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Reviews the progress of the institutions relating to financing of the microenterprises. Proposes a participatory financing scheme as an alternative to the interest‐based lending scheme. Highlights the theoretical framework of the scheme and examines its practical performance. Opines that if the details of the scheme are properly disseminated, then it is likely that its efficiency and equity features will attract the commercial banks worldwide.
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Muhammad Ramzan Akhtar (1997) studied this question.
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