Economic Empowerment of Women Through Islamic Microfinance: A Case Study of Women Vegetable Producers in the Gambia

The present study has examined the possibilities of economically empowering Gambian Women Vegetable producers through Islamic Microfinance. The study utilize both primary and secondary data to accomplish the set objectives. The primary data was collected through face-to-face interviews from 245 women vegetable producers in four different women gardens all within the peri-urban areas of The Gambia. Another interview was conducted with supersonicz "The Microfinance" Gambia Limited. A microfinance institution that claims to be an Islamic microfinance to assess their level of involvement with women vegetable producers and the products they designed specifically for women. The research finding revealed that irrigation and storage facilities, access to markets and farming inputs (seeds, fertilizers) are the main challenges that these women encounter in their farming activities. On the side of the microfinance institution training and maintaining Islamic finance experts and the regulatory environment has been their major challenge as outlined during the interview. Based on the above findings, we recommend the use of parallel Salam contract to tackle the problems of irrigation, storage facilities and access to markets. Murabahah/Musawamah contracts is suggested for tackling the issues of farming inputs. We further recommend for Islamic financial institutions to educate the public about their business activities. In addition we suggest for the regulators to establish a central Shari'ah board, to ensure unification of fatwah's in the emerging Islamic finance sector, ensure transparency by the financial institutions and encourage more investors.