"Islamic Finance Researches" (IFR)

Presenting a Network of Themes on the Challenges Facing the Internal Organization of Qarz al-Hasanah Funds

Document Type : Science - Research (Islamic Financial Institutions)

Authors

1 M.A. Student, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran

2 PhD Student, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran; and Researcher, Imam Sadiq University Growth Center

3 M.A. Student, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran; and Researcher, Imam Sadiq University Growth Center

Abstract

1. Introduction and Objective
Qard al-Hasan funds constitute a foundational pillar within the Islamic financial system, particularly in the domain of microfinance where they function as socially oriented, non-profit financial intermediaries. These funds aim to provide interest-free loans with the objective of alleviating financial hardship, enhancing social welfare, and supporting low-income and financially excluded populations. Historically rooted in religious, cultural, and community-based traditions, Qard al-Hasan funds in Iran have long served as instruments for promoting social solidarity and distributive justice. Despite their vital role in expanding financial inclusion and contributing to socio-economic stability, there is growing evidence that their operational effectiveness has been diminished by a range of structural, managerial, financial, technological, and regulatory constraints.
       While scattered studies have addressed particular challenges of Qard al-Hasan funds—such as governance issues, liquidity constraints, weak resource mobilization, or deficiencies in accountability—there remains a gap in systematically identifying and categorizing the internal organizational challenges these funds face. Most previous research has tended to be either descriptive or narrowly focused on individual dimensions of fund operations, thus lacking a holistic understanding of their internal dynamics. Accordingly, the present study aims to fill this gap by developing a comprehensive, systematic framework that elucidates the internal challenges affecting Qard al-Hasan funds in Iran. The core objective is to identify, classify, and interpret these challenges by drawing upon qualitative insights from experts and practitioners deeply engaged in the operation and oversight of these funds.
       By adopting a thematic analysis methodology, this study goes beyond isolated observations and moves toward theory-building. The research contributes both conceptually and practically: conceptually, by establishing a structured thematic network that integrates previously fragmented discussions; and practically, by offering a diagnostic foundation that policymakers, supervisory institutions, and fund managers can utilize for strategic planning and institutional reform.

2. Methods and Materials
This research is applied in nature and employs a qualitative methodology suited to exploring complex, socially embedded organizational phenomena. The primary research strategy is thematic analysis, which enables the identification and interpretation of recurrent patterns of meaning within qualitative data. The study population consists of two primary groups: (1) academic experts and researchers specializing in Islamic finance, microfinance, and non-profit financial systems; and (2) executive practitioners, including managers, board members, and operational staff of Qard al-Hasan funds across various Iranian regions.
       A snowball sampling technique was employed to recruit participants due to the specialized and dispersed nature of the expert community. Ultimately, in-depth semi-structured interviews were conducted with 12 academic experts and 31 fund executives, resulting in a total sample of 44 participants. The interviews were audio-recorded, transcribed verbatim, and analyzed using MAXQDA qualitative data analysis software.
       Following the six-phase thematic analysis framework proposed by Braun and Clarke (2006), the analysis progressed through iterative stages:
       (1) Familiarization with the data,
       (2) Generating initial codes,
       (3) Searching for themes,
       (4) Reviewing themes,
       (5) Defining and naming themes, and
       (6) Constructing the thematic narrative.
       This process initially produced 229 open codes, which were compared, condensed, and refined to avoid redundancy and ensure conceptual clarity. The codes were then synthesized into 138 basic themes, which were subsequently clustered into 31 organizing themes based on conceptual and functional relationships. Finally, these organizing themes were integrated into six overarching global themes, which constitute the core dimensions of the internal challenges facing Qard al-Hasan funds. A thematic network was constructed to visually represent the hierarchical and relational structure of these findings.
To enhance validity and interpretive robustness, the preliminary thematic network was reviewed through a focused expert panel (focus group) consisting of nine individuals drawn from both academic and executive backgrounds. The aim was to ensure credibility, consistency, and contextual appropriateness of the thematic categories.

3. Research Findings
The thematic analysis revealed that internal organizational challenges of Qard al-Hasan funds can be categorized into six global themes, each encompassing multiple organizing and basic themes:
(1) Resource Allocation
Challenges include inadequate credit assessment mechanisms, reliance on informal guarantor networks, insufficient collateral validation, and rising rates of loan default. Macroeconomic conditions—particularly inflation and declining purchasing power—further erode the real value of loans and intensify liquidity pressures.
(2) Organizational Structure and Management
Weaknesses in managerial capacity, lack of professional financial expertise, limited managerial diversity, resistance to modernization, and traditional governance models impede strategic development. Social and cultural shifts have also weakened the public legitimacy and perceived effectiveness of these funds.
(3) Resource Mobilization
Liquidity instability, dependency on voluntary deposits, competitive pressures from banks and fintech platforms, absence of diversified funding instruments, and restrictive regulatory constraints hinder the sustainable accumulation of loanable resources.
(4) Accounting Software and Technological Systems
Many funds use outdated or non-integrated accounting systems, lack standardized financial reporting modules, face high software dependence risks, and are excluded from national payment networks and credit evaluation systems.
(5) Revenue Generation and Cost Coverage
The inherent non-profit nature of Qard al-Hasan lending limits acceptable revenue models. Reliance on low administrative fees fails to offset operational costs; inflation intensifies cost burdens; and inefficiencies in loan recovery exacerbate financial strain.
(6) Reporting and Communication
Weak transparency, irregular financial reporting, limited public communication channels, and regulatory constraints on publishing operational information contribute to declining trust among members and stakeholders.

4. Discussion and Conclusion
The findings highlight that the sustainability and expanding role of Qard al-Hasan funds in Islamic microfinance are contingent on pursuing multidimensional organizational reform. These reforms must include:
- Implementing standardized credit and risk evaluation frameworks, modernizing management structures and professional training systems,
- Diversifying resource mobilization strategies through legally permissible financial instruments,
- Integrating technological infrastructure and connecting funds to national financial networks,
- Adopting transparent reporting mechanisms to restore public trust, and
- Developing Sharia-compliant cost-recovery models to ensure financial viability.
The thematic framework developed in this study provides a structured analytical foundation for policymakers, regulators, and fund administrators to design targeted interventions aimed at enhancing the operational resilience and social effectiveness of Qard al-Hasan funds. Future research may build on these findings by developing quantitative assessment models, designing pilot governance reforms, or examining the comparative performance of funds across different organizational typologies.

Keywords

Main Subjects

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Volume 14, Issue 4 - Serial Number 34
May 2025
Pages 681-722
  • Receive Date: 19 May 2025
  • Revise Date: 30 July 2025
  • Accept Date: 06 August 2025