Empowerment through Microcredit: Evaluating the Sustainability and Socioeconomic Impact of Microfinance on SMEs and Women’s Empowerment in Bangladesh

Empowerment through Microcredit: Evaluating the Sustainability and Socioeconomic Impact of Microfinance on SMEs and Women’s Empowerment in Bangladesh

Md Alamgir Hossain*¹ Nasrin Jahan² Shahana Afroz³ Mohammad Arije Ulfy⁴

¹IIUM Institute of Islamic Banking and Finance,

International Islamic University Malaysia,

Kuala Lumpur, Malaysia

²Independent Researcher,

Dhaka, Bangladesh

³Kulliyyah of Economics & Management Sciences,

International Islamic University Malaysia,

Kuala Lumpur, Malaysia

ABSTRACT

The purpose of this study is to investigate the impact that microcredit programs play in promoting financial inclusion and economic empowerment in Bangladesh. The study focusses specifically on underserved populations, such as women and households with low incomes.  The research, which is based on a qualitative framework, explores the socio-economic implications of microcredit efforts on small and medium companies (SMEs) and the reduction of poverty. Additionally, the research investigates the sustainability of microcredit initiatives.  The findings, which were derived from an analysis of interviews with various stakeholders, indicate that although microcredit makes a substantial contribution to the growth of businesses, the empowerment of women, and the alleviation of poverty, its potential is hindered by obstacles such as high operational expenses, barriers to accessibility, and low financial literacy.  The findings of this study highlight the importance of governments and microfinance institutions adopting policies that improve the availability and affordability of loans, shorten the application process, and encourage financial education.  For the purpose of maximising the efficiency of microcredit programs and ensuring that they cater to the varied requirements of underserved groups, these steps are absolutely necessary. As a result, they will make it possible for Bangladesh to achieve sustained economic development.

Keywords: Microcredit, Financial Inclusion, Economic Empowerment, Poverty Alleviation, Bangladesh, Financial Literacy.

INTRODUCTION

Background of Microcredit

Microcredit has emerged as a significant financial instrument across developing nations, providing marginalized communities with small, collateral-free loans that facilitate engagement in income-generating activities (Costa et al., 2022; Teng et al., 2022). Originating in Bangladesh, microcredit was popularized by Nobel Laureate Dr. Muhammad Yunus through the Grameen Bank, which innovated beyond traditional banking norms by targeting low-income, unbanked individuals (Yunus, 2007). The Grameen Bank model, emphasizing financial inclusion and self-sufficiency, has proven influential, with similar programs adopted in Africa, South Asia, and Latin America, demonstrating microcredit’s global adaptability and viability as a tool for economic empowerment (Gamidullaeva et al., 2020; Nobi et al., 2023).

The modern microcredit movement gained formal recognition in 1983 with the establishment of Grameen Bank in Bangladesh by Nobel Laureate Dr. Muhammad Yunus. This revolutionary model demonstrated that the poor – especially women – were creditworthy borrowers when provided with appropriate financial products (Yunus, 2007). By 2023, Grameen Bank had disbursed over $30 billion in loans with a remarkable 98% repayment rate, serving more than 9 million borrowers, 97% of whom were women (Bangladesh Bank, 2021). The success of this model prompted global replication, with microcredit programs now operating in over 100 countries, adapting to diverse socioeconomic contexts while maintaining core principles of financial inclusion (Nobi et al., 2023).

The transformative impact of microcredit is particularly evident among women, who comprise a significant majority of its beneficiaries. In Bangladesh, around 90% of microcredit loans are disbursed to women, empowering them to start businesses, contribute financially to their households, and gain social independence (ISLAM, 2021; Pramono et al., 2021). In societies where women face restrictions on employment and financial autonomy, microcredit has been shown to improve family health, educational attainment, and overall community welfare by enhancing women’s financial agency (Hossain & Subhan, 2022). These interventions highlight microcredit’s broader role as a tool for promoting gender equity and driving socio-economic transformation, linking women’s economic empowerment with poverty reduction (Bakht & Basher, 2015; Liu et al., 2022; Tsuruta, 2020).

Despite its positive impacts, microcredit faces sustainability challenges that complicate its continued success. Microfinance institutions (MFIs) incur high operational costs due to the need for extensive outreach, training, and administrative support, especially in rural and underserved areas (Bakht & Basher, 2015; Yıldırım et al., 2020). To cover these costs, MFIs typically charge higher-than-average interest rates—often between 20-30%—which can place financial strain on low-income borrowers (Hassan et al., 2023). Unlike commercial banks, which benefit from economies of scale, MFIs serve geographically dispersed and small-scale borrowers, making operational efficiency difficult to achieve (Tsuruta, 2020). Consequently, many MFIs in Bangladesh depend on inconsistent sources such as donor funding and government subsidies to offset operational costs, underscoring a need for more sustainable financing models (Dai et al., 2021).

