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33 

 

FINANCE & BANKING REVIEW 

ASFBR VOL 6 NO 1 (2022) P-ISSN 2576-1161   E-ISSN 2576-1188 
 

Available online at https://www.cribfb.com 

Journal homepage: https://www.cribfb.com/journal/index.php/asfbr 
Published by CRIBFB, USA 

CONCEPTUAL REVIEW OF MICROFINANCE AND WOMEN 

HOUSEHOLD, ECONOMIC, AND SOCIAL EMPOWERMENT OF 

MICROFINANCE BORROWERS       

 
  Tasnuba Haque (a)1    Chamhuri Siwar (b)   Abul Bashar Bhuiyan (c)    

 

(a) Lecturer, Faculty of Business and Accountancy, Universiti Selangor, Shah Alam, Malaysia; E-mail: haquebornee@gmail.com  
(b) Professor Emeritus & Senior Research Fellow at Institute for Environment and Development, Universiti Kebangsaan Malaysia, Bangi - 43600,  

Selangor, Malaysia; E-mail: csiwar@ukm.my 
(c) Associate Professor, Faculty of Business and Accountancy, University Selangor, Shah Alam, Malaysia; E-mail: bashariuk@gmail.com 
 

 
A R T I C L E I N F O 

 
 

Article History: 
 

Received: 22nd October 2022  

Accepted: 18th December 2022 

Online Publication: 30th December 2022 

 
Keywords: 

Microfinance and Women Household, 

Economic, and Social Empowerment 

Choice 

 
      JEL Classification Codes:  

 

      F65 

 

 
A B S T R A C T 

 
The poor women are ignored in most parts of the society, having no opportunities for self-sufficiency, 

losing of their self-confidence and self-supporting; in turn, leads to suffer of their psychological, social, 
and mental health problems. Therefore, the study aims to investigate rigorous review of literature on the 

women empowerment for developing of a conceptual framework of microfinance and women household, 

economic, and social empowerment of the microfinance borrowers in the world. The present study used 

existing available materials and resources from reputed online data based such as google scholar, 

science direct, Scopus, web of science data based etc.  The present study findings revealed that the poor 

women are marginalized, lack chances for self-sufficiency, and depend on charity or welfare. Without 

means to support themselves, poor women lose their self-confidence, and this disposition can lead to 
psychological, social, and mental problems. The study also found that the women can be empowered 

through encouraging and developing skills for self-sufficiency.  The study also revealed that the major 

problems facing the poor and the lower-income group was access to credit. Their lack of assets for 

collateral and financial records, and limited credit history make obtaining credit from formal financial 

institutions almost impossible. The concluded that the Microfinance can be a powerful and effective way 

of access to credit of the poor has been rapidly expanding in hopeless and helpless societies accordingly. 

Finally, the present study developed a conceptual framework based above summary of findings to do a 

practical investigation to further examine the relationship between microfinance and women household, 
economic, and social empowerment of the microfinance borrowers in the world.  

 
 

© 2022 by the authors. Licensee CRIBFB, USA. This article is an open access article  distributed 

under the terms and conditions of the Creative Commons Attribution (CC BY) license 
(http://creativecommons.org/licenses/by/4.0/). 

                                                                  

 

INTRODUCTION 

Empowerment involves encouraging and developing self-reliance skills with a focus on eliminating the need for future 

charity or well-being. Moreover, the poor women are ignored in most parts of the society. They are marginalized and have 

no opportunities for self-sufficiency, and thus, become dependent on charity or welfare (Bhuiyan, Siwar, & Talib, 2012). 

