Barriers to Sharia-Acceptable Microfinance Financing in the Twin Cities

Loading...
Thumbnail Image

View/Download File

Persistent link to this item

Statistics
View Statistics

Journal Title

Journal ISSN

Volume Title

Title

Barriers to Sharia-Acceptable Microfinance Financing in the Twin Cities

Alternative title

Published Date

2018

Publisher

Type

Report

Abstract

Keywords

Description

The alternative finance movement for interest adverse Muslim-Somali individuals in the Twin Cities faces a critical moment in its history. As poverty rates of the Muslim-Somali community are on the rise in the Twin Cities, public skepticism of Islamic finance is growing and vested local and regional stakeholders are increasingly finding themselves in a complex system and all have varying definitions of the root causes of the issue. This report provides an analytic summary of the current challenges within the Islamic finance movement in the Twin Cities. Methods of analysis include in-depth, semi-structured interviews with fourteen individuals representative of several key stakeholder groups: (1) community development organizations, (2) entrepreneurs, (3) Islamic financial scholars, (4) banks and other financial institutions, (5) city officials, and (6) major philanthropic foundations in the Twin Cities. Field notes from each interview were analyzed using an inductive coding technique to identify major themes and sub-themes. The set of preliminary recommendations at the end of the report are aimed at cultivating a greater collaborative advantage amongst invested stakeholders and increasing New American Development Center’s (NADC) effectiveness in the Twin Cities region to ultimately support interest-averse East African Somalis in Minnesota.

Related to

Replaces

License

Series/Report Number

KNCBR;1435

Funding information

Conducted on behalf of New American Development Center. Supported by the Kris Nelson Community-Based Research Program, a program of the Center for Urban and Regional Affairs (CURA) at the University of Minnesota.

Isbn identifier

Doi identifier

Previously Published Citation

Other identifiers

Suggested citation

Voller, Vanessa. (2018). Barriers to Sharia-Acceptable Microfinance Financing in the Twin Cities. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/197276.

Content distributed via the University Digital Conservancy may be subject to additional license and use restrictions applied by the depositor. By using these files, users agree to the Terms of Use. Materials in the UDC may contain content that is disturbing and/or harmful. For more information, please see our statement on harmful content in digital repositories.