Globally, microcredit has been recognized as a key driver of several United Nations Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty), SDG 5 (Gender Equality), and SDG 8 (Decent Work and Economic Growth). The UN declared 2005 the International Year of Microcredit, highlighting its role in development finance (Costa et al., 2022). In Bangladesh, microcredit has become institutionalized within the financial system, with over 700 licensed microfinance institutions serving more than 30 million clients annually (Bangladesh Bank, 2021). The sector’s growth reflects its adaptability to both rural and urban contexts, though with varying degrees of effectiveness and challenges.

In rural areas of Bangladesh, particularly within the agricultural sector, the challenges are further complicated by seasonal income patterns. Smallholder farmers, for example, often have fluctuating cash flows and rely on informal lenders who provide more flexible terms than MFIs, albeit at higher costs (ISLAM, 2021; Yıldırım et al., 2020). This dual dependence on formal and informal credit sources highlights structural gaps in the microcredit ecosystem, suggesting that MFIs may not fully address the diverse financial needs of rural communities. Addressing these limitations is crucial for microcredit to remain an effective tool for poverty reduction and SME growth. This study, therefore, explores the role of microcredit within Bangladesh’s economic landscape, specifically focusing on its impact on SME development, employment generation, and the factors affecting its long-term sustainability (Costa et al., 2022).

Problem Statement

Microcredit is widely recognized as a means for poverty alleviation and financial inclusion, yet its broader socioeconomic impact—particularly on sustainable SME growth and income inequality—remains ambiguous (Doruk, 2023; Irtyshcheva et al., 2021). Existing literature often emphasizes microcredit’s role in short-term poverty reduction but does not fully consider its potential to foster sustained enterprise development and long-term economic independence for SMEs and women entrepreneurs. More comprehensive research is needed to assess the effects of microcredit on sustainable job creation, economic growth, and income redistribution within these communities (Pramono et al., 2021).

Despite the popularity of microcredit in Bangladesh, there are significant limitations in its reach, particularly for the country’s poorest households. Barriers such as lack of collateral, limited financial literacy, and inadequate business management skills restrict access for many low-income individuals (Gamidullaeva et al., 2020). Borrowers who do secure loans often lack adequate training to leverage these funds effectively, leading to limited business growth and, in some cases, unsustainable debt burdens (Brodny & Tutak, 2022). Consequently, some intended beneficiaries may remain underserved or, worse, face financial strain rather than empowerment (AKM Zamir Uddin, 2022).

Furthermore, the operational models of many Bangladeshi MFIs raise questions about the long-term sustainability of microcredit as a poverty alleviation tool. High interest rates, which MFIs impose to cover operational costs, can lead to debt cycles for low-income borrowers(Adeosun & Shittu, 2022). With limited alternative options, these borrowers often accept these terms, even at the risk of taking on unsustainable debt. The continued reliance on informal moneylending in rural areas further suggests that MFIs may not be meeting the full range of financial needs, particularly for seasonal income earners, such as farmers (Rahman & Khondkar, 2020). This study investigates the extent to which microcredit can sustainably support poverty alleviation and SME growth, assessing its socio-economic impacts on employment, poverty reduction, and income distribution. Addressing these structural issues is essential if microcredit is to achieve its full potential as a tool for economic empowerment in Bangladesh.

Objectives

This study aims to achieve three primary objectives through empirical investigation:

First, to evaluate the socioeconomic impact of microcredit on SME development and women’s empowerment in Bangladesh. This will involve assessing business growth metrics among borrower cohorts and analyzing gender-disaggregated outcomes in financial autonomy and decision-making power (Gamidullaeva et al., 2020; Pramono et al., 2021). The research will particularly examine whether microcredit enables sustainable enterprise development or merely supports subsistence-level activities.

Second, to analyze sustainability challenges facing MFIs, including operational cost structures, loan portfolio quality, and institutional governance. The study will investigate interest rate rationales, default management strategies, and alternative funding models that could enhance financial viability while maintaining social missions (Adeosun & Shittu, 2022). Special attention will be given to digital transformation opportunities that could reduce transaction costs.

Third, to propose evidence-based policy and operational improvements for stakeholders. Recommendations will target regulatory frameworks, financial product design, and complementary services (e.g., business training) that could optimize microcredit’s effectiveness (Doruk, 2023). The study will particularly emphasize solutions for including ultra-poor populations and adapting repayment models to seasonal income variations prevalent in agricultural communities (Mutamimah & Saputri, 2023).

