principles" or objectives of Islamic finance, and with the needs of Muslim-majority countries where a large fraction of the world's poor live, many of them small entrepreneurs in need of capital. (Many of them also among the estimated 72 percent of the Muslim population who do not use formal financial services, often either because they are not available, and/or because potential customer believe conventional lending products incompatible with Islamic law). According to the Islamic Microfinance Network website (as of circa 2013),Khan, What Is Wrong with Islamic Economics?, 2013: p. 301 there are more than 300 Islamic microfinance institutions in 32 countries, The products used in Islamic microfinance may include some of those mentioned above—qard al hassan, musharaka, mudaraba, salam, etc. Unfortunately, a number of studies have found Islamic microfinance reaching relatively few Muslims and lagging behind conventional microfinance in Muslim countries. Chiara Segrado writing in 2005 found "very few examples of actual MFIs [Microfinance institutions] operating in the field of Islamic finance and Islamic banks involved in microfinance". One 2012 report (by Humayon Dar and coauthors) found that Islamic microfinance made up less than one percent of the global microfinance outreach, "despite the fact that almost half of the clients of microfinance live in Muslim countries and the demand for Islamic microfinance is very strong." An earlier 2008 study of 126 microfinance institutions in 14 Muslim countries found similarly weak outreach—only 380,000 members out of an estimated total population of 77 million there were "22 million active borrowers" of non-sharia-compliant microfinance institutions ("Grameen Bank, BRAC, and ASA") as of 2011 in Bangladesh, the largest sharia-compliant MFI or bank in that country had only 100,000 active borrowers. (Muhammad Yunus, the founder of the Grameen Bank and microfinance banking, and other supporters of microfinance, though not part of the Islamic Banking movement, argue that the lack of collateral and lack of excessive interest in micro-lending is consistent with the Islamic prohibition of usury (riba).)Zeeshan Hasan, The Redefinition of Islamic Economics, The Daily Star, 27 August 1994. See also Muamalat Profit and loss sharing Sharia and securities trading Islamic banking and finance Murabaha Riba'' Shariah Board Dow Jones Islamic Fund Islamic marketing References Notes Citations Books, documents, journal articles External links Understanding Islamic Finance Dragon Fire Capital Naqshbandi Islamic Store Islamic banking and finance terminology