The current article discusses the conceptual framework of microfinance where it provides a debate on microfinance and poverty alleviation. It aims to provide an understanding regarding the working of conventional as well as Islamic microfinance through different microfinance models that are operating across the globe. At the same time, it also presents a critique of microfinance and discusses a case of interest-free microfinance with special reference to Jammu and Kashmir as an alternative to conventional microfinance system. The main aim of these alternatives is to overcome the problems faced by its conventional counterpart.
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