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| International Conference on Islamic Microfinance Conference 13th June, 2011 at Islamabad - Paksitan |
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| UN-Millennium Development Goal (MDGs) can be achieved by eliminating Poverty through Islamic Microfinance: Zubair Mughal |
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(Istanbul) Two days International summit on Islamic Microfinance is started in Istanbul. The basic purpose behind this summit is to promote Islamic Microfinance and to elucidate the strategy to remove obstacles from its way to progress. Microfinance experts from different continents like Africa, Asia, Europe and America etc. are participating in this Int’l summit organized by Hanson Wade. While speaking to the opening session of the Summit, Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics said that Pakistan has been acknowledged as a leader of Islamic Microfinance Industry and right now in Pakistan; more than 20 institutions are providing microfinance services. While highlighting the importance of Islamic microfinance, he said that around the world, conventional Microfinance has badly failed and its examples can be clearly seen in India and Latin America. He further added that due to the failure of conventional financial system, many countries in the world are adapting Islamic microfinance system for poverty alleviation through which not only poverty will be eradicated but also a sustained economy shall come into being in these countries. While addressing to the International Summit, he further added that one reason behind expansion of Poverty is interest base mechanism in Muslim countries, People do not use Financial and Banking system due to interest as it is strictly prohibited in Islam hence forced to live in poverty whereas through Islamic Microfinance by using the financial products based on Shari’ah principles, we can get the people out from poverty. He further highlighted the need assessment of Islamic microfinance in Muslim Countries by saying that 44% of conventional Microfinance clients live in Muslim Countries and United Nations has added half of the countries of Islamic Development Bank in the list of least developed countries which shows that Islamic Microfinance can be used to eradicate poverty from Muslim-Majority Counties. While identifying the Muslim population and poverty in different regions of the world, he said that 85.5% in East Asia, 34% in South Asia, 58% in West Africa, 58% in Caucasus and 97.3% in MENA are Muslims and collectively, in 2.4 Billion population of these regions, Muslims are of 48.3% which clearly shows the need of Islamic Microfinance for poverty alleviation in these countries. He further added that not only Muslims but Non-Muslims can also get benefits from Islamic Microfinance because Islamic Microfinance is not a religion but a system which is equally useful for Muslims and Non Muslims as well and the clear example of this fact is that Non-Muslims consider it very attractive.
He said that Islamic Microfinance is essential to achieve Millennium Development Goals( MDGs), proposed by United Nations for alleviating poverty and social uplifting. He further added that if development of Islamic Microfinance starts right from today, these goals can easily be achieved till 2015. He said that Islamic Microfinance sector is facing difficulties due to apathy of Donors and to fulfill this deficiency, Sukuk (Islamic Bonds) can be issued. He further said that more financial products can be introduced by enhancing research in the field of Islamic microfinance and there are many opportunities for development in this field. AlHuda Centre of Islamic Banking and Economics has established a specific Microfinance help desk so that trainings, research and technical consultation could be provided to Microfinance Institutions worldwide.
In this Summit, the role of Pakistan in the development of Islamic Microfinance has very much appreciated and Pakistan is considered to be as global leader of Islamic Microfinance Industry. |
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Islamic Microfinance can work with all the Microfinance Models of the world:
Zubair Mughal |
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An International Seminar on Financial Inclusion for Central Asia, the Caucasus, and South Asia organized by Asian Development Bank Institute-Japan, APEC Business Advisory Council -China, & Asia-Pacific Finance and Development Center from 12th – 14th July, 11, concluded days today in Urumqi, Peoples Republic of China. Delegate from China, Japan, Pakistan, Bangladesh, India, Malaysia, Singapore, Kazakhstan, Uzbekistan, Tajikistan, Georgia, New Zeeland, Romania, Kyrgyz, UK and Afghanistan are participating in this Seminar, wherein Current State of Financial Inclusion Developing in Asia, Rural Finance in PR China, Key Regulatory Issues in Promoting Financial Inclusion, Evolution of Microfinance Institutions towards Financial Self-Sustainability through Innovation, Service Diversification and Islamic Microfinance were discussed in details.
The third day was allocated to Islamic Microfinance and Zubair Mughal – Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics Pakistan gave the Key Note speech on Islamic Microfinance, said that Islam has given the best system for poverty alleviation and both Muslims and non-Muslims can benefit from it. He emphasized that the people from Central Asia, the Caucasus, and South Asia can equally get benefit from Islamic principles of Microfinance. He said the out of the total population of 1.7 billion about 562 million are Muslims in these regions, which becomes important for financial inclusion through this system. Islamic Microfinance is compatible to work with any model of Microfinance and it has the alternative to all the products of Conventional system.
Mr. Mughal further said that in the wake of the current financial crisis all around the globe, the Islamic Microfinance has gained even more importance due to its transparency and sustainability. He also discussed the poverty issues of Central Asia, the Caucasus, and South Asia separately so that Islamic Microfinance becomes an effective tool for poverty alleviation in these areas. Mr. Zubair Mughal offered his services from AlHuda-Centre of Islamic Banking and Economics who have also set up a Help Desk for Advisory, Trainings and Capacity Building for Microfinance Institutions. We provide complete solutions in Islamic Microfinance for poverty alleviation are practiced effectively. |
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“Group photo of International Seminar on Financial Inclusion for Central Asia, the Caucasus, and South Asia on
12 - 14 july, 2011 at Urumqi, PR China, organized by Asian Development Bank Institute (ADBI),
Asia - Pacific Financial Development Center (AFDC) China, & APEC Business Advisory Council (ABAC)” |
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Islamic Microfinance only Solution to Worldwide Poverty Alleviation
International Microfinance Experts gathering on June 13 in Islamabad |
| June 30, 2011 |
Poverty Alleviation has become a world phenomenon which has led to invent various methods to mitigate it. Mutual funding model, sometimes scholarly views of Dr. Yunus and technology/mobile banking are adopted to cut it down. Therefore latest research has proved that Islamic microfinance has all the substitutions to cut down the worldwide poverty. The subject matter is focused upon in “International Conference on Islamic Microfinance” that’s going to be the largest event in the history of Islamic microfinance - is planned on June 13, 2011 in Islamabad. Varied models of Islamic microfinance, Shariah issues, Zuqat, Dard-e-Husna and Waqf model to decrease poverty, usage of technology and the implementation of Islamic microfinance in flood hit areas will be the hot topics to discuss in this mega event.
