To address this gap, Wasil started offering a Sharia-compliant microfinance package aimed specifically at smallholder farmers.
Wasil is an example of how microfinance and Islamic finance can be successfully combined.
An estimated 650 million Muslims live on less than $2 a day. Examples like Wasil show that Islamic microfinance can play a key role in bringing the poor into the financial mainstream in a way that doesn’t force them to choose between their religious practices and their wallets.
But despite an impressive increase in the number of financial service providers that offer Sharia-compliant microfinance products in Muslim countries, Islamic microfinance is still limited to a few countries. The range of offerings is narrow as well – most are largely focused on the cost-plus-markup product known as murabaha, which is geared toward asset purchases.
Traffic in Dhaka. Ismail Ferdous/World Bank
Dhaka, the capital city of Bangladesh, has been dubbed as “the traffic capital of the world” because of its chaotic traffic and frequent traffic jams. Some say Dhaka needs more roads, because only 7% of land is covered by roads in Dhaka, while in many developed capital cities it is more than 20%. That argument may hold some water.
For many years, many cities in the world did try to build more roads to relief traffic jams after motorization took place. However, no city has been able to build itself out of congestion. In fact, allocating more urban land to roads means you have to reduce the portion of land allocated for other urban functions, such as housing, industrial, commercial and entertainment. What has also been widely recognized is that building more roads does NOT reduce traffic congestion. It would actually induce more motorized traffic and thus create more traffic congestion.
Nearly a quarter of the world’s population today is made up of young people between the ages of 10-24 years. How can young people more effectively voice their opinions and ensure they are heard?
UNFPA’s mandate states that a safe passage from adolescence into adulthood is the right of every child. This right can only be fulfilled if focused investments are made to create opportunities to help them reach their full potential. This year’s theme for World Population Day, “Investing in young people” should be used to increase awareness and drive home this point.
In Sri Lanka, 15.6% of the total population is aged between 15- 24 years. Statistics show that this generation of youth is the most inter-connected in the world’s history. 61% of young people today possess mobile phones in Sri Lanka and this number is continuing to rise. ICT is changing the way the youth communicate and how they access knowledge and share resources.
A few years ago, I met a woman in Ampara, who receives benefits from the Re-awakening Project that I manage which provides financial support to those rebuilding their lives in the north and east. Through tireless efforts and support by the project, she’s able to make a steady income from selling produce from her garden and milk from her own cows. I was stunned.
However, she does not provide her children with the nutritious milk and vegetables she grows, purchasing powered milk instead. To empower residents with more knowledge, public health staff started with education, encouraging parents to give their children more milk and teaching children the importance of eating more fruits and vegetables and even gardening skills. To allow for more milk to be collected and last longer for the children, new cows brought in through the project produce 14 liters of milk a day compared to 4 liters before. In addition, we supported a milk cooling facility with the United Nations Development Program (UNDP).
“I wanted to be a doctor,” said Batashi, a 13-year-old girl with an infectious smile, “But I had to leave school after class 3, there was no one else to look after my brothers.”
I met Batashi on a muggy afternoon in Korail, the largest slum in Dhaka city. Nestled in the shadows of the city’s glitzy condo buildings, Korail is home to 16,000 families that cram into just .25 square kilometers. Driven from their rural homes by poverty, about 500,000 people – roughly the population of Washington DC – migrate to the city each year.
This makes Dhaka one of the fastest growing cities in the world – a dubious honor for an already overstretched city. It is estimated that by 2030, close to 100 million people – almost half the population of Bangladesh – will be living in urban areas. Many of these migrants will inevitably end up in slums like Korail.
The air quality of Bangladesh’s capital - Dhaka - has dipped considerably in the last 10 years or so as the economy boomed, more factories were set up and the number of cars on the roads increased day by day. Air quality in Dhaka is quickly becoming one of the major health concerns for its residents; reliable and sophisticated data are thus urgently needed to help address this.
A proposal to establish a research center with modern and reliable laboratories for monitoring atmospheric pollutants in Dhaka, submitted by the Center of Advanced Research in Science (CARS) in University of Dhaka, received a research grant of about BDT 34.5 million (about US$ 442,000) from the Higher Education Quality Enhancement Project (HEQEP). The sub-project titled: “Establishing an Air Quality Monitoring Center” is headed by Dr. Shahid Akhtar Hossain, a professor of the Department of Soil, Water and Environment.
A few weeks ago, I travelled to Gujarat to attend the project launch workshop for the second Gujarat State Highway Project (GSHP-II). It is a return visit to Gujarat after my last visit in 2008. I was the task team leader for the first Gujarat State Highway Project (GSHP) during 2005-2008, so I knew the state quite well and I expected to see a lot of changes during this new visit. But when I got there, I was still surprised.
Our team first went on a site visit first. We passed one road section which was improved in 2006 under the GSHP. The road will looked new. My colleague Arnab Bandyopadhyay, who is the Project Leader for GSHP-II, asked the engineers from the Roads and Buildings Department (R&BD) whether they have rehabilitated the road recently. The answer was no. “You must be kidding,” I said to them. “How can an 8-year old road still look so new?” But they were very firm. “No. We have not done any new works on those GSHP roads since they were constructed.”