Hence, poor women lose their self-confidence because they cannot be fully self-supporting; denied opportunities lead to 

deprive poor women from the pride of accomplishment; and a such situation, in turn, leads to psychological, social, and 

mental health problems (Haque, Siwar, Bhuiyan, & Joarder, 2019). The major problems facing the poor and the lower-

income group was access to credit. Their lack of assets for collateral and financial records, and limited credit history make 

obtaining credit from formal financial institutions almost impossible (Basher, 2010; Hossain, 1988; Hassan & Tufte, 2001; 

Morduch, 1999; Schreiner, 1999). The poor are tied to low productivity and are usual involved in self-employed economic 

activities because of the lacks of capital. Thus, providing the poor with credit generally helps them minimize the poverty 

rate.  Microfinance has been recognized as a powerful and effective way of access to credit of the poor has been rapidly 

expanding in hopeless and helpless societies all over the world over the past few decades (Basher, 2010; Hossain, 1988; 

Hassan & Tufte, 2001; Morduch, 1999; Schreiner, 1999). 

                                                      
1Corresponding author: ORCID ID: 0000-0002-4108-0719 
© 2022 by the authors. Hosting by CRIBFB. Peer review under responsibility of CRIBFB, USA.  

https://doi.org/10.46281/asfbr.v6i1.1891 

 
To cite this article: Haque, T., Siwar, C., & Bhuiyan, A. B. (2023). CONCEPTUAL REVIEW OF MICROFINANCE AND WOMEN HOUSEHOLD, 

ECONOMIC, AND SOCIAL EMPOWERMENT OF MICROFINNACE BORROWERS. Asian Finance & Banking Review, 6(1), 33-41. 

https://doi.org/10.46281/asfbr.v6i1.1891 

http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://doi.org/10.46281/asfbr.v6i1.1891
https://orcid.org/0000-0002-4108-0719
https://orcid.org/0000-0003-0528-1094
https://orcid.org/0000-0003-1763-124X


Haque et al., Asian Finance & Banking Review 6(1) (2022), 33-41

  

34 
 

 The pioneer of microcredit Muhammad Yunus manifests his anxiety that profit orientation would give 

priority shareholder’s interest compare to the poor (Salmon, 2011). Recently, the effects of microfinance have been 

questioned, and many studies state that the effects of microfinance differ between positive, non-effects and even negative 

effects (Becchetti & Castriota, 2011; Cull, Demirgüç-Kunt, & Morduch, 2011; Islam, Nguyen, & Smyth, 2015; Raha, 

Osbahr, & Garforth, 2013; Rokhim, Sikatan, Lubis, & Setyawan, 2016). Moreover, it was not even considered as microcredit 

that save poor from loan shark (Business, 2007; Economist, 2008; Malkin, 2008; Mohammad Yunus, 2010). Studies indeed 

infer that if MFIs exclude the poorer clients (G. Woller, 2002; G. M. Woller, Dunford, & Woodworth, 1999).As a result, 

many MFIs transform and commercialize from not-for-profit to for-profit institutions for broader credit access in different 

region (Burgis, 2008; Christen & Cook, 2001; Gokhale, 2009a, 2009b; Ledgerwood & White, 2006; Nestor, 2011; Olivares-

Polanco, 2005; G. Woller, 2002). Despite, these  some believe that those MFIs are in danger as they act nearly predatory 

money lenders and fear of losing original mission through chasing profits for institutional investors (I. Ahmed, 2018; I. 

Ahmed, Ibrahim, Bhuiyan, & Mohd, 2018). The literature also argues that the impact of microfinance works differently in 

one context and depends on population density, attitudes towards debt, group cohesion, business development, financial 

literacy, financial service providers and others. As the current study notes that poor women are marginalized, lack chances 

for self-sufficiency, and depend on charity or welfare. Without means to support themselves, poor women lose their self-

confidence, and this disposition can lead to psychological, social, and mental problems. Empowerment was the way to 

achieve basic opportunities for poor women. Women can be empowered through encouraging and developing skills for self-

sufficiency, which could result in eliminating the future needs for charity or welfare among individuals of the group.  In 

such circumstances, this study will have filled above gap by deep study of review of literature on the women empowerment 

and developed a conceptual framework of microfinance and women household, economic, and social empowerment of the 

microfinance borrowers in the world. This research can draw out a future direction for the effective use of microcredit for 

income generating activities (IGAs) for ensuring of health nutrition, basic education and sustainable living of the poor 

women in all over the world. 

