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Half of the global adult population does not have access to formal financial services, thus reducing financial stability and economic development. For a large part of this population having access to financial services in line with their beliefs and convictions is critical. Although across the board clients the expressed an interest in ethical and Islamic financial services, this has not yet translated in actual demand, something which is cited to be highly associated with additional operational costs, the different product structures, the requirements for additional financial skills (including financial literacy), and the costs related to achieving and maintaining compliance with Islamic law (shariah).
One of the successful implementations with a significant uptake of Islamic financial services is the Agriculture Development Fund (ADF), a US Agency for International Development (USAID) funded initiative. Significant unmet demand for Islamic financial services across all provinces of Afghanistan was met by a range of Islamic financial products specifically designed to meet the requirements for agricultural finance with repayment schedules to match the agricultural cycle.
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ADF. (2013). Annual report.
Schoon, N. (2012). Technical Report Islamic Finance. Bethesda: DAI.
Schoon, N., & Range, M. (2014). Toward inclusive Islamic finance. Eschborn: GIZ.
- The Implementation of Islamic Financial Services in Afghanistan: A Case Study
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