[MFP] Revised CGAP Newsflash: 2nd Islamic Microfinance Challenge

 

 

Revised CGAP Newsflash: 2nd Islamic Microfinance Challenge The number of Sharia-compliant microfinance providers has nearly doubled in recent years. Even though their reach is expanding, it is still relatively small at just over 1 million of the estimated 650 million Muslims living on less than $2 a day. The Islamic Microfinance Challenge, a global contest that invites applications from providers of Sharia-compliant microfinance products, is seeking innovative approaches to reaching unbanked Muslims. The Challenge is sponsored by CGAP, the Islamic Development Bank, Al Baraka Banking Group, and Triple Jump, and awards a $100,000 grant to help scale up the application of Sharia-compliant products by financial institutions already serving large numbers of poor people.  The Challenge is also supported by the German Ministry of International Cooperation and Development, through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. Read more and submit applications at www.cgap.org/islamicmicrofinancechallenge CGAP    (This newsflash was revised to clarify which organizations directly sponsored the $100,000 grant award.)   You have been sent this email because you are on the CGAP emailing list. If you prefer not to receive further emails, please email us at CGAP@WorldBank.org

 

 

 

 

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