Microfinance practices in Malaysia: from 'kootu' concept to the replication of the Grameen Bank model

Rani, Nazatul Shima Abdul; Hamit, Nazaruddin; Das, C.; Shaikh, Junaid M.

doi:10.1504/jibed.2011.038033

Cited by 5 publications

(15 citation statements)

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“…Kootu fund is one method where specific amounts of money were pooled among certain group members, mostly relatives, and friends. The members who participate in the Kootu fund are known or called players (Rani, Hamit, Das, & Shaikh, 2011). Malaysian Kootu Funds (Prohibition) Act 1971 revealed that Kootu funds mean:…”

Section: Introductionmentioning

confidence: 99%

“…'A scheme or arrangement variously known as Kootu, cheety, chit fund, hwei, tontine or otherwise such common fund is put up for sale or payment to the participants to subscribe periodically or otherwise to a common fund is put up for sale or payment to the participant by auction, tender, bid, ballot or otherwise, and includes any scheme or arrangement which with variations partakes of nature of a Kootu, cheetu, chit fund, hwei or tntine'…. [Kootu Fund (prohibition) Act 1971 (Act 28) (Kootu Act'), page 5-6] Kootu fund was often criticised as the concept is not safe as a formal banking system and has risks such as missing insurance coverage, ceasing membership, and money-losing risks (Rani et al, 2011;Joremi, Zakaria, & Abu Bakar, 2021). Having said this, the organisation of Kootu among trustable members such as family members would not be considered unlawful (Rani et al, 2011).…”

Section: Introductionmentioning

confidence: 99%

“…[Kootu Fund (prohibition) Act 1971 (Act 28) (Kootu Act'), page 5-6] Kootu fund was often criticised as the concept is not safe as a formal banking system and has risks such as missing insurance coverage, ceasing membership, and money-losing risks (Rani et al, 2011;Joremi, Zakaria, & Abu Bakar, 2021). Having said this, the organisation of Kootu among trustable members such as family members would not be considered unlawful (Rani et al, 2011). However, some laws can be applied to the action against the individual if there is black money involved, advertised, earned interest, or charge a membership fee for the player's participation.…”

Section: Introductionmentioning

confidence: 99%

“…Individuals and companies, and institutions will also be charged with misusing the concept for their benefits. The business premises would face closure of the business if their company or insitution were identified as having organised the Kootu fund (Rani et al, 2011). Kootu is most commonly 'played' with money raised from individual contributions.…”

Section: Introductionmentioning

confidence: 99%

“…The B40 households often have setbacks in terms of education, employment, and income, which push them to initiate efforts or be a part of the efforts that were undertaken by others to overcome their financial hurdles and prolong their sustainability. Kootu has been identified as the 'women' territory (Rani et al, 2011). Besides, the concept of Kootu has become a popular practice among homemakers in Malaysia (Rani et al, 2011).…”

Section: Introductionmentioning

confidence: 99%

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Kootu fund as saving scheme of B40 Malaysian Indian women: Insights behind the participation as players and organisers during Movement Control Order

Saigaran

2021

GEOGRAFIA

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Bottom 40 which was also known as the B40 households were the vulnerable group that mostly possessed setbacks in terms of finance, health, employment, skills, accommodation, time, and other significant life aspects. B40 households also hold lower socio-economic status among other household groups in Malaysia. Being the female counterparts in the impoverished households, these women faced various hurdles in terms of social, economic, and political perspectives. Malaysian Indians from the B40 group were depicted as the marginalised group in the urban areas. The vulnerability of the B40 women was undoubtedly in a worrying situation as they had the pressure to face the hurdles in the form of patriarchal underlined roles and responsibilities. In considering the B40 group, various financial assistance is being initiated by the Malaysian government. Malaysians have started to create the effort to cope with their household's impoverishment among themselves and their households. Having said that, the 'Kootu' fund became an important effort among Malaysian Indians, especially among B40 Malaysian Indian women. Even though the 'Kootu' fund could not be regarded as stable savings that could empower the women's financial strength, it is somehow enlarging and creating the space for the Malaysian Indian women in terms of their various life aspects. Having said that, the factors behind their participation in Kootu fund were scantly available. Thus, this article intends to explain the factors behind B40 Malaysian Indian participation in the Kootu fund using their narratives regarding their experiences as players or organisers. In-depth interviews were conducted with fifteen B40 Indian women who were selected through snowball sampling around Sungai Karangan housing areas in Kulim, Kedah. The analysis revealed four main themes: motivation to participate economically within the setting of the household, to ease from patriarchal subordinated household roles, establish a networking system with peers around them, and accumulation of savings. The findings of this study would enlighten academicians, researchers and policy makers interested in understanding the reasoning and the complexity behind women participation in informal savings schemes such as Kootu Fund. The findings of the study imply that the Kootu fund does not merely act as a savings scheme, but it requires more intensive analysis to understand its benefits towards the B40 women.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Kootu fund as saving scheme of B40 Malaysian Indian women: Insights behind the participation as players and organisers during Movement Control Order

