nature of products offered by Islamic banks. He proposed a

study to understand the nature of products that can improve the profitability of banks.

Moreover different researchers are of the opinion that diverse nature of Islamic instruments in

collaboration with mechanisms like Zakat, charity and waqaf can promote entrepreneurship (Akhtar,

1996, 1998; S. Al-Harran, 1995, 1996, 1999; S. A. S. Al-Harran, 1990 Al-ZamZami & Grace, 2000; Dhumale

& Sapcanin, 1998; Hassan & Alamgir, 2002) A similar study in Pakistan (Akhter,2009) propose the use of

Zakat, Waqaf and Takaful to increase Islamic microfinance products contribution to entrepreneurship.

Dusuki(2007) proposes participatory bases, sale based. Lease based and voluntary charitable contract

Islmaic finance models need to be tested in different contexts. A study of Malaysian Islamic microfinance

market revealed that weak credit evaluation mechanisms of Islamic microfinance products undermine

the effectiveness of microcredit. Similarly, Isler (2010) attributes the inefficiencies in Islamic

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microfinance operations to the nature of Islamic Products. A study of Lebanese Islamic microfinance

products (Chammas ,2006) uncover the problems with them in terms of application of financial

instruments. A study in Bangladesh (Hossain and Siwar,2008) explores the prospects and problems of

Islamic micro finance uncover the untapped opportunity. Ahmed (2009) argues that customer

satisfaction and service quality has weak influence on the performance of Islamic banks in Pakistan

1.2 Aims of the Research

Research in the area of Islamic micro finance and its role in empowerment of women entrepreneurs is

considered to be important in order to deal with the issues of easy access and interest free Islamic

micro finance products for the welfare of Women in particular and society as a whole . Specifically the

studies on independent microfinance programs and entrepreneurship are less researched areas

(Islam, 2009). The emerging field of Islamic banking and Islamic micro finance is characterized with lack

of comprehensive knowledge on the nature of Islamic micro finance products and their efficiency in

serving the women.

The primary aim of this study is to explore the role of Islamic microfinance products in the empowerment of women Entrepreneurs in Pakistan. This study will bring out the perspective of women entrepreneurs on challenges faced by them in accessing the Islamic microfinance products due to the nature of the products. The study will further examine the perceptions of managers of Islamic microfinance institutions about the inherent issues and prospects in offering Islamic micro finance products to women entrepreneurs.

1.3 Research Objectives:

The main objective of the study is to explore the role of Islamic microfinance in the empowerment of

women entrepreneurs.

1.3.1 Sub objectives:

Identifying and reviewing the role of Islamic microfinance in economic empowerment of women

entrepreneurs.

Assessing the challenges of women entrepreneurs in accessing the Islamic microfinance due to the

nature of the products.

To identify the concerns of Islamic financial institutions in offering Islamic micro finance products.

To design and develop Islamic micro finance products customized to the needs of the women

entrepreneurs

To develop policy recommendation for Islamic micro finance institutions and government

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1.4 Research Questions

What role does microfinance play in the economic empowerment of women Entrepreneurs in

Pakistan?

What are the challenges faced by women entrepreneurs' in accessing the Islamic microfinance?

What are the reasons behind the limited offering of Islamic microfinance products by Islamic

financial institutions in Pakistan?

What are the reasons behind the limited offering of Islamic micro finance products by Micro

financial institutions?

Which Islamic micro finance products can be launched in the market?

What changes are required in the Islamic micro finance products to cater to the needs of women

entrepreneurs'?

1.5 Rationale: The Justification of the Research

Women empowerment and microfinance is an emerging phenomenon. Previous studies done in Africa,

Europe, India, Bangladesh, Malaysia and Indonesia reveal the importance of role of microcredit in the

empowerment of women. Høgh and Petersen (2009) studied the behavior and actions of women on the

success of microfinance. Similarly , Joloshev (2010) argues that microfinance provides an empowering

sustainable path for women entrepreneurs. Mahmood (2013) investigates the role of microfinance in

women’s economic empowerment, well-being of the family and lack of access to finance from

commercial banks due to non-availability of track record and collateral. Ablorh (2011) examined the

contribution of microfinance to the socio-economic empowerment of women in Ghana by using

Opportunity International savings and Loans (OISL) microfinance program. Moreover a study revealed

use of group lending methodology (Khan and Rehman, 2007) in microcredit disbursement for poor

people of Bangladesh affects the living standard of people. An in-depth gender study (Kulkarni 2010) of

impact of microfinance institutions on women revealed the differences in impact of microcredit on men

and women is different. There is little literature available on the effective ness of different microcredit

products in creating empowerment of women entrepreneurs’ in developing countries in general and

Pakistan in specific. The above literature suggest that the nature of microcredit products and their

respective impact on women empowerment is an under researched area.

