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Similarly both the systems advocate financial inclusion, entrepreneurship and risk-sharing through partnership finance.
3. Moreover, both have their focus on developmental and social goals to be accomplished in the society.
Criteria for Islamic Microfinance:
The following criteria would be followed for persons/entities applying for Islamic Micro-finance bank:
i) All financial transactions of Islamic MFB will be in accordance with the injunctions of SHARIAH.
ii) Every Islamic MFB will be required to appoint a Shariah Advisor who should meet the “Fit and Proper Criteria” for Shariah Advisors, issued vide IBD Circular 3 of 2004...
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