 

Background of the Study 

Concept of Microfinance  

Microfinance has been recognized as a powerful and effective tool for combating poverty; the poor access to credit has been 

rapidly expanding over the past few decades in the area of hopeless and helpless society all over the world. It was also noted 

in the United Nations World Summit Outcome Document, 2005, (United Nation 2005). According to the United Nations, 

microfinance and micro-credit programs have recognized the need to provide financial services, especially to the poor. On 

the other hand, the impact assessment showed that microfinance helps the poor, although not all participants can benefit 

equally. An early study by Grameen Bank found support for the poor, especially women, through empowerment and income 

generation. Microfinance is recognized as an effective and efficient tool in the fight against poverty. Poor access to credit 

has grown rapidly in recent decades in a hopeless and helpless society around the world (Basher, 2010; Hossain, 1988; Kabir 

Hassan & Tufte, 2001; Morduch, 1999; Schreiner, 1999). 

Yunus et al. described that Grameen Bank, founded in 1976, has both pioneered the development of micro-finance, 

and created nearly 30 businesses designed to alleviate poverty. The article traces the gradual development of Grameen's 

expertise in formulating social business models, which require new value propositions, value constellations and profit 

equations, and as such, resembles a business model innovation. The article presents five lessons learned from this 

experience: three are similar to those of conventional business model innovation that challenges conventional thinking, 

finding complementary partners and undertaking continuous experimentation; two are specific to social business models: 

recruiting social-profit-oriented shareholders, and specifying social profit objectives clearly and early. They suggest new 

business models - where stakeholders replace shareholders as the focus of value maximization - could empower capitalism 

to address overwhelming global concerns (Yunus, Moingeon, & Lehmann-Ortega, 2010). Hartarska and Nadolnyak 

examined whether microfinance rating agencies were able to impose market discipline on microfinance institutions (MFIs) 

during the period of 1998-2002. The results indicated that not all rating agencies had the same impact. Rating by some rating 

agencies helped MFIs raise funds, while rating by other agencies did not. The evidence also suggests that subsidizing rating 

did not help MFIs raise more funds (Hartarska & Nadolnyak, 2008). 

Microfinance refers to the provision of microloans with savings, insurance, and service, whereas microcredit offers 

only a small loan. Moreover, “microcredit is a program designed to extend small loans to very poor people for self-

employment projects that generate income, allowing them to care for themselves and their families” (Daley-Harris, 2005). 

“Microcredit is a component of microfinance which was used to provide a small credit to the poor people, but microfinance 

also involves additional non-credit financial service such as savings, insurance, pensions, and payment service” (Buckley, 

1997). In addition, “microfinance is the practice of offering small, collateral-free loans to the members of cooperatives who 

otherwise would not have access to the capital necessary to begin a small business or other income generating activities” 

(Hossain, Bose, & Ahmad, 2004). Finally, microcredit is a provision of access to small amounts of credit to the poor and 

others who do not have assets for collateral, financial records, and credit history. Borrowers can use the loan obtained 

through microcredit for IGAs to alleviate them to rise from poverty and to ensure livelihood development. These 

developments can result in improving good health, accessing children’s education, achieving skills, acquiring assets, and 

taking part in social activities. 

 

Concept of Women Empowerment  

The term empowerment comes from the word “empower,” which means “to give power or authority to someone.” Moreover, 

empowerment is an intrinsic quality of a person, which cannot be bestowed by a third party. The behaviour of an empowered 



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person is considered to undergo a change. Briefly, empowerment is a process that enables one to gain power, authority, and 

influence over others. Scholars have given their opinion on the concept of empowerment.  People assume “control and 

mastery over their lives in the context of their social and political environment.” Some researchers describe empowerment 

as a continuous, on-going, and interactive process that leads to the enhancement of abilities and a wider scope for choice 

and action of an individual (Al-Mamun & Mazumder, 2015; Al-Shami, Majid, Rizal, Muhamad, & Rashid, 2015; Al-Shami, 

Majid, Mohamad, & Rashid, 2017; Ismail, 2001). Thus, empowerment leads to equity and well-being of the individual and 

the community (Wallerstein, 1992). Moreover, “the empowerment as a process of enabling or authorizing an individual to 

think, behave, and take action and controlling work in an autonomous way. It involves some degree of personal development. 

