TOWARDS A FINANCIAL MARKET-BASED MICROFINANCE

Halil İbrahim BULUT
1.708 545

Öz


Microfinance has been recognized as a key tool in regional economic development and poverty reduction. But a significant challenge for microfinance, to achieve this objective, is to reach sufficient scale to fulfill demend for financial services. Microfinance sector is currently transforming from non-profit framework towards a greater degree of financial market involvement. The purpose of this study is to motivate a discussion for the potential involvement of financial institutions such as commercial banks, interest-free banks, and venture capital organizations in microfinance market, either directly or indirectly, through their capital market activities and venture capital-like approaches.

Tam metin:

PDF (English)


Referanslar


Al-Rifai, T. And A. Khan, The role of venture capital in contemporary Islamic Finance. http://www.failaka.com/library/articles/VC%20in%20Islamic%20

Finance.pdf, 2004.

Barkley, D.L., D.f:, D.M., J.S.R. and R.S., Establishing nontraditional venture capital institutions: Lessons learned. RUPRI Rural Equity Capital Initiative.Study of Nontraditional Venture Capital Institutions. Part1 of 4 of the final report. 2001.

Barkley, D.L. and D.M.M., Nontraditional sources of venture capital for rural America. Rural America, vol.16, issue 1, May 2001.

Baydas, M., D.H.G., and L.V., Commercial Banks in Microfinance. USAID-funded Project, August, 1997 Yıl:1 Cilt:1 Sayı:1, Yaz 2008 ISSN 1307-9832

International Journal of Economic and Administrative Studies

Bates, T. And W. Bradford, The viability of the Minority-oriented venture-capital industry under alternative financing arrangements. Economic Development Quarterly, 2006, 20, 178.

Baydas, P.M., D.H.Graham, and L. Valenzuela. Commercial banks in micro-finance: New actors in the micro-finance world. USAID-Funded Project, August, 2007..

Brouwers; M.G., Will there Still Be A Role for MFIs? Microfinance MATTERS, UNCDF, October 2005.

Bulut, H.I., Mudaraba-Venture Capital Closed-end Mutual Funds and Mudaraba-Venture Capital Open-end Mutual Funds. ISE Review, Vol.8, No.30, 1997. pp. 31-58.

Busch B. And E. Rhyne, The growth of commercial microfinance:2004-2006. Council of Microfinance Equity Funds. September, 2006.

Bygrave, W.D. and A.J. Timmons, Venture Capital at the Crossroads. Harvard Business School Pres, Boston, 1992.

Choudhury, M.A., Islamic Venture Capital. Journal of Economic Studies, Vol.28, No.1, 2001, pp.14-33.

Cizakca, m., Risk Sermayesi, Özel Finans Kurumları ve Para vakıfları. İlmi Neşriyat, İstanbul, 1999.

Dar, H.A. and J.R. Presley, Lack of profit loss sharing in Islamic banking: Management and control imbalances. International Journal of Islamic financial Services, Vol.2, No.2, J/S 2000.

Dhumale, T. And A. Sapcanin, An application of Islamic Banking Principles to Microfinance. Technical Note, United Nations Development Programme.

Dieckmann, R., Microfinance: An emerging investment opportunity. Deutsche Bank Research, Frankfurt, December 2007.

Fehr, D., Raising capital for microfinance: Sources of funding and opportunities for equity financing. Journal of Developmental Entrepreneurship, June 2006.

Ferro, N., Value Through Diversity: Microfinance and Islamic Finance and Global Banking. Corporate Social Responsibility and Sustainable Management, Italy, June 2005.

Florida, R. and D.F. Smith. Venture capital, innovation, and economic development. Economic development quarterly, vol.4, No.4, Nov.1990, pp345-360.

Gillin, L.O., Evaluating the availability of British social venture capital on the impact of social entrepreneurship. Int. J. Entrepreneurship and Small Business, Vol.3, No.1, 2006, pp.123-136.

Gupta, A.K. and H.J. Sapienza. Determinants of venture capital firms’ preferences regarding the industry diversification and geographic scope of their investments. Journal of Business ventures / (1992): 347-362

Henry, C.M., Islamic financial movements: Midwives of political change in the Middle East. A paper presented fort he 2001 Annual Meetings of the American Political science Association, San Francisco, September, 2001.

Kooi, P., Raising capital through equity investments in MFIs: Lessons from ACLEDA, Cambodia. New York, 2001.

Krauss, N. And I. Walter, Can microfinance Reduce Portfolio Volatility? New York University, November 2006.

McNaughton, R.B. and B.G. Milford, Spatial patterns of Canadian Venture capital investments. Regional Studies, vol.23, no.1 February 1989, pp9-18.

Meehan, J., Tapping the Financial Markets for microfinance. Working Paper Series, Grameen Foundation USA, October 2004.

Nageswaran, A., Investing for Sustainable growth: The Aavishkaar experiment for sustainable financing. At the Congress with Innovation Fair, University of Geneva, September 2003.

Network, O., Optimizing capital supply in support of microfinance industry growth. Working paper, AED CONFERENCE CENTER, Washington, D.C., October 2006.

Obaidullah, M., Islamic Financial Services.Islamic Economic Research Center, King Abdulaziz University, Saudi Arabia, 2005.

Otero. M., A commercial future for microfinance. Microfinance MATTERS, UNCDF, October, 2005.

Pretes, M., Microequity and Microfinance. World Development, Vol.30, No.8, pp.1341-1353, 2002.

Rahman, A.R.A., Islamic microfinance: A missing Component in Islamic Banking. Kyoto Bulletin of Islamic Area Studies, 1-2 (2007), pp.38-53.

Segrado, C., Islamic microfinance and socially responsible investments. Case study, University of Toronto, August, 2005.

Siddiqui, M.N., Islamic Banking:True Modes of Financing. New Horizon, 2001, pp.15-20.

Tulchin. D, Positioning microfinance institutions fort he capital markets. Social Enterprise Associates working paper #5. 2004.