The integration of Awqaf, Zakat and Crowd-Funding in Islamic Microfinance Framework " Focus on Moroccan case"

Résumé

The purpose of this paper is to investigate the possible integration of Zakah, Waqf and Crowd funding in Islamic Microfinance as a composite approach with special focus on Moroccan case. After the adoption of the new banking law N° 103-12 related to the participatory “Islamic” Banks, this law mentioned the provision of Islamic financial instruments, but it doesn’t state special status and regulations for Islamic Microfinance. Morocco can inspire and take benefit from the available models to enhance the Microfinance in Morocco and increase its degree of contribution in economic growth and social justice. In general, Islamic Microfinance services can be provided by informal and formal manner, in this latter Associations (NGOs) and Islamic financial institutions are considered as the main providers. The issue become more critical as the Microfinance in general fluctuates between profit and non-profit based activities, However, the institutionalization and the customers’ awareness are considered as the main challenges of Islamic Microfinance in Morocco that still has good perspectives in Morocco in the context of new banking law. The integration of Zakah, Wakf helps to provide to the financially excluded people proper services that are less expensive, flexible, less risky, transparent and Shariah compliant, customized to respect their convictions. The main limitations of this study concern the scarcity of local research in this field, and the difficulty to find the adequate respondents with good financial and Islamic law background.