Financial Inclusion Strategy For Marginalized Zimbabwean Muslims: Islamic Finance

By Alvine Chaparadza

In 2016 The Reserve Bank of Zimbabwe (RBZ) introduced the Financial Inclusion Strategy with the obvious aim of drawing a marginalized number of people who are unbanked into the financial system. The Strategy is highlighted by an ambitious plan to increase the banking population from 30% by the time it was implemented at least 90% by 2020. The affirmative action target groups such as Micro, Small and Medium-sized Enterprises (MSMEs), women, youth, rural population and the small-scale agricultural sector.

Whilst the strategy seems overarching, it forgot to include Muslims who are known for not banking their money. This …read more