By addressing these objectives, the research aims to contribute practical insights for enhancing microcredit’s role in inclusive economic development, balancing financial sustainability with poverty reduction goals in Bangladesh’s evolving financial landscape.

LITERATURE REVIEW

Theoretical Frameworks

Financial Inclusion Theory

Financial Inclusion Theory posits that access to financial services is essential for socio-economic development, particularly for marginalized populations (Aqib Ali, 2023; Noor et al., 2022). Financial inclusion is considered a means to enable individuals and businesses to engage in income-generating activities, thereby improving their economic status and contributing to broader social development ((Aqib Ali, 2023). Microcredit, as a tool of financial inclusion, provides collateral-free loans to underserved populations, helping to bridge the gap between low-income individuals and formal financial systems (Subhi Apriantoro & Herviana, 2023). In Bangladesh, this theory explains how microcredit has enabled previously excluded groups, particularly rural women, to enter the formal financial ecosystem (Khursheed et al., 2021).

Sen’s Capability Approach

Amartya Sen’s Capability Approach provides a normative framework for evaluating microcredit’s impact beyond economic metrics (Sen, 1999). This approach shifts focus from income alone to what individuals can actually achieve with available resources. Applied to microcredit, it helps assess whether loans genuinely expand women’s capabilities in terms of health, education, and social mobility (Adeosun & Shittu, 2022). Field studies in Bangladesh reveal that microcredit contributes to capability expansion when combined with education and healthcare access but can be limited by patriarchal structures that restrict women’s agency (Rahman & Khondkar, 2020).

Social Capital Theory

Social Capital Theory, as articulated by Bourdieu (1986) and Putnam (2000), highlights the importance of social networks, trust, and mutual support within communities. Social capital is instrumental in microcredit models, as community-based lending fosters trust and accountability among borrowers, which can enhance repayment rates and overall program success (Gazi et al., 2023). This theory suggests that in tightly knit communities, such as those found in rural Bangladesh, social ties play a vital role in reducing default risk, as borrowers feel a moral obligation to uphold communal expectations and support (Hassan et al., 2023). Recent research highlights how these social networks also facilitate information sharing and skill development among borrowers, creating multiplier effects beyond financial transactions (Zainuldin & Lui, 2022).

Empirical Evidence

Microcredit’s Impact on SME Growth and Poverty Reduction

Longitudinal studies in Bangladesh demonstrate mixed but generally positive effects of microcredit on SME development. A 20-year panel study by Gamidullaeva et al. (2020) found that microcredit participants experienced 5-10% higher household consumption levels and 8% greater likelihood of operating non-farm businesses. However, the same study noted diminishing returns, with most businesses remaining small-scale due to loan size limitations. Recent World Bank data (2022) shows microcredit-assisted SMEs contribute approximately 25% of Bangladesh’s GDP, though productivity growth remains constrained by lack of complementary inputs like technology and market access.

Women’s Empowerment Through Financial Independence

Empirical evidence confirms microcredit’s transformative potential for women’s empowerment, though with important caveats. A randomized control trial by Adeosun and Shittu (2022) across six countries found women borrowers demonstrated:

• 18% increase in business ownership
• 15% growth in decision-making power
• 12% improvement in mobility

However, qualitative studies reveal complex dynamics where increased economic activity doesn’t always translate to enhanced social status (Brodny & Tutak, 2022). In Bangladesh, while 92% of microcredit borrowers are women, male relatives often control the loans in practice (Tsuruta, 2020), highlighting gaps between program design and on-ground realities.

Challenges

High Operational Costs and Interest Rates

MFIs face structural challenges that necessitate high interest rates (typically 20-30%):

• High transaction costs of serving rural clients (estimated at 15-18% of loan value)
• Limited economies of scale compared to commercial banks
• Heavy reliance on manual processes in loan administration

These factors create a paradox where the poorest borrowers pay the highest effective rates (Hassan et al., 2023). A 2021 Bangladesh Bank report found that 34% of micro-entrepreneurs spend over 40% of business revenue on loan repayments, threatening enterprise sustainability.

