Role of Islamic Microfinance Institutions for Sustainable Development Goals in Bangladesh

Abstract

The goal of this paper is to explore the Islamic Microfinance Instruments (IMFs) in attaining sustainable development goals (SDGs) in Bangladesh. Propose a conceptual model along with exploring the efforts in attaining SDGs to fill the gap. The methodology of the study predicated on secondary data includes existing relevant literature, books and annual reports of easily sampled IMFs and Microcredit Regulatory Authority (MRA) in Bangladesh. The findings of the research show that microfinance organisations have a broader range to attain Sustainable Development Goals through their various investment modes. The analysis categorises the microfinance tools into large parts that are poverty decrease, end hunger for food, good health, equality education, clean drinking water, sanitation energy, gender equality, empowering women, and funding which have an optimistic effect to the real sector of the sustainable economic climate that will lead towards attaining SDGs. Microfinance organisations are carrying on their initiatives in attaining sustainable development goals through their various products. With growing the potentiality, microfinance has both direct and indirect effects on ensuring financial development, environmental sustainability, and social inclusion by creating work opportunity, distributing knowledge and skills, making self-dependent, protecting from undesirable effects. The paper also attempts to put suggestions to lessen the difficulties of microfinance performing as impediments to achieving the SDGs. Keywords: Sustainable Development Goals (SDGs), Microfinance Institutions (MFIs), Islamic Microfinance Institutions (IMFIs), Poverty, sustainability, Bangladesh

Green Development and Self-Service Payment System of Intelligent Pet Public Toilet Based on Artificial Intelligence

“…In the HIS color model, when equations ( 5), (6), and ( 8) are satisfied, it is judged as blue. If (7) and ( 9) are satisfied, it is white.…”

“…Its success lies in the focus on product improvement and serialized design, and the products are constantly updated in order to adapt to the ever-changing market. In academia, Uddin et al [6] studied the life cycle cost of resource-oriented toilet system and traditional toilet system comparatively and carried out an environmental assessment. Alieva [7] conducted experiments on surface resource-based toilet system, which has more advantages for economy and environment; this resource-based toilet adopts forward osmosis technology, which can effectively recover clean water and various trace elements in excrement.…”

The Governance Structure of Microfinance Institutions: A Comparison of Models of Sustainability and their Implication on Outreach

“…Along with the concept of MFB, the MCP offers several unique aspects of financial products to low-income individuals who are also qualified to receive assistance from conventional banks. Both models are well-known and widely purchased in Bangladesh and other countries outside of Bangladesh [16,17]. The RDS of IBBL, which is the third most well-known model, is founded on Syariah principles and offers certain microfinance services to those who are impoverished [18,19].…”

“…Another program that the MCP runs to help alleviate poverty is called the "Progoti loan" (which translates to "Modern loan"), and it provides credit to both male and female business owners in amounts ranging from $1,000 to $10,000. These company owners cannot establish banking relationships and thus cannot acquire a loan from a commercial bank for their tiny enterprises, which may include a grocery store or a small range of processing farms [17]. To reach out to the ultra-poor (those enduring severe poverty) and assist them in achieving the socio-economic development goal, these lowincome individuals are eligible for various assistance programs, including asset grants, training opportunities, and medical services.…”

“…The Bai-mujjal is an example of a financial strategy that RDS practices. Some other viable forms of finance still have not been implemented, such as Mudharabah, Ijarah, and Bai-salam [17]. The particular group member requests the money in around eight weeks of the regular membership and the first loan that they might acquire ranges anywhere from BDT 8000-10,000 to as much as BDT 30,000.…”