Thailand’s Ministry of Interior has told government agencies and state-owned organizations to provide technical, management and financial support to encourage Islamic microfinance in the country. The proposal by the Ministry has received cabinet support. It will result in knowledge of transactions, accountancy and welfare arrangements according to Shari’ah being passed on to staff in the sector by the agencies and organizations involved.
Thailand’s Ministry of Interior has told government agencies and state-owned organizations to provide technical, management and financial support to encourage Islamic microfinance in the country. The proposal by the Ministry has received cabinet support. It will result in knowledge of transactions, accountancy and welfare arrangements according to Shari’ah being passed on to staff in the sector by the agencies and organizations involved. Social welfare and other benefits, in terms of education, social services and the environment, will also be provided for members of Islamic microcredit plans.
According to the Ministry of Interior, the Southern Border Provinces Administrative Centre had appointed a working group to study what form and model of Islamic microcredit would be most appropriate. The population of this region is predominantly Muslim, and the Ministry’s objective is that communities in the area have access to financial institutions which operate in accordance with their own lifestyle and religious beliefs.
The working group’s study demonstrated that most villagers were keen to see the establishment of Shari’ah-compliant microfinance in their communities, although they still lacked understanding of financial mechanisms used in the industry. Muslims are the second largest religious group in Thailand, numbering approximately two million.
Source www.newhorizon-islamicbanking.com
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