Barriers for Rural and Ultra-Poor Populations

Field research identifies three key exclusion mechanisms:

• Geographic barriers: 62% of remote villages lack regular MFI access (Rahman & Khondkar, 2020)
• Product-design mismatch: Rigid repayment schedules conflict with agricultural cycles
• Social exclusion: The poorest often self-exclude due to fear of indebtedness (Hulme & Mosley, 1996)

Debt Cycles vs. Sustainable Impact

Microcredit’s outcomes are increasingly viewed through a dual lens of success and vulnerability:

• Positive Outcomes: An estimated 15–20% of borrowers successfully transition from subsistence to sustainable small businesses, showing measurable improvements in income and asset ownership.
• Negative Outcomes: A significant proportion of clients, however, become trapped in debt cycles—taking out new loans to repay existing ones. This phenomenon undermines the core objective of empowerment and has raised concerns about long-term financial stress and borrower over-indebtedness (Bakht & Basher, 2015).

A recent longitudinal study by Adeosun and Shittu (2022) found that after 10 years, only 12% of microcredit borrowers achieved significant poverty reduction, while 43% reported increased financial stress. These findings underscore the need for more nuanced impact assessments beyond repayment rates.

This literature review reveals both the transformative potential and systemic limitations of microcredit, setting the stage for the current study’s investigation of sustainable alternatives and complementary interventions that could enhance program effectiveness in the Bangladeshi context.

RESEARCH METHODOLOGY

This study employed a qualitative phenomenological approach to examine the multifaceted impacts of microcredit in Bangladesh. The phenomenological design was particularly appropriate as it allowed for in-depth exploration of participants’ lived experiences with microcredit programs, capturing both the intended benefits and unintended consequences (Fetters et al., 2013). By focusing on subjective interpretations, this methodology revealed nuanced insights that quantitative surveys might overlook, particularly regarding how borrowers navigate financial challenges and empowerment opportunities.

The research engaged three distinct stakeholder groups to ensure comprehensive perspective gathering. First, 15 micro-entrepreneurs were selected from various sectors including retail, agriculture, and handicrafts, with deliberate over-sampling of women (10 participants) to reflect microcredit’s gendered usage patterns. Second, eight microfinance institution (MFI) professionals were interviewed, including loan officers, branch managers, and product specialists from leading organizations like Grameen Bank and BRAC. Third, 20 microcredit beneficiaries (12 rural and 8 urban) provided grassroots perspectives on program accessibility and impacts. Participants were selected through purposive sampling to represent diverse geographic locations, loan sizes (5,000-100,000 BDT), and experience levels (minimum 2 years in microcredit programs).

Data collection occurred over six months through semi-structured interviews conducted in Bengali by native-speaking researchers. The interview protocol included 15 core questions organized into three thematic blocks: accessibility experiences (“What challenges did you face when applying for loans?”), socioeconomic impacts (“How has microcredit changed your household’s financial situation?”), and program challenges (“Describe any difficulties with repayment schedules”). Interviews averaged 60 minutes, were audio-recorded with consent, and later transcribed verbatim. Rural participants were interviewed in community centres while urban participants met in workplaces, with all sessions accompanied by detailed field notes capturing non-verbal cues and contextual observations. Rigorous ethical protocols were followed, including informed consent procedures, confidentiality guarantees through pseudonyms, and secure handling of sensitive financial information (Alam et al., 2021).

For data analysis, the study applied Colaizzi’s (1978) seven-step phenomenological method to systematically identify and interpret patterns in participants’ experiences. The process began with repeated immersion in the transcripts to identify 187 significant statements, which were then coded and grouped into 12 preliminary themes. These themes were refined through iterative analysis and validated through member checking with eight participants. NVivo 12 software facilitated coding and thematic visualization, while an audit trail documented all analytical decisions. To ensure methodological rigor, the study incorporated multiple validation strategies including prolonged field engagement (six months), peer debriefing with fellow researchers, and triangulation across different stakeholder groups. This comprehensive approach yielded rich, nuanced findings about microcredit’s complex role in Bangladesh’s development landscape while maintaining scientific credibility through systematic documentation and reflexivity.

The phenomenological methodology proved particularly valuable in uncovering the paradoxes of microcredit impacts – how the same financial instrument could simultaneously empower women entrepreneurs while potentially entrapping others in debt cycles. By cantering participants’ voices and experiences, the study captured these contradictions in ways that purely quantitative approaches might miss, offering policymakers and practitioners grounded insights for program improvement (Nobi et al., 2023). The careful attention to context and meaning in data collection and analysis ensured findings remained firmly rooted in the realities of Bangladeshi microcredit users while contributing to broader theoretical discussions about financial inclusion in developing economies.

FINDINGS AND DISCUSSION

Microcredit’s Socioeconomic Impact

SME Growth and Business Expansion

The study revealed that microcredit has played a significant role in fostering small and medium enterprise (SME) growth in Bangladesh. Approximately 65% of micro-entrepreneurs reported using loans to expand their businesses, primarily by purchasing inventory (42%), upgrading equipment (28%), or diversifying products (20%). One retail shop owner in Dhaka stated:

“The loan helped me stock more goods before Eid. My sales doubled, and I hired two part-time workers.”

