Islãmic Finance and Philanthropy: Fostering Economic Empowerment for Nigerian Muslim Women Entrepreneurs

Abstract

This paper investigates the nexus between Islãmic finance and philanthropy as catalysts for economic empowerment among Muslim women entrepreneurs in Nigeria. Focusing on the dynamic framework of Small and Medium Enterprises (SMEs), the paper delves into the specific context of Nigeria to explore how Islãmic finance principles and philanthropic endeavors converge to empower Muslim women engaged in entrepreneurial pursuits. The research employs multidimensional methods, combining a thorough literature review, empirical analysis and in-depth case studies, probing the suitability of Islãmic financial products in the context of SME financing for Muslim women entrepreneurs and investigating the role of philanthropy in providing financial support for women-led SMEs. The article explores the challenges faced by Muslim women entrepreneurs in Nigeria, seeking to propose strategic interventions rooted in Islãmic finance and philanthropy to address the unique needs of these women. The paper reveals the extant academic discussion regarding the intersections of Islãmic finance, philanthropy and women's entrepreneurship, thereby offering operational impacts for financial institutions and philanthropic entities in formulating targeted strategies aimed at stimulating economic empowerment, financial inclusion and sustainable development among Muslim women entrepreneurs in the Nigeria.