Individuals become empowered when they obtain the right to determine choices in life and to influence the direction of 

change through the ability to gain control over material and non-material resources. The World Bank ‘Empowerment Source 

Book’ also defines empowerment in the same way” (Rowlands, 1997).  

By contrast, women empowerment is an active and multi-dimensional, process, which enables women to realize 

their full identity and power in all spheres of life. Power is neither a commodity to be transacted nor alms that can, be given 

away. Power has to be acquired, and once acquired, power needs to be exercised, sustained, and preserved. There are a 

number of studies about the issues of women empowerment. Stromquist (1995) explains that empowerment includes both 

cognitive and psychological elements. It involves “women’s understanding of their conditions of subordination and the 

causes of such conditions at both micro and macro levels of society. It involves understanding the self and the need to make 

choices that may go against cultural and social expectations” (Stromquist, 2002). Moreover, women empowerment is a 

process of improving the status and abilities of women to enable them to lead their lives in an autonomous way. Women 

empowerment is a complicated and continuous process, which aims to change the way of thinking of the whole society to 

ensure the equal enjoyment of human rights for all. Women empowerment is a continuous process of increasing the 

economic, social, political, and psychological strengths (Rowlands, 1997; Stromquist, 2002; Wallerstein, 1992). Finally, the 

study summarizes the concept of women empowerment as a process that allows one to gain knowledge, power, skill-sets, 

and attitude that are needed to cope with the changing world and the circumstances in the environment in increasing the 

productivity of self, family, and the society as a whole.  

 

Linkage of Microfinance and Women Empowerment 

Microfinance is considered the provision of access to small amounts of credit to the poor where 95% of microcredit 

borrowers are women of the MFIs. The women are ignored in most of society, marginalized and have no opportunities for 

self-sufficiency, situation in turn leads to psychological, social and mental health problems. The Empowerment of women 

is a means of achieving the basic opportunities for poor women. Empowerment involves encouraging and developing self-

reliance skills with a focus on eliminating the need for future charity or well-being. (Stromquist, 2002). Moreover, women 

empowerment is a process of improving the status and abilities of women to enable them to lead their lives in an autonomous 

way. Women empowerment is a complicated and continuous process, which aims to change the way of thinking of the 

whole society to ensure the equal enjoyment of human rights for all. Women empowerment is a continuous process of 

increasing the economic, social, political, and psychological strengths (Rowlands, 1997; Stromquist, 2002; Wallerstein, 

1992). Finally, the study summarizes the concept of women empowerment as a process that allows one to gain knowledge, 

power, skill-sets, and attitude that are needed to cope with the changing world and the circumstances in the environment in 

increasing the productivity of self, family, and the society as a whole.  

 

LITERATURE REVIEW 

As women comprise half of society, they have the right to move into the main stream of development. Their ability to take 

advantage of opportunities to increase their income or economic status, to protect themselves against other risks, and to 

increase their ability to cope with risks when they occur was very important. The reduction of poverty was partly a process 

of increasing income and economic stability, which enables the fulfilment of basic needs and access to different kinds of 

service. Poverty reduction has come into the forefront with the revolution of microcredit when Yunus realized that women 

empowerment was an essential and a precondition, as well as with men, to remove poverty from the society. Studies revealed 

the extent to which microfinance has contributed to women empowerment in controlling family decision. For instance, 

microfinance of Grameen Bank allowed women borrowers to increase their involvement in controlling assets and social 

welfare (Zaman, 1999). Moreover, the study of Abdullah-Al-Mamun et al. examined how the participation in the microcredit 

program of AIM affected the employment rate of hard-core poor households and community in Peninsular Malaysia in 

2011. The participation in the microcredit program of AIM increased employment, which generated opportunities at the 

household and community levels. The policy may be reviewed and re-organized to increase the employment rate and 

income-generating opportunities by providing appropriate training and diversified, flexible loan offers (Mamun, Wahab, 

Hossain, & Malarvizhi, 2011). 