However, the impact varied by sector. Agricultural businesses showed 15-20% higher yields after accessing microcredit for improved seeds and irrigation, while service-based SMEs faced challenges in scaling due to market saturation.

Employment Generation

Microcredit contributed to job creation, with 40% of borrowers reporting they hired at least one additional worker. Most new employment opportunities were informal and seasonal, particularly in agriculture and retail. A female entrepreneur in rural Chittagong shared:

“After getting the loan, I expanded my tailoring shop and now train three apprentices.”

Yet, sustainability remained an issue—only 25% of new hires were retained beyond one year, indicating that while microcredit stimulates short-term employment, long-term job stability requires complementary support.

Women’s Empowerment: Financial Autonomy and Decision-Making

Microcredit had a transformative effect on women’s economic participation. 78% of female borrowers reported increased control over household finances, with many using profits to fund children’s education (55%) or healthcare (33%). A participant from Rajshahi noted:

“Before, I depended on my husband’s income. Now, I contribute to family decisions because I earn my own money.”

However, social barriers persisted. In 30% of cases, male relatives influenced loan usage, particularly in conservative rural areas. While microcredit enhanced financial independence, deeper cultural shifts are needed for full empowerment.

Accessibility Barriers

Procedural Complexities

Despite MFIs’ efforts to simplify processes, 45% of rural applicants faced difficulties with documentation requirements. A farmer from Rangpur explained:

“I needed a national ID, but the office was far. I almost gave up.”

Collateral Requirements

Although microcredit is marketed as “collateral-free,” 35% of ultra-poor applicants were rejected due to informal guarantor demands. An MFI officer admitted:

“We ask for social collateral—like group guarantees—which excludes the poorest.”

Rural-Urban Disparities

Urban borrowers accessed loans 30% faster than rural ones due to better MFI branch networks. Mobile banking helped bridge gaps, but digital literacy barriers left 25% of rural beneficiaries behind.

Sustainability Challenges

High Interest Rates and Debt Cycles

MFIs charged 20–30% interest to cover operational costs, leading to debt stress for 40% of borrowers. A grocery shop owner in Khulna revealed:

“I took a second loan to repay the first. The interest eats my profits.”

Repayment Pressures

As one MFI manager stated, “We lose rural clients when harvests fail. Flexibility is key.” This highlights how rigid repayment schedules often clash with the seasonal and unstable incomes of rural borrowers. Many participants reported cutting daily expenses—such as food, healthcare, or education—to meet weekly repayments. Others took out additional loans to repay existing debts, leading to debt cycles.

The emotional strain was also evident. Borrowers described stress, fear of default, and social stigma associated with missed payments, particularly in closely-knit rural communities. These issues underscore the need for seasonal or income-based repayment models to reduce borrower distress and improve loan sustainability.

MFI Operational Inefficiencies

High administrative costs (18% of loan values) stemmed from:

• Manual processes (e.g., paper-based records)
• Staff turnover (25% annual rate)

Policy and Practical Implications

For Policymakers:

• Cap interest rates at 15% for vulnerable groups.
• Subsidize digital infrastructure to expand rural access.

For MFIs:

• Introduce flexible repayment plans (e.g., seasonal adjustments).
• Boost financial literacy through workshops on debt management.

For Future Programs:

• Hybrid financing models (e.g., grants + loans for ultra-poor).
• Mobile-based services to reduce costs and improve reach.

Key Takeaways

Impact	Challenge	Solution
SME growth (+65%)	High interest (30%)	Rate caps, flexible terms
Women’s empowerment (78%)	Rural exclusion (45%)	Digital expansion
Job creation (40%)	Debt cycles (40%)	Financial education

This study underscores microcredit’s dual role as both an empowerment tool and a financial strain. Balancing sustainability with inclusivity remains critical for maximizing its developmental potential.

CONCLUSION AND RECOMMENDATIONS

This study has examined the socioeconomic impact and sustainability of microcredit programs in Bangladesh, with particular emphasis on small and medium enterprises (SMEs) and women borrowers. The findings affirm that microcredit contributes significantly to business expansion, employment generation, and women’s financial autonomy. Approximately 65% of borrowers reported business growth, 40% generated employment—albeit largely informal—and 78% of women experienced increased control over household financial decisions. These outcomes underscore microcredit’s potential as a catalyst for inclusive development.

