In the last few decades, Microfinance has become a popular tool in reducing poverty, particularly after the successful impact of Grameen Bank in Bangladesh. There are crossroads between increased humanitarian work and commercialization at which the microfinance industry is standing (Emily, 2005). Micro financing is not successful everywhere but only in some of the regions. In Latin America and Asia the microfinance providers have been the world leaders, and build the significant microfinance industries
Rather, long-term profits are the result of having a deeper purpose, great products, customer satisfaction, employee happiness, excellent suppliers, community, and environmental responsibility” In Muhammad Yunus’ “Social Business Entrepreneurs Are the Solution”, he introduced that there are two kinds of businesses. First is the profit maximizing type, which most people know. The second type according to the author is where the business is “totally committed
finance or informal finance. In the years 1950s through the 1970s, most of the financial services are given from the donors or governments to subsidised rural credit programmes. The term “ microfinance” became popular when it is extensively used by Muhammad Yunus, the inventor of Grameen Bank in the 1970s. Microfinance is used widely within the Europe countries in16th and 17th centuries, for instance, Ireland and Germany ( Steinwand, 2001). Friendrich Wilhelm Reiffisen, a microfinance provider offers
ABSTRACT In a country like India where 70 percent of its population lives in rural area and 60 percent depend on agriculture (according to the World Bank reports), micro-finance can play a vital role in providing financial services to the poor and low income individuals. Microfinance is the form of a broad range of financial services such as deposits, loans, payment services, money transfers, insurance, savings, micro-credit etc. to the poor and low income individuals. The importance of micro-finance
Microloans are typically somewhere between $50 and $100, but this can vary widely. The smallest loan described was twenty five cents to a woman who needed to buy bamboo to make bamboo carpets; the largest was around $3000 to a woman who needed her husband to run errands for her on a motorcycle. Borrowers usually set up businesses based on the needs of the community. For many, this is food-related, such as selling buffalo milk, fishing, raising chickens, or rice husking. Other businesses revolve around
Introduction The access to financial services is limited in developing countries. According to Robinson (2001), 90% of people in developing countries lack access to financial services from institutions. The necessity of covering this limitation led to “microfinance”. Although microfinance is probably very ancient, the term’s origin is recent. The term microfinance has been used since the 60’s and 70’s, and it can be defined as small-scale financial services provided to poor people who does not have
The Origin Traced to Bangladesh Grameen Bank Operationally, the origin of microcredit has generally been traced to 1976 when Muhammad Yunus as part of his experimental research sowed its seeds by lending 856 Taka($27) to 42 bamboo weavers who are very poor in a village on the outskirts of the Chittagong University Campus(Mahajan,2005 and Yunus,2004).He found that lending small amounts has resulted in bringing radical changes in the lives of the poor people and the poor people were able to repay
Intrduction: Lucky Cement Limited (LCL) is one of the largest producers and leading exporters of quality cement in Pakistan, with a production capacity of (7.75 million) tons per annum. The company is listed on Karachi, Islamabad,lahore and London Stock Exchanges. Certificate: Lucky Cement is an ISO 9001:2008 and 14001:2004 certified company and