Khandker examined the effects of microfinance on poverty reduction at both the participant and aggregate levels 

using panel data from Bangladesh. The results suggested that access to microfinance contributes to poverty reduction, 

especially for female participants, and to overall poverty reduction at the village level. Thus, microfinance helps not only 

poor participants, but also the local economy (Khandker, 2005). Hazarika and Sarangi (2008) examined the effect of 

household access to microcredit on work by 7 to 11 year old children in rural Malawi. Microcredit organizations fostered 

household enterprises, which engaged child labour. Thus, the study also looked into whether access to microcredit increased 

child labour. During the peak season of labour demand, household access to microcredit, which was measured as self-

assessed credit limits at microcredit organizations, raised the probability of child work in households with average 

landholdings and retail sale enterprises (Hazarika & Sarangi, 2008). Angeles and Hill in 2009 conducted a parallel field 



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research in two peri-urban villages in Naga and Valencia in the Philippines. The article applied gender analysis to understand 

livelihood diversification indicated in agrarian change. The role of state organizations and NGOs in (re)producing gender 

differences, hierarchies, roles, and identities within agrarian settings brings poststructuralist and postcolonial theory in the 

political economy to explore how gender was at stake in daily livelihood struggles. The study showed how structural 

constraints and institutional discourses still rendered livelihood diversification a gendered project and how the state and 

other development organizations perpetuated gender inequalities and rein scribed normative gender discourses (Angeles & 

Hill, 2009). 

Bose and Ahmad in 2009 described two ways to analyse how women work. The first way depicted the patterns of 

the work of women and analysed the factors that influenced the gender division of labour. The second way showed a women 

empowerment index developed from the 2000 survey data on intra-household decision-making in different spheres and 

explored its relationship with the work of women. Their study revealed that enabling and improving the quality of education 

for women was necessary to increase their participation in marketing activities, where the gender disparity in earnings was 

less. Moreover, developing desirable social and institutional infrastructures enabled women to move outside the home to 

participate in economic and social activities and to reduce the burden of their domestic work (Bose, Ahmad, & Hossain, 

2009). Moreover, Zahra et al. in 2009 observed that social entrepreneurship was the subject of several studies. They 

discussed its contributions to creating social wealth, offered a typology of the search processes of entrepreneurs that led to 

the discovery of opportunities for creating social ventures, and articulated the major ethical concerns that social 

entrepreneurs might encounter. Their study concluded by outlining implications for entrepreneurs and advancing an agenda 

for future research, especially on the ethics of social entrepreneurship (Zahra, Gedajlovic, Neubaum, & Shulman, 2009). 

Serrona and Yu in 2009 discussed that one of the potential solutions in social and environmental sustainability in 

municipal solid waste management in Metro Manila, Philippines was the combination of community-based recycling and 

sound landfill management strategies. The combination emphasized recycling as a source of livelihood, and proper landfill 

management improved the aesthetic and environmental quality of disposal facilities in urban areas. Their study showed that 

development interventions in disposal sites, such as WTE, were not opposed by host communities as long as alternative 

livelihood opportunities were provided. Regulating the flow of waste-pickers into the landfill has advantages, such as 

improved income and security. The felt needs, such as the provision of financial support or capital for junkshop operation 

and skills training, were also articulated. Overall, a smooth relationship between the local government and community 

associations paid well in a transitioning landfill management scheme such as Payatas (Serrona & Yu, 2009). Bhole and 