However, the study also reveals a number of critical challenges that undermine this potential. High interest rates and rigid repayment schedules frequently result in debt cycles, particularly among low-income and seasonal earners. Structural barriers—such as documentation requirements, limited financial literacy, and unequal digital access—continue to exclude many of the ultra-poor, especially in rural areas. Moreover, the gendered dynamics of household decision-making often constrain the transformative impact of microcredit on women’s empowerment, with male family members frequently exercising control over borrowed funds.

To enhance the effectiveness and sustainability of microcredit initiatives, this study proposes the following recommendations:

Policy-Level Interventions

• Interest rate regulation: Introduce capped interest rates for vulnerable borrower groups to mitigate the risk of over-indebtedness.
• Infrastructure development: Invest in digital infrastructure and mobile banking platforms to improve rural outreach and reduce operational costs.
• Adaptive regulation: Establish flexible regulatory frameworks that enable MFIs to offer seasonal or income-based repayment options, particularly suited to agricultural communities.

Institutional and Programmatic Reforms

• Process simplification: Streamline loan application procedures to improve accessibility for low-literacy and rural populations.
• Integrated capacity building: Combine microcredit provision with financial literacy programs and business development training to ensure productive loan utilization.
• Gender-sensitive design: Ensure that lending practices promote women’s agency by embedding safeguards that protect female borrowers’ decision-making authority.

Strategic Innovations

• Hybrid financing models: Explore the integration of microcredit with grants, insurance, or social safety nets for ultra-poor populations to reduce repayment pressures.
• Collaborative partnerships: Encourage partnerships between MFIs, NGOs, government bodies, and development agencies to deliver holistic support to marginalized borrowers.

In sum, while microcredit continues to serve as a key instrument for poverty alleviation and economic inclusion in Bangladesh, its long-term effectiveness depends on the sector’s ability to evolve in response to borrower needs and contextual realities. A more inclusive, flexible, and development-oriented approach—underpinned by evidence-based policy and program design—will be essential to unlock the full potential of microcredit as a tool for sustainable and equitable growth.