Saigaran

2021

GEOGRAFIA

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Organizational Knowledge Transformation and Selforganizing Knowledge Representation Model

Vishwanath¹

2023

Preprint

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The purpose of the paper is development of a conceptual model for the representation of knowledge as an activeintellectual substance and, on this basis, study of metaphysics of knowledge transformation process being produced both individuallyand collectively in the practice of organizations. The first principle of knowledge engineering, as Edward Albert Feigenbaum noted,says that the power in solving problems that an intellectual subject (person or machine) manifests in the process of activity dependsprimarily on its knowledge base, and only secondly on the methods of inference used. Strength is hidden in knowledge. The processof producing knowledge is permanent and does not depend on whether an individual is going to use this knowledge or not.Knowledge constantly produces new knowledge regardless of the owner's desire. Besides that, knowledge can’t arise from nothing,but always – from some knowledge obtained earlier. As well as the intelligence, knowledge is an emergent instance arising from thecollective interaction of a lot of intellectual atomic elements of knowledge (knowledge quanta). Idiosyncrasy of this interaction isexpressed precisely in the creation of new knowledge.

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Model of Selforganizing Knowledge Representation and Organizational Knowledge Transformation

Kamran¹

2023

Preprint

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: The purpose of the paper is development of a conceptual model for the representation of knowledge as an activeintellectual substance and, on this basis, study of metaphysics of knowledge transformation process being produced both individuallyand collectively in the practice of organizations. The first principle of knowledge engineering, as Edward Albert Feigenbaum noted,says that the power in solving problems that an intellectual subject (person or machine) manifests in the process of activity dependsprimarily on its knowledge base, and only secondly on the methods of inference used. Strength is hidden in knowledge. The process ofproducing knowledge is permanent and does not depend on whether an individual is going to use this knowledge or not.Knowledge constantly produces new knowledge regardless of the owner's desire. Besides that, knowledge can’t arise from nothing,but always – from some knowledge obtained earlier. As well as the intelligence, knowledge is an emergent instance arising from thecollective interaction of a lot of intellectual atomic elements of knowledge (knowledge quanta). Idiosyncrasy of this interaction isexpressed precisely in the creation of new knowledge. Due to postulating the knowledge self-organizing, the hierarchical knowledgestructures in memory and the process of thinking as a kind of syntax for the procedure of new knowledge generation are described.This is an effort towards understanding the memory mechanisms, the process of thinking, the sources of heuristic knowledge justthrough the inner nature of knowledge. Also, based on the knowledge self-organization principle, an archetype of the appropriateknowledge-based system architecture is presented too. As an implementation of the concept, the perceptual act model is described, andon its base, a possible scenario for the behavior of a robot meeting an obstacle in its path is considered. As the mutual transformationof tacit and explicit knowledge makes new knowledge, the impact of the self-organization of knowledge on the transformation processas well as conditions of self-organization of both individual knowledge and organizational knowledge are analyzed in detail. Finally,modification of the known model of knowledge dimensions by Nonaka and Takeuchi is proposed. Because of the native activity ofknowledge, it is impossible to build a knowledge management system without considering the internal structure of knowledge and itsemergent ability to self-organize. Ensuring the natural process of knowledge development at all ontological levels in an organizationis an essential prerequisite for the evolution of values in this organization.

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Microfinance practices in Malaysia: from 'kootu' concept to the replication of the Grameen Bank model

Cited by 5 publications

References 1 publication

Kootu fund as saving scheme of B40 Malaysian Indian women: Insights behind the participation as players and organisers during Movement Control Order

Kootu fund as saving scheme of B40 Malaysian Indian women: Insights behind the participation as players and organisers during Movement Control Order

Organizational Knowledge Transformation and Selforganizing Knowledge Representation Model

Model of Selforganizing Knowledge Representation and Organizational Knowledge Transformation

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