Document Type : Science - Research (Islamic Financial Institutions)

Authors

• hassan nasirlou ¹
• Seyyed Reza Jafarifard ²
• Mostafa Khorami ³

¹ Researcher of Rushd and Master Student, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran

² Researcher of Rushd and PhD Student, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran.

³ Researcher of Rushd and Master's Student, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran.

Abstract

Qard al-Hasan funds, as one of the key institutions in microfinance and an effective tool for addressing the financial needs of society, have always held a significant place in social structures and grassroots initiatives. By providing credit services—particularly to low-income populations—these institutions enable access to financial resources for individuals who are otherwise excluded from the banking system due to lack of formal creditworthiness. Despite their vital role, Qard al-Hasan funds face a range of internal organizational challenges that undermine their efficiency and effectiveness. This study aims to identify and categorize these internal challenges in a comprehensive and systematic manner. The research adopts a thematic analysis approach, utilizing MAXQDA software to analyze qualitative data collected through interviews with 12 academic experts and 31 Qard al-Hasan fund managers. The analytical process resulted in the extraction of 229 initial codes, which were refined and consolidated into 138 basic themes, 31 organizing themes, and ultimately 6 overarching global themes. A thematic network was then constructed based on these findings. The results reveal that internal challenges of Qard al-Hasan funds fall into six key categories: resource allocation, organizational structure and management, resource mobilization, accounting software, revenue generation and cost coverage, and reporting and communication. The findings indicate that the continued effectiveness and development of these funds require comprehensive, multidimensional reforms in their structures and operational processes.

Keywords

• Qard-al-Hasan
• Qard-al-Hasan fund
• Thematic Analysis
• Challenges of Qard-ol-Hasanah Funds

Main Subjects

• Islamic Financial Institutions