Islamic micro finance: Tool for economic stability and social change

Purpose: The purpose of this paper is to highlight the benefits of starting Islamic microfinance (IMF) in India and the core concepts of IMF. Design/methodology/approach: Methodology of the paper is exploratory in nature and analysing of a new concept for implementation. Findings: The brief findings have been that Indian masses, especially the poor minority community and lower middle class, are in a pathetic situation financially, as per survey analysis. IMF can play a very critical role in providing deliverance from financial slavery. Research limitations/implications: Limitations of the paper have been that the survey was done in a limited area and within a particular community and financial background. Practical implications: Research finding of the paper demonstrates a practical roadmap or a blueprint on the need of starting IMF in India. Social implications: Social implications of the paper are that if the research findings are implemented and IMF were to be offered in India, the mass suicides committed specially by the Indian farmers can be contained to a great extent and can be virtually stopped. Originality/value: The paper is original in concept, as IMF is totally new to the Indian scenario, and the paper is of high value for regulators to seriously think on initiating the IMF machinery in India for the benefit of all Indians.