DeadLine : May 3rd, 2010CGAP, Deutsche Bank, Islamic Development Bank, and Grameen-Jameel are pleased to announce Islamic Microfinance Challenge 2010: Innovating Sustainable, Scalable, and Market-Driven Models. The contest is a joint initiative to promote the innovative design of Shariah-compliant products for Islamic microfinance clients.
We are seeking original Islamic microfinance business proposals which are profitable, sustainable, scalable, and Shariah-compliant. Finalists of this competition will be awarded US $100,000 in grant funds as well as need-based technical support to launch a pilot project of their proposed business idea.
This is an opportunity for you to showcase innovative business ideas, gain industry-wide recognition, and benefit from the funds and technical expertise of leading institutions in the microfinance and Islamic finance sectors.
Please complete and return the application form with accompanying attachments to Ms. Nimrah Karim at islamicmfchallenge2010@gmail.com
The deadline for submission is May 3rd, 2010.
Why apply?
- Design a working model for an emerging industry which could extend financial access to millions of poor people
- Win US $100,000 in grant funds to pilot an Islamic microfinance program
- Gain industry-wide recognition
- Benefit from the mentorship and technical expertise of leading institutions in the microfinance and Islamic finance sectors
Who can apply?
- This competition is open to the general public. We welcome applicants from all geographical locations.
- We are now accepting applications in English, Arabic, French, and Indonesian Bahasa.
- Institutions as well as individuals may apply, whether or not they have prior operational experience with Islamic microfinance.
- Applicants must have the capacity to launch a pilot project, should they become a finalist.
What will judges look for?
- Original and innovative business ideas
- Sustainable, self-sufficient, and scalable business models
- Products that are profitable, affordable, Shariah-compliant, and suit the financial needs of the poor and economically vulnerable
What is the application process?
- Applicants must apply to a two-stage process.
- Phase I seeks background information on the applicant and basic information on your proposed business idea. This application is due onMay 3rd, 2010. You can download the form here.
- Applications will be filtered by the judges and the short-listed group will be invited to apply for Phase II.
- For further information: Send any queries to Ms. Nimrah Karim at islamicmfchallenge2010@gmail.com
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