Ogden in 2010 noticed that the group and individual lending with strategic default suggested that unless group members can 

impose costly social sanctions on one another, or unless the bank uses cross-reporting mechanisms, group lending may do 

worse than individual lending. If the amount that a successful borrower owes for his defaulting partner is optimally 

determined and the penalty is allowed to vary across group members, then expected borrower welfare is strictly higher with 

group lending when both group and individual lending are feasible. Moreover, group lending is feasible for a greater range 

of the opportunity cost of capital even without any social sanctions or cross-reporting. However, a robust collusion occurred 

among borrowers (Bhole & Ogden, 2010). Shimamura and Lastarria Cornhiel in 2010 evaluated the effects of participating 

in agricultural credit program on the school attendance of children in rural Malawi. Their paired-site sampling survey 

revealed that credit decreased school attendance for young girls. This finding raised concerns that young girls were exploited 

through child labor either at home or in the field because working adults became more involved in IGAs that were financed 

by credit. However, the data did not show clear evidence that young girls in households that obtained credit, stayed at home 

to do household chores or to work in the fields. The study only found simultaneous occurrence of attending school and 

taking responsibilities for domestic chores by young children. Therefore, credit uptake delayed the realization of this 

concurrence among young girls and led to delayed school enrolment (Shimamura & Lastarria-Cornhiel, 2010). 

 Misturelli and Heffernan in 2010 noticed that poverty was often presented as an evolving concept linked to 

dominant development paradigms. Changes in the meaning of specific topics that comprised the definitions of poverty have 

been largely overlooked. The authors adopted a synchronic approach to evaluate changes contained within 159 definitions 

of poverty from 1970s to 2000s. Their study revealed that component terms were investigated for their stability in meaning 

through the application of the concepts of the signifier and signified of De Saussure. The results illustrated that terms often 

did not share the same significance (Misturelli & Heffernan, 2010). Moniruzzaman in 2011 analyzed the experiences of two 

major NGOs in Bangladesh and argued that community development paid greater attention to the effects of empowering 

inputs, such as microcredit, than the internal management of the group. The study examined the serious defects that may 

have direct negative effects on empowering outcomes. The study argued that paying greater attention to the internal 

management of the groups can make the group approach more effective in community development (Moniruzzaman, 2011). 

Hermes et al. in 2011 used stochastic frontier analysis to examine whether outreach to the poor and the efficiency of MFIs 

had a trade-off. They found convincing evidence that outreach was negatively related to the efficiency of MFIs. More 

specifically, they found that MFIs that have a lower average loan balance (a measure of the depth of outreach) were also 

less efficient. Evidence also showed that MFIs with more women borrowers as clients (again, a measure of the depth of 

outreach) were less efficient. Their results of the study remained robustly significant after adding a number of control 

variables (Hermes, Lensink, & Meesters, 2011). 

Similarly, Hearn and Piesse in 2011 assessed the effect of stock exchange funding in the Shari'ya compliant Islamic 

economy of Sudan. Evidence indicated that although Islamic financial instruments have considerable potential in facilitating 

development finance through partnership, development finance was better achieved by the banking system than the 

Khartoum Stock Exchange. A case study of the Sudan Telecommunications Company showed that larger firms that can 

cross-list elsewhere were likely to choose regional over domestic markets, and thus, benefit from the lower costs of equity.  

Chan and Ghani in 2011 discussed if microfinance programs reached the intended target in vulnerable remote villages, and 



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whether borrowers improved their lives through microfinance. Seventy-two borrowers from three villages were studied. 

Remote villagers living below the poverty line were reached. Ninety-three per cent of the borrowers observed an increase 

in income, assets, and spending on family members. Improvement in non-income aspects was also reported. Hence, small 

loans can encourage the development of rural enterprise, skills, and confidence, and the social standing of rural women 

(Chan & Ghani, 2011). Esnard-Flavius and Aziz in 2011 examined the relationship between microcredit, microenterprises, 

and the social welfare of the rural poor in North-eastern Trinidad. Guided by the main propositions of social capital theory, 

the researchers conducted 45 semi-structured interviews with active participants or clients within a case study framework. 

The fragmented social relations within the network, conflict, distrust, and the loose structure of the program limited the 

effects of access to microcredit on social welfare and the financial potential of the lending organization (Esnard-Flavius & 

Aziz, 2011). Ahmed and Siwar in 2011 examined if rural women in Bangladesh had a lower socio-economic status than 

men even if they contributed significantly to their families. Rural women had limited access to income generation and social 

activities because of social, cultural, and religious barriers. The participation of rural women in decision-making regarding 

family matters was very low. The study discussed the relationship between microcredit, IGAs, awareness, and women 

empowerment, and highlighted a review of the existing evidence on the role of microcredit program in developing socio-

economic status and poverty alleviation(F. Ahmed, Siwar, & Idris, 2011a). Ahmed and Siwar described that women, who 

constituted almost half of the total population of Bangladesh, are victims of socio-economic inequality and gender disparity. 