Islamic microfinance is in nascent stage of its evolution, contributes 1% of total Islamic banking outreach

Rs.900 billion in Pakistan. The existing studies on Islamic microfinance are mainly done in Malaysia and

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Indonesia and Egypt. Many writers such as El-Gamal (2006), Al-Harran (1990, 1996, 1999),Akhtar (1996,

1998), Dhumale and Sapcanin (1998), Ahmed (2001), and others, believe in the great potential of Islamic

banking to be involved in microfinance programs to cater for the needs of the poor who usually fall

outside the formal banking sector. Moreover different researchers are of the opinion that diverse nature

of Islamic instruments in collaboration with mechanisims like Zakat, charity and waqaf can promote

entrepreneurship (Akhtar, 1996, 1998; S. Al-Harran, 1995, 1996, 1999; S. A. S. Al-Harran, 1990 Al-

ZamZami & Grace, 2000; Dhumale & Sapcanin, 1998; Hassan & Alamgir, 2002) A similar study in Pakistan

(Akhter,2009) propose the use of Zakat, Waqaf and Takaful to increase Islamic microfiance products

contribution to entrepreneurship. Dusuki(2007) proposes participatory bases, sale based. Lease based

and voluntary charitable contract Islamic finance models need to be tested in different contexts. Isler

(2010) attributes the inefficiencies in Islamic microfinance operations to the nature of Islamic Products

in Malayisa. A study of Lebanese Islamic microfinance products (Chammas ,2006) uncover the problems

with them in terms of application of financial instruments. A study in Bangladesh (Hossain and

Siwar,2008) explores the prospects and problems of Islamic micro finance uncover the untapped

opportunity. The above brief overview of the literature on women empowerment, micro credit and

Islamic microfinance products reflect that there are very limited studies done to explore the role of

Islamic microfinance products in terms of their respective nature and attributes in the empowerment of

women entrepreneurs. Hence this study will fill this gap in the literature.

Not only this area is under researched the majority of studies are done in Africa, and developing

countries perspective. There is a need to study the growing phenomenon of Islamic microfinance and

women empowerment in Pakistani Context. This study will provide insight on the nature of Islamic micro

finance products and their implications for women entrepreneurs in Pakistan and help the policy makers

in bringing women and women's perspectives into the governance, management, and implementation

of Islamic micro-finance programs.

Women empowerment and microfinance is an emerging phenomenon. Madiha (2007) studied

ethnographic and discourse analytical methods to investigate the socio-cultural settings of microfinance

and ROSCAs (Rotating Savings and Credit Associations) in Pakistan. The study focus was community not

women. Duvendack (2010) studied microfinance impact evaluation of SEWA Bank conducted by the

United States Agency for International Development in India and Bangladesh using panel data. The

application of advanced econometric techniques to observational data was unable to provide convincing

evidence of impact. Survey methods are used by researcher (Ablorh,2011) to examine contribution of

microfinance in the socio economic empowerment of women in Ghana. Moreover, The studies by

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researcher (Mustafa and Ismailov, 2008) in Pakistan use the information from NGO, Students and

researchers of the field using survey method. A pragmatic paradigm approach using qualitative

information from the women entrepreneurs’ using Islamic micro finance products through in-depth

interviews and quantitative data from the managers of financial institutions both from Islamic and

conventional banks will result in a significant methodological contribution.

1.6 Significance of Study

The current research will make significant theoretical and practical contributions in the following ways:

1.6.1 Theoretical contribution: Pioneer study in exploring the role of Islamic microfinance in

economic empowerment of women entrepreneurs. There are 11 microfinance institutions and

only two institution are offering Islamic micro finance products. This study will shed light on the

effectiveness of their products and identify the challenges faced by women entrepreneurs in

gaining access to Islamic microfinance due to the nature of the products. The outcomes of the

study will help in proposing new models

1.6.2 Contribution in policy development: State bank of Pakistan has made five year strategic plan for

promoting Islamic banking and Islamic microfinance. This study will help in assessing the Islamic

Micro finance products outreach and effectiveness in poverty reduction which is a major

millennium goal. The findings of the study will bring women and women's perspectives into the

governance, management, and implementation of Islamic micro-finance programs.

1.6.3 Practical contribution: Based on the findings, this study will propose Islamic micro finance

products catering to the needs of Women Entrepreneurs’. The current Islamic micro finance

products will be redesigned to make them more customers friendly and a solution to the

problems with the product implementation will be provided.

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