Synergising Islamic Microfinance and Islamic Social Finance: An Empirical Study on Credit-Plus Model for Poverty Alleviation in Nigeria

Authors

  • ADNAN OPEYEMI SALAUDEEN University of Greater Manchester, United Kingdom Author
  • Md Sabbir Hasan University of Greater Manchester, United Kingdom Author
  • Tassadaq Rashid Qazi University of Greater Manchester, United Kingdom Author
  • farzana Taslim University of Greater Manchester, United Kingdom Author

DOI:

https://doi.org/10.51325/med2hg22

Keywords:

Islamic Microfinance, Islamic Social Finance, Credit-Plus Model, Poverty Alleviation, Nigeria, Financial Inclusion

Abstract

Eradication of extreme poverty is the primary focus of the United Nations’ Sustainable Development Goals (SDGs). Despite global efforts, conventional microfinance institutions struggle to sustainably uplift impoverished populations due to interest barriers (Riba) and fragmented operational models. This study presents an innovative, synergistic approach to enhance financial outreach in Nigeria through the implementation of the Credit-Plus concept. Utilizing Igor Ansoff’s synergy theory, this research explores how Islamic Microfinance Institutions (IMFIs) can integrate Islamic Social Finance (ISF) resources such as Zakat, Waqf, and Sadaqat to build a comprehensive, sustainable poverty alleviation framework. Adopting an interpretivist epistemological paradigm and an inductive approach, semi-structured interviews were conducted with 16 frontline managers, regulators, and board members across Islamic microfinance, Zakat, and Waqf organizations in Nigeria. The findings demonstrate that integrating Zakat as interest-free loans (Qard al-Hasan) or default bailouts (gharimin), and utilizing underutilized Waqf properties for entrepreneurial ventures significantly expands institutional liability sides and capacities. However, operational success is challenged by differing organizational missions, inadequate regulatory frameworks, and a general lack of consumer awareness. The paper concludes with empirical case evidence from the UK and Nigeria to validate the conceptual pattern and proposed Credit-Plus framework

Author Biographies

  • Md Sabbir Hasan, University of Greater Manchester, United Kingdom

    Md Sabbir Hasan has completed Master by Research (MRes) in Islamic Economics and Finance at the University of Greater Manchester, United Kingdom. He holds an MBA and BBA in Marketing and over a decade of professional leadership in strategic market expansion and revenue scaling. His current academic work focuses on developing ethical, risk-sharing investment models that align traditional Islamic finance principles with the needs of high-growth technology startups.

  • Tassadaq Rashid Qazi, University of Greater Manchester, United Kingdom

    Dr. Tassadaq R Qazi is a Postgraduate Research Supervisor in Leadership and Strategy at the Greater Manchester Business School, University of Greater Manchester, Bolton. His research interests include corporate social responsibility (CSR), CSR disclosure, sustainability, Islamic microfinance, green Sukuk, and emerging areas such as fintech, Islamic banking, and smart contracts. He has extensive teaching and supervision experience across undergraduate and postgraduate levels, with a strong commitment to developing high-quality research and practical academic skills.

  • farzana Taslim, University of Greater Manchester, United Kingdom

    Farzana Taslim is a research student in finance at the Centre of Islamic Economics and Finance, University of Greater Manchester, Bolton, United Kingdom with research interests focused on Islamic finance and corporate finance

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Published

2026-09-30

Issue

Vol. 5 No. 3 (2026): Vol. 5 No.3 (2026)

Section

Articles

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Copyright (c) 2026 ADNAN OPEYEMI SALAUDEEN, Md Sabbir Hasan, Tassadaq Rashid Qazi, farzana Taslim (Author)

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This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

SALAUDEEN, A. O., HASAN, S., Qazi, T. R., & Taslim, farzana. (2026). Synergising Islamic Microfinance and Islamic Social Finance: An Empirical Study on Credit-Plus Model for Poverty Alleviation in Nigeria. EuroMid Journal of Business and Tech-Innovation (EJBTI), 5(3), 1-20. https://doi.org/10.51325/med2hg22

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