Chapter 18: A sustainable Islamic microfinance model in poverty alleviation
The UNDP Human Development Report 2010 notes that based on the Multidimensional Poverty Index (MPI), there are 1.7 billion people living in poverty. Of these, 51 per cent live in South Asia; 28 per cent in sub-Saharan Africa; 15 per cent in East Asia and the Pacific; 3 per cent in Latin America and the Caribbean; 1 per cent in the Commonwealth of Independent States (CIS); and 2 per cent in the Arab states. Islamic societies comprise 20 per cent of the world population or 1.3 billion Muslims worldwide. Nearly 70 per cent of all Muslims live in Asia (including the Middle East), while just over a quarter live in Africa. Poverty and destitution is widespread in Muslim countries. The report of the Islamic Development Bank (IDB) in 2008 reveals that its five member countries, Indonesia, Bangladesh, Pakistan, Nigeria and Egypt account for over half a billion (528 million) of the world’s poor with incomes below US$2 a day or national poverty line. Those countries are Muslim dominated, except Nigeria. Based on the Human Development Index, majority Muslim countries are ranked very low, for example Mali at 101 and Burkina Faso at 102 out of 120 countries in the world (Obaidullah and Khan, 2008).
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