Women were also economically dependent, vulnerable, and socially discriminated. Their study focused on the status of 

women in Bangladesh. However, the government has taken many initiatives to ensure the political rights and to increase the 

awareness, empowerment, and participation of vulnerable and disadvantaged women (F. Ahmed, Siwar, & Idris, 2011b). 

A microcredit program was designed to improve the socio-economic status of rural women in Bangladesh. An 

examination of the relationship among microcredit programs, vulnerability, and sustainability livelihood indicated the 

improved socio-economic well-being and sustainable livelihood of rural women who participated in microcredit programs 

of Bangladesh (Ahmed, Siwar, & Idris, 2011c). Ahmed and Siwar pointed out that microcredit programs provided small 

loans to the very poor to undertake self-employment and other financial and business activities. These activities should give 

them the capacity to care for themselves and their families and to achieve a level of independence. Their study examined 

how microcredit programs contributed to the participation in microcredit program for their development. The paper also 

discussed the participation of women in microcredit programs of NGOs, such as GB, BRAC, and ASA (Ahmed, Siwar, & 

Idris, 2011d). In addition, Ahmed and Siwar stated that rural women in Bangladesh are the most deprived in the society, 

and most rural women are extremely poor. The study examined the extent of changes in the livelihood status of rural women 

through their involvement in microcredit programs in Bangladesh. The study revealed that after joining the microcredit 

program, the rural women engaged themselves in IGAs and, consequently, improved their livelihood status significantly 

(Ahmed, Siwar, Idris, & Begum, 2011). Moreover, the monthly average income of the respondents with credit was US$27.6, 

which was three times higher than that of the respondents without credit, which was US$7.9. The increased income of the 

women borrowers contributed significantly in improving the income level of their households, and thus, ,help them reduce 

vulnerability more effectively than the women who did not borrow (Ahmed, Siwar, Idris, & Mia, 2011). 

Hearn and Piesse in 2011 assessed the effect of stock exchange funding in the Shari'ya compliant Islamic economy 

of Sudan. The banking system has a better potential than Islamic financial instruments, such as the Khartoum Stock 

Exchange, in facilitating developmental finance. A case study of the Sudan Telecommunications Company showed that 

larger firms can cross-list elsewhere, but chose regional markets because of the lower costs of equity. However, larger firms 

were likely to favour block shareholders following the concept of Islamic finance partnership (Hearn, Piesse, & Strange, 

2011).  D'Espallier and Guérin in 2011 used a global data set of 350 MFIs in 70 countries to study the common belief that 

women were generally better credit risks in microfinance than men. The study confirmed that a higher percentage of female 

clients in MFIs associated with lower portfolio risk, fewer write-offs, and fewer provisions, but women and men borrowers 

were equal in other factors. Interaction effects revealed that women, in general, were associated with enhanced repayment, 

but this trend was stronger for NGOs, individual-based lenders, and regulated MFIs (D'Espallier, Guérin, & Mersland, 

2011). Moreover, Bhuiyan and Siwar in 2011 reported empirical evidence on the common findings from the existing 

literature on the performance of the Islamic Bank in microcredit and the poverty alleviation in Bangladesh. Their study 

examined the effect of the microcredit program of an Islamic Bank on the progress of poverty alleviation and socioeconomic 

development of its members. The study revealed that the borrowers reduced their vulnerability and poverty and improved 

their socioeconomic status after access to credit (Bhuiyan, Siwar, Ismail, & Talib, 2011). 

