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institutions
Main
Points.
CONTENT
Mobile Banking and Mobile Money-An Outlook.
Sources of Funding.
Customers
are using mobile money
Mobile
Money
Future Forecast
Micro-finance services will keep on growing with mobile money operators
increasing their focus on micro-loans, micro-insurance and group savings.
The other significant area will be merchant payments. Mobile
money providers will liaise with MasterCard and Visa to issue companion
cards facilitating merchant payments.
We will see mobile money operators, in neighboring countries, come
together on a common platform for facilitating international direct money
transfers.
Sources of Funding.
Cash Waqf Am-The funds are invested by the bank
and proceeds derived are distributed to the general
public based on the waqf deed which shall allows the
FI to offer it as guaranteed loans. In consideration for
the fee income that the bank shall get from the ujrah
microfinance facility, the bank as mutawwali
(manager) shall waive service fee for the services
rendered to the fund.
Shareholders funds- a portion of shareholders funds
can be marked for this product.
Restricted Mudharaba capital- who shall invest the
funds to the bank for the purpose. The fee income
shared between the bank and the investor.