HERE’S DETAILED, PRACTICAL COMMENTARY FROM A WIDE RANGE OF EXPERTS IN THIS EVOLVING SECTOR An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers Those of us, who take for granted our entitlement to a bank account are generally disconcerted, even shocked, to realize that poor people can’t have one; at least not within the conventional banking sector in the UK. Certain steps have been taken to address this issue, some not very positive, but in the meantime, the restrictions on access to banking are persistent and widespread. Even worse is the position of the poor in the third world, as Ranajoy Basu, the consulting editor of this important new book points out. However, a solution, or at least a partial one, has evolved in the last twenty years or so, hence the gradual proliferation worldwide of microfinance -- a term which can refer to a number of different ‘micro’ financial solutions. Microfinance began apparently as ‘a simple idea to provide business loans to the poor.’ It now includes savings and insurance institutions and other services such as mobile banking. The editor quotes the McKinsey estimate that there are roughly 2.5 billion people without access to banking worldwide. Thus the demand for financial services to the poor will inevitably continue to grow. Recently published by Globe Law and Business, this book examines the issues and problems linked to microfinance from a number of key perspectives, bringing together the expertise of no less than 17 experts, mostly from legal, business or academic backgrounds. All are microfinance practitioners, including regulators, economists, investors and lawyers (from such firms as Allen & Overy and Clifford Chance, for example). As the editor rather poetically puts it, the book helps you ‘hear the voices of the various participants in the microfinance industry and see the sector through their eyes.’ Grouped logically under five headings, the various chapters cover a satisfyingly wide range of topics, from hurdles and key issues -- and governance and sustainability -- to Sharia-compliant microfinance… microfinance and the empowerment of women… and microfinance without borders. Here we cite only a few examples of the variety of subject matter covered in this book, which also focuses on regulatory issues. As microfinance evolves into an exciting new sector of endeavour, the recent publication of this book will be equally exciting and more importantly, enlightening for a wide range of legal practitioners, especially those involved in the financial sector who work internationally. Basu, a structured finance and capital markets lawyer at Reed Smith, has put together a varied and insightful compendium of expertise on microfinance, which provides an information-rich resource to practitioners, or indeed anyone professionally involved in this continually evolving and diverse area of financial services.