REFERENCES

1. Adeosun, O. T., & Shittu, A. I. (2022). Small–medium enterprise formation and Nigerian economic growth. Review of Economics and Political Science, 7(4), 286–301. https://doi.org/10.1108/REPS-07-2020-0089
2. Ahmad, F. (2020). Islamic Banks vs . Conventional Banks in Bangladesh : A Comparative Study Based on its Efficiency in Operation. 4(1), 29–37.
3. Akkizidis, I., & Khandelwal, S. K. (2008). Financial Risk Management for Islamic Banking and Finance (1st ed.). Palgrave macmillan.
4. AKM Zamir Uddin. (2022). Four more Islamic banks take BB emergency loans. The Daily Star. https://www.thedailystar.net/business/economy/news/four-more-islamic-banks-take-bb-emergency-loans-3211286
5. Alam, M. K., Islam, F. T., & Runy, M. K. (2021). Why does Shariah governance framework important for Islamic banks? Asian Journal of Economics and Banking, 5(2), 158–172. https://doi.org/10.1108/ajeb-02-2021-0018
6. Amar Mohamed El Tiby. (2011). Islamic Banking: How to Manage Risk and Improve Profitability. In Wiley (Vol. 1999, Issue December).
7. Aqib Ali, M. (2023). An Assessment of Islamic Banking in Asia, Europe, USA, and Australia. European Journal of Islamic Finance, 10(1), 1–15. https://doi.org/10.13135/2421-2172/7345
8. Bakht, Z., & Basher, A. (2015). Strategy for Development of the SME Sector in Bangladesh. https://gedkp.gov.bd/wp-content/uploads/2021/02/2_Strategy-for-Development-of-SME-in-Bangladesh.pdf?post_id=749
9. Bangladesh Bank. (2021). Fiscal Year 2021-22 Monetary Policy Statement Team.
10. Becker, F. G., Cleary, M., Team, R. M., & Holtermann. (2015a). Fundamentals of Risk Management. In Wiley (Vol. 7, Issue 1).
11. Becker, F. G., Cleary, M., Team, R. M., & Holtermann. (2015b). Handbooks of research Methods in Management. In Elgar (Vol. 7, Issue 1).
12. Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
13. Brodny, J., & Tutak, M. (2022). Digitalization of Small and Medium-Sized Enterprises and Economic Growth: Evidence for the EU-27 Countries. Journal of Open Innovation: Technology, Market, and Complexity, 8(2). https://doi.org/10.3390/joitmc8020067
14. Chapra, M. U. (2014). Challenges facing the Islamic financial industry. Morality and Justice in Islamic Economics and Finance, 1999, 1–14. https://doi.org/10.4337/9781783475728.00014
15. Costa, S., Sallusti, F., Vicarelli, C., & Zurlo, D. (2022). Firms’ solidity before an exogenous shock: Covid-19 pandemic in Italy. Economic Analysis and Policy, 76, 946–961. https://doi.org/10.1016/j.eap.2022.10.007
16. Creswell, J. W. (2015). Educational Research. In Pearson (Vol. 7, Issue 1). https://www.researchgate.net/publication/269107473_What_is_governance/link/548173090cf22525dcb61443/download%0Ahttp://www.econ.upf.edu/~reynal/Civil wars_12December2010.pdf%0Ahttps://think-asia.org/handle/11540/8282%0Ahttps://www.jstor.org/stable/41857625
17. Dai, R., Feng, H., Hu, J., Jin, Q., Li, H., Wang, R., Wang, R., Xu, L., & Zhang, X. (2021). The impact of COVID-19 on small and medium-sized enterprises (SMEs): Evidence from two-wave phone surveys in China. China Economic Review, 67(August 2020), 101607. https://doi.org/10.1016/j.chieco.2021.101607
18. Doruk, Ö. T. (2023). Does Islamic banking reduce the risks of COVID-19 for SMEs? Novel evidence for SME financing in the pandemic period for an emerging market. International Journal of Disaster Risk Reduction, 91(March). https://doi.org/10.1016/j.ijdrr.2023.103664
19. European, C. (2019). Commission, E. Entrepreneurship and Small and Medium-Sized Enterprises (SMEs). Available online: https://ec.europa.eu/growth(accessed on 12 August 2019)./smes_en. 12(1).
20. Fetters, M. D., Curry, L. A., & Creswell, J. W. (2013). Achieving integration in mixed methods designs – Principles and practices. Health Services Research, 48(6 PART2), 2134–2156. https://doi.org/10.1111/1475-6773.12117
21. Gamidullaeva, L. A., Vasin, S. M., & Wise, N. (2020). Increasing small- and medium-enterprise contribution to local and regional economic growth by assessing the institutional environment. Journal of Small Business and Enterprise Development, 27(2), 259–280. https://doi.org/10.1108/JSBED-07-2019-0219
22. Gazi, M. A. I., Masud, A. Al, Sobhani, F. A., Dhar, B. K., Hossain, M. S., & Hossain, A. I. (2023). An Empirical Study on Emergency of Distant Tertiary Education in the Southern Region of Bangladesh during COVID-19: Policy Implication. International Journal of Environmental Research and Public Health, 20(5), 1–22. https://doi.org/10.3390/ijerph20054372
23. Hassan, M. K., Alshater, M. M., Hasan, R., & Bhuiyan, A. B. (2021). Islamic microfinance: A bibliometric review. Global Finance Journal, 49. https://doi.org/10.1016/j.gfj.2021.100651
24. Hassan, M. K., & Chowdhury, M. A. M. (2010). Islamic Banking Regulations in Light of Basel II. American Journal of Islamic Social Sciences, 27(1), 74–101. https://doi.org/10.35632/ajiss.v27i1.357
