alexa Innovation in Microentrepreneurship & Islamic microfinance: the Model of Family Bank
Business & Management

Business & Management

Journal of Business & Financial Affairs

Author(s): Atef El Shabrawy

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Different definitions were given to what we call ―Microentrepreneurship‖, most of researchs link it with microfinance, self-employment and microenterprises development. However, it is globally admitted that microentrepreneurs are the owners of very small businesses with very low start-up costs such as: home-based businesses, bakeries, beauty shops, repair shops, arts and crafts shops, fishmen, family-owned shops, etc. The experience of the last two decades in many countries has emphasized the importance of supporting such type of entrepreneurs to start and grow is fundamental for the diversity and the social development in emerging economies. the most challenging needs facing the development of Microentrepreneurship, is the need to develop innovative socially-oriented banks that care about the ―unbankable‖ segment of the society. Family Bank is considered to be one of the ―social business es ‖ which are based entirely upon the partnership as well as social corporate responsibility (CSR) of private sector. Family Bank is established as the 1 st Islamic microfinance bank in Bahrain with the prime objective to contribute to poverty alleviation and socio-economic empowerment through the provision of sustainable Islamic financial services to the underserved. The Family Bank is currently acting as a mechanism to guide and maintain programs aiming at enhancing microentrepreneurs ‘ capabilities through training, counselling, marketing support as well as finance within a comprehensive approach. The present paper discusses the main concepts of the Microentrepreneurship as well as different perceptions of microfinance and microenterprise developed and industrialized countries. It provides a brief description of the family bank as an Islamic microfinance social bank aims to support microentrepreneurs to grow and develop their business beyond microenterprise level in order to contribute to the socio-economic development of Bahraini society by creating jobs, economic assets, and spreading the benefits of the economic growth.

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This article was published in 10th International Entrepreneurship Forum and referenced in Journal of Business & Financial Affairs

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