Muhammad is a development economist based at the University of Oxford, where he holds a joint position between the Department of International Development and the Centre for Islamic Studies. In his research, Muhammad is interested in the effect of equity-like financial contracts — involving, for example, shared ownership of fixed assets, sharing of revenue streams, or profit sharing — on the investment and growth of small firms. He has conducted fieldwork in Pakistan, Kenya and Bangladesh. Prior to academia, Muhammad worked as a trader in the financial markets, for Bank of America in London and Deutsche Bank in Singapore.
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We conduct a field experiment in which we offer graduated microfinance clients the opportunity to finance the purchase of a business asset worth four times their previous borrowing limit. We implement this using a hire-purchase contract; our control group receives a zero-interest microcredit contract.