25. Hassan, M. K., İslam, M. T., Ahmed, Z., & Sarker, J. I. (2023). Islamic banking in Bangladesh: a literature review and future research agenda. International Journal of Islamic and Middle Eastern Finance and Management, 16(5), 1030–1054. https://doi.org/10.1108/IMEFM-05-2022-0185
26. Hossain, M. E., & Subhan, K. M. A. (2022). Islamic Banking and Conventional Banking: A Comparative Study in Bangladesh. Researchgate.Net, 7(7), 811–818. https://www.researchgate.net/profile/Mohammad-Hossain-321/publication/362554596_Islamic_Banking_and_Conventional_Banking_A_Comparative_Study_in_Bangladesh/links/62f11d8d88b83e7320bb2500/Islamic-Banking-and-Conventional-Banking-A-Comparative-Study-in-Bangl
27. Irtyshcheva, I., Stehnei, M., Popadynets, N., Bogatyrev, K., Boiko, Y., Kramarenko, I., Senkevich, O., Hryshyna, N., Kozak, I., & Ishchenko, O. (2021). The effect of digital technology development on economic growth. International Journal of Data and Network Science, 5(1), 25–36. https://doi.org/10.5267/j.ijdns.2020.11.006
28. ISLAM, M. M. (2021). SME Development, Inclusive Growth, and Poverty Alleviation in Bangladesh. The Bangladesh Development Studies, XLIII(1&2), 109–126. https://doi.org/10.57138/yeto6791
29. Khursheed, A., Fatima, M., & Mustafa, F. (2021). Customers’ Perceptions toward Islamic Banking in the Gulf Region. Turkish Journal of Islamic Economics, 8(1), 111–135. https://doi.org/10.26414/a105
30. Liu, Y., Dilanchiev, A., Xu, K., & Hajiyeva, A. M. (2022). Financing SMEs and business development as new post Covid-19 economic recovery determinants. Economic Analysis and Policy, 76, 554–567. https://doi.org/10.1016/j.eap.2022.09.006
31. Manzoor, F., Wei, L., & Sahito, N. (2021). The role of SMEs in rural development: Access of SMEs to finance as a mediator. PLoS ONE, 16(3 March 2021), 1–18. https://doi.org/10.1371/journal.pone.0247598
32. Mutamimah, M., & Saputri, P. L. (2023). Corporate governance and financing risk in Islamic banks in Indonesia. Journal of Islamic Accounting and Business Research, 14(3), 436–450. https://doi.org/10.1108/JIABR-09-2021-0268
33. Nobi, M. N., Ali, M. M., Hossain, S., Rahman, M. S., Shohel, A., & Tani, T. (2023). Roles of Microcredit for Poverty Alleviation: A Study of Selected NGOs in Bangladesh. Studies of Applied Economics, 41(3). https://doi.org/10.25115/sae.v41i3.9382
34. Noor, M. A., Hossain, T., & Shirazi, H. (2022). Effects of Financial Inclusion on the Economic Growth of Developing Countries: An Empirical Analysis of the Bangladesh Economy. South Asian Journal of Social Sciences and Humanities, 3(6), 10–22. https://doi.org/10.48165/sajssh.2022.3602
35. Oliwatosin Abdul-Azeez, Alexsandra Ogadimma Ihechere, & Courage Idemudia. (2024). SMEs as catalysts for economic development: Navigating challenges and seizing opportunities in emerging markets. GSC Advanced Research and Reviews, 19(3), 325–335. https://doi.org/10.30574/gscarr.2024.19.3.0230
36. Patton, M. Q. (2015). Qualitative research & evaluation methods : integrating theory and practice. SAGE Publications Ltd.
37. Pramono, R., Sondakh, L. W., Bernarto, I., Juliana, J., & Purwanto, A. (2021). Determinants of the Small and Medium Enterprises Progress: A Case Study of SME Entrepreneurs in Manado, Indonesia. Journal of Asian Finance, Economics and Business, 8(1), 881–889. https://doi.org/10.13106/jafeb.2021.vol8.no1.881
38. Rahman, M., & Khondkar, M. (2020). (PDF) Small and Medium Enterprises (SME) Development and Economic Growth of Bangladesh: A Narrative of the Glorious 50 Years. Barishal University Journal of Business Studies., 07(1), 09. https://www.researchgate.net/publication/358138997_Small_and_Medium_Enterprises_SME_Development_and_Economic_Growth_of_Bangladesh_A_Narrative_of_the_Glorious_50_Years
39. Smith, B. (2007). Comments on “The parting gift.” Thunderbird International Business Review, 49(5), 630–631. https://doi.org/10.1002/tie
40. Subhi Apriantoro, M., & Herviana, J. (2023). Sharia Financial Literacy: Research Trends and Directions for Future Inquiry. JISEL Journal of Islamic Economic Laws VI, 6(2), 2023. https://journals.ums.ac.id/index.php/jisel/index
41. Teng, B., Wang, S., Shi, Y., Sun, Y., Wang, W., Hu, W., & Shi, C. (2022). Economic recovery forecasts under impacts of COVID-19. Economic Modelling, 110(February), 105821. https://doi.org/10.1016/j.econmod.2022.105821
42. Tsuruta, D. (2020). SME policies as a barrier to growth of SMEs. In Small Business Economics (Vol. 54, Issue 4). Small Business Economics. https://doi.org/10.1007/s11187-018-0119-0
43. Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
44. Yunus, M. (2007). CREATING A WORLD WITHOUT POVERTY : SOCIAL BUSINESS AND THE FUTURE OF CAPITALISM Global Urban Development GLOBAL URBAN DEVELOPMENT Volume 4 Issue 2 November 2008 Global Urban Development. 4(2), 1–19.
45. Zainuldin, M. H., & Lui, T. K. (2022). A bibliometric analysis of CSR in the banking industry: a decade study based on Scopus scientific mapping. International Journal of Bank Marketing, 40(1), 1–26. https://doi.org/10.1108/IJBM-04-2020-0178