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Empowering the Poor and Enhancing Financial Inclusion from a Multidimensional Perspective

In: Enhancing Financial Inclusion through Islamic Finance, Volume I

Author

Listed:
  • Hazik Mohamed

    (Stellar Consulting Group)

Abstract

Traditional economic thinking assumes the poor will want to earn their way out of poverty, but studies show that poverty makes people feel powerless and helpless and subjects them to extraordinary levels of stress and anxiety, which makes favorable decision-making difficult. The poor lack the institutional framework which, in the more prosperous and advanced economies, enhances decisions toward affluence. A multidimensional approach to achieve financial inclusion and empower the poor is discussed in this chapter. Five key areas are listed that need to be developed in order to secure a just and prosperous future for all: financial literacy and access to financial services; income and wealth redistributive instruments; development of micro, small, and medium enterprises (MSMEs); a sound legal and enforcement system; and an adequate metric set to measure effectiveness, performance, and progress of such initiatives. This chapter includes behavioral issues in financial decision-making and suggests a behavioral approach to strategy implementation.

Suggested Citation

  • Hazik Mohamed, 2020. "Empowering the Poor and Enhancing Financial Inclusion from a Multidimensional Perspective," Palgrave Studies in Islamic Banking, Finance and Economics, in: Abdelrahman Elzahi Saaid Ali & Khalifa Mohamed Ali & Muhammad Khaleequzzaman (ed.), Enhancing Financial Inclusion through Islamic Finance, Volume I, chapter 0, pages 13-38, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-39935-1_2
    DOI: 10.1007/978-3-030-39935-1_2
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