It is to be noted that almost One Billion Seventy Crore (1.7 billion) people are hand to mouth and living lives below the poverty line. Amongst them 44% are residing in Muslim countries and this factor highlights the need of Islamic microfinance in an effective way. Recent surveys and research reports of USAID, CGAP, World Bank, IFC and Frankford Finance School report Islamic microfinance the best substitution for the poverty alleviation. Currently more than 300 Islamic microfinance organizations in Indonesia, Kenya, Afghanistan, Bangladesh, Sri Lanka, Yemen, Egypt, Sudan, Tanzania, Mauritius, South Africa, Malaysia and Pakistan are working to alleviate the poverty. It is a pleasing aspect that this number is rapidly increasing not only in Muslim countries but also in non Muslim countries. To unite all these organizations in one platform, an “Islamic Microfinance Network” has also been formed. The important aspect of this conference is that microfinance model of “Akhuwat Microfinance Pakistan” will be presented as a model which has released more than one Billion PKR funds to the poors.
While discussing the importance of the conference, Mr. Zubair Mughal, Chief Executive officer, AlHuda Centre of Islamic Banking and Economics Pakistan, the organizer of the conference said that Pakistan has a prominent place in the field of Islamic microfinance sector and Pakistan is representing Islamic microfinance as a leader of the industry and to organize this conference also manifests the same cause. He further added that this event will further promote this sector in the world. He said that there will be a separate session for the contribution of Islamic microfinance for the relief work in flood hit areas. |
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Establishment of Islamic Microfinance Network (IMFN) to Help Promoting the Industry
Purpose of IMFN to gather IM Organizations under One Platform - Amjad Saqib, Executive Director, Akhuwat |
| January 20, 2011 |
| (Lahore) For the rising trend of Islamic Microfinance all over the world, Islamic Microfinance Network (IMFN) has been established to assemble the international IM organizations under one platform. The head office is formed in Lahore – Pakistan therefore its regional offices will be established in Ghana, Mauritius and Middle East. The core objective of this network is to provide best methodologies of Islamic microfinance, Shariah guidelines, and lasting relations and outclass manpower to the industry. The board members of IMFN are Mrs. Farida Tariq, Chief Executive Officer, CWCD – Pakistan (chairperson), Mr. Amjad Saqib, Executive Director, Akhuwat (vice-chairman), and Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic banking and Economics, - Pakistan will be working as CEO/Director IMFN. On the other hand, Mr. Kawako Yasuma, CEO, Ghana Islamic Microfinance Bank, Mr. Mohammad Raffick Nabi Mohamod, Founder, AlBaraka Multi-purpose Cooperative Society, Mauritius and Mr. Khaleeq-uz-Zaman, Head of Shariah Islamic Banking, International Islamic University, Islamabad – Pakistan are working as directors Islamic Microfinance Network. |
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Mrs. Farida Tariq, Chairperson of IMFN, Mr. Amjad Saqib, Vice Chairman, Mr. Zubair Mughal CEO/Director of IMFN and
Mr. Syed Mohsin, CEO PMN and others on third working Group Meeting of IMFN at LUMS Lahore |
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Third working group meeting of IMFN held today at Lahore University of Management Sciences (LUMS), Lahore – Pakistan wherein national and international microfinance organizations took part. On emphasizing the importance of Islamic Microfinance, Mrs. Farida Tariq, Chief Executive Officer, CWCD – Pakistan, chairperson, IMFN said that this network can prove to be an excellent source of poverty alleviation and its member organizations can work together to achieve this landmark and it will also help institutional building all over. Mr. Amjad Saqib, Executive Director, Auqwat, vice-chairman, IMFN added that the objective of this network is to assemble Islamic microfinance organizations under one platform and it can also help adopting Islamic Financial System to descend poverty rate from the country. He further told the audience that Islamic microfinance is a fact under which Auqwat has journeyed from 10,000 to 01 Million. Mr. Khaleeq-uz-Zaman, Head of Shariah Islamic Banking, International Islamic University, Islamabad – Pakistan said that the effort of gathering Islamic microfinance organizations under one platform is worth praising.
Mr. Syed Mohsin, Chief Executive Officer, Pakistan Microfinance Network (PMN) admired the effort of establishing IMFN and assured his full support for the development and promotion of the network. At the end of the meeting, CEO, IMFN, Mr. Zubair Mughal said that the trend of Islamic microfinance is rapidly increasing in Pakistan and all over the world. He said that there are 14 Islamic microfinance organizations working in Pakistan and more than 200 IM organizations are playing their integral role from all over the world. One of the major reasons of this rapid popularity of Islamic microfinance is the failure of the typical microfinance and India is the open precedent of its failure. He said that the initial member countries of Islamic Microfinance Network are Iraq, Jordan, Yemen, Ghana, Mauritius and Kazakhstan |
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