| Abstract: |
Internet resources, extended media coverage and international organizations’
reports recently witness the increasing interest of western banks in new
models of finance, particularly Islamic finance and microfinance. This new
trend is not only channeled through the frame of corporate social
responsibilities programs and policies or limited to ad hoc financial
institutions (like microcredit banks or Islamic banks) as it is entering the
financial offer of mainstream banks. The paper primarily outlines that many
elements of microfinance could be considered consistent with the broader goals
of Islamic banking. Apart from pure economic considerations which are not the
aim of this analysis, the paper supports the thesis that by addressing new
markets and embracing unconventional financial proposals, the global banking
sector can contribute to the quest for diversity-oriented policies posed by an
increasingly globalised scenario. The consequences this new trend is likely to
have on inner banking structures are still unknown and are likely to interest
the issue of wealth distribution. Moreover, from a more general point of view,
by showing that even different moral ethos deep rooted in different cultural
paradigms can be as profitable and available as western capitalistic ones, the
banking sector can play a potential role in disseminating awareness on
specific cultural and religious issues, resulting in increased integration of
Muslim communities and low income investors in the long run and supporting
commercial banks the close relation between economy and culture. |