 Mirghani and Mohammed in 2011 determined that poverty was the central problem to sustainable human 

development. Islamic microfinance has been recognized as the best alternative to conventional microcredit, which promised 

the same benefits based on Shariah. Islam provides the complete code of life. Thus, the religion covers poverty reduction as 

one of its premier agenda. Islam considers that poverty induces other indecent acts, and thus, poverty should be treated with 

much care. Their study revealed a scarcity of skilled individuals in Islamic finance because of the lack of interest of 

academicians in the Middle East in Islamic finance. Despite the prospects for microfinance, Islamic financial systems faced 

specific challenges (Mirghani, Mohammed, Bhuiyan, & Siwar, 2011). By contrast, microfinance programs increasingly 

targeted poor women in developing countries with the expectation that access to microcredit advanced their empowerment 

while reducing poverty. Variations in the socio-cultural, economic, and microfinance organizational contexts explained why 

some programs were more successful than others by comparing the results of two microfinance providers in Ethiopia (Haile, 

Bock, & Folmer, 2012). 

 

 

 



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Development of Conceptual Framework 

As the current study notes, poor women are marginalized, lack chances for self-sufficiency, and depend on charity or 

welfare. Without means to support themselves, poor women lose their self-confidence, and this disposition can lead to 

psychological, social, and mental problems. Empowerment is the way to achieve basic opportunities for poor women. 

Women can be empowered through encouraging and developing skills for self-sufficiency, which could result in eliminating 

the future needs for charity or welfare among individuals of the group.  

 
Fiqure 1. Conceptual Framework 

 

CONCLUSIONS  

As the main aim of the study was to investigate rigorous review of literature on the women empowerment and developed a 

conceptual framework of microfinance and women household, economic, and social empowerment of the microfinance 

borrowers in the world. The present study revealed that the poor women are marginalized, lack chances for self-sufficiency, 

and depend on charity or welfare. Without means to support themselves, poor women lose their self-confidence, and this 

disposition can lead to psychological, social, and mental problems. The study also found that the women can be empowered 

through encouraging and developing skills for self-sufficiency.  The study also revealed that the major problems facing the 

poor and the lower-income group was access to credit. Their lack of assets for collateral and financial records, and limited 

credit history make obtaining credit from formal financial institutions almost impossible. The concluded that the 

Microfinance can be a powerful and effective way of access to credit of the poor has been rapidly expanding in hopeless 

and helpless societies accordingly. 

The study also summarized that there are very limited studies justified with most relevant existing theories with 

the comprehensive review of literature and summarized literature gap, to justify with established knowledge which are 

already justified, criticized and accepted by the scholars in a particulars area. The study also has found very few study used 

different types of methodological tools that are used descriptive statistical, econometrics techniques as well as indexes to 

measure impact of microcredit on the poverty alleviation, livelihood improvement and socio-economic development of the 

MFIs borrowers. The existing review also concluded that very few studies used cutting edge methodological tools in this 

area of research. Finally, the present study developed a conceptual framework based above summary of findings to do a 

practical investigation to further examine the relationship between microfinance and women household, economic, and 

social empowerment of the microfinance borrowers in the world. 

 

 
Author Contributions: Conceptualization, T.H.; Methodology, N/A; Software, N/A; Validation, N/A; Formal Analysis, N/A; Investigation, T.H., C.S. 
and A.B.B; Resources, T.H., C.S. and A.B.B.; Data Curation, N/A; Writing – Original Draft Preparation, T.H., C.S. and A.B.B.; Writing – Review & 

Editing, T.H., C.S. and A.B.B.; Visualization, T.H., C.S. and A.B.B.; Supervision, A.B.B.; Project Administration, A.B.B.; Funding Acquisition, T.H., 

C.S. and A.B.B. Authors have read and agreed to the published version of the manuscript. 

Institutional Review Board Statement: Statement: Ethical review and approval were waived for this study because the research does not deal with 

vulnerable groups or sensitive issues. 

Funding: The authors received no direct funding for this research. 

Acknowledgments: Not applicable. 

Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. 

Data Availability Statement: The data presented in this study are available on request from the corresponding author. The data are not publicly available 
due to restrictions. 

Conflicts of Interest: The authors declare no conflict of interest.                                                                                                                                                                                                                                   

 

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