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Jakarta Post

Women and Islamic microfinance

  • Namira Samir
    Namira Samir

    Islamic finance specialist at the United Nations Development Program (UNDP) Indonesia

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Jakarta   /   Mon, March 26, 2018   /  01:31 pm
Women and Islamic microfinance Against poverty – A local resident carries out her daily routine at her house in an area in Citeureup, Bogor regency, West Java, on Oct.24. The Bogor Development and Planning Agency (Bappeda) records 392,000 or 7.2 percent of total 5.4 million people living in regency are very poor. (Antara/Yulius Satria Wijaya)

Middle-income countries (MICs) are those with a per capita gross national income (GNI) of between US$1,026 and $12,475 (World Bank, 2011). Although there has been moderate economic growth in MICs, most have not been able to reach a higher income level. Of the 101 countries classified as middle income in 1960, only 13 went on to become high-income countries in 2008. Countries stuck in the middleincome level were experiencing the middle-income trap. This issue triggers socioeconomic problems such as poverty. As reported by the World Bank (2011), MICs still account for 73 percent of the world’s poor. However, the World Bank defines poverty in absolute terms, which is extreme poverty (earning less than $1.90 a day) and moderate poverty (earning less than $3.10 a day) (Jolliffe and Prydz, 2016). However, poverty also involves moral and social dimensions. Sen (1981) initiated discu...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.