i-Taajir

CIE – CIMBi Program Bimbingan Usahawan Tijari (i-Taajir) is a program conducted by the Centre for Islamic Economic fellow researchers to offer Islamic Microfinance scheme to micro-entrepreneurs in Gombak area. This program is a pilot study to test the feasibility of several models of Islamic microfinance developed by the researchers. It is a platform to implement and to put in practice the theoretical aspect of research. This program is undertaken in collaboration with CIMB Islamic as the Main Partner.

Besides providing Shariah-compliant microfinancing facility for the participants to implement their business ideas, i-Taajir aims to educate the Gombak Communities with entrepreneurship knowledge and business skills. Islamic Microfinance is an Islamic financing facility offered to the unemployed and lower income person who have no access to formal financial institutions. This financing facility is offered to those who are interested to start a business as well as to expand their businesses. In order to be eligible for these facilities, participants have to undergo stages of education and training sessions.

Our applied community project proposes four different Islamic financing modes to the micro-entrepreneurs in order to test the viability of each mode. The four modes of financing are as follows:

• Mudharabah Contract
• Murabahah Contract
• Musharakah Mutanaqisah Contract
• Al Qard Al Hassan Contract

This effort has the potential to not only respond to unmet demand, but also to combine the Islamic social principle of caring for the less fortunate with microfinance’s power to provide financial access to the poor. Unlocking this potential could be the key to providing financial access to millions of Muslim poor who currently reject microfinance products that do not comply with Islamic law.