Page 103 - Zakat & Waqf: Impact on Women and Community Development

Zakat & Waqf: Impact on Women and Community Development | 93
© Zakat & Waqf: Impact on Women and Community Development
ISBN 978-967-####-##-#

Financial sustainability tools for women entrepreneurs
A study conducted by Yusoff (2021) pointed out that financial literacy
is crucial for business success and enables entrepreneurs to make wise
decisions. Many women entrepreneurs face obstacles in managing their
finances, making financial illiteracy a significant hindrance to
developing a thriving family economy. Empowerment of
womenpreneurs by providing resources to address issues related to
lack of financial literacy is essential as it is a crucial element in the
process of making informed decisions and achieving financial success.

Apart from financial literacy, it is also important to make aware of
financial sustainability tools that are accessible for womenpreneurs.
Financial sustainability is critical for any business's success but can be
especially difficult for womenpreneurs (Fauzi et al, 2020). Women-
owned enterprises are more likely to be underfunded, with fewer
access to traditional finance sources. Furthermore, in the financial
realm, women entrepreneurs may encounter gender biases and
discrimination, making it even more difficult for them to acquire the
money they require to expand and flourish (Welsh et al, 2021).

Despite these hurdles, womenpreneurs have access to various financial
sustainability solutions. These resources can assist women in gaining
access to financing, successfully managing their finances, and
establishing a solid financial basis for their businesses. There are a
variety of financial tools that womenpreneurs can subscribe to ensure
their financial sustainability and among the general ones are the
traditional financing sources from banks and other financial
institutions and Islamic financial Institutions. However,
womenpreneurs are usually subjected to financial vulnerabilities and
limitations that it is not easy for womenpreneurs to subscribe to banks.
Other alternatives that might be suitable for womenpreneurs are the

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