Empowering Rohingya Refugees through Islamic Microfinance Exploring Prospects and Challenges in Bangladesh

Abstract

This research examines the potential and problems of Islamic microfinance for Rohingya refugees in Bangladesh. Many Rohingya Muslims have left Myanmar due to the refugee crisis. These refugees cannot work because they lack banking services. Islamic microfinance can solve financial marginalization based on fairness, social justice, and ethics. This study aims to assess Islamic microfinance's prospects and potential benefits, identify, and analyse the challenges of implementing such programs for Rohingya refugees, explore its role in promoting entrepreneurship and socioeconomic integration, and provide recommendations for effective implementation. Islamic microfinance targeting Rohingya refugees in Bangladesh is understudied. Islamic microfinance for Rohingya refugees is neglected in microfinance literature. This study examines Islamic microfinance's potential and problems to fill this research vacuum and expand knowledge. This study is to inform refugee policymakers, practitioners, and humanitarian organizations. Understanding the opportunities and limitations of Islamic microfinance programs might help Rohingya refugees empower and integrate by tailoring interventions to their needs and ambitions. This study used qualitative semi-structured interviews with NGO experts in Cox's Bazar, Bangladesh's Islamic microfinance industry for Rohingya refugees. Interview replies and document evaluations will provide insight into experts' viewpoints and experiences. Islamic microfinance empowers Rohingya refugees in Bangladesh. This research explores opportunities and problems to assist policymakers and practitioners in successfully implementing Islamic microfinance projects, boosting Rohingya refugees' chances for a sustainable future.