Problems faced by fishermen in fishing and solutions through Islamic finance

Abstract

Fishing is a prevalent one in Sri Lanka, has an essential role among earning sectors to economic development not only in Sri Lanka but globally. Generally, Fishing is a primary income source of poor and middle-class people who live in the coastal area around the country. This study is conducted based on mainly among 05 fishing villages in Kuchchaveli DS division that Pulmoddai, Kuchchaveli, Kumpurupity, Irakkakkandy and Nilaveli with the following aims to be reached; to find out the income level, to the problems faced by fishermen recently, and to prefix the solution by Islamic finance. Primary data which were collected from 50 fishermen by interview and observation has been analyzed using descriptive analysis, Microsoft Excel charts, tables also used. Findings of the research are, fishermen in research location have low level income which is not enough to fulfil their needs, because of the fishing boundaries and fishing time have been restricted by the government. Moreover, expenses of the instruments and goods that are used for fishing are high. Alternative and possibilities in Islamic finance are prefixed for challenges faced by the fishing industry.