Global Islamic Microfinance Forum 2015 to take place in Malaysia

Source: AlHuda CIBE website.

The Muslim world is severely impacted by poverty. A conservative estimate from AlHuda Center of Islamic Banking and Economics (CIBE) finds that almost 46% of the poor live in Muslim countries, partly because of the general avoidance of riba, or interest, which is prohibited in Islam. To promote financial inclusion, the organisation suggests developing an Islamic microfinance system, said Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE.

Muhammad Zubair spoke at an event promoting the 5th Global Islamic Microfinance Forum, to be held November 24 and 25, 2015 in Kuala Lumpur, Malaysia. Organised by Akhuwat, an organisation focused on alleviating poverty through interest-free microfinance and AlHuda-CIBE, the event expects participants from nearly 30 different countries to discuss topics such as Islamic microfinance, financial inclusion, rural development, the use of IT in microfinance, and micro takaful.

Dr Amjad Saqib, Executive Director, Akhuwat, said that the primary objective of the event would be to explore the best techniques to alleviate poverty globally. He said the Akhuwat model has been very successful, as the organisation has already distributed almost Rs9 Billion among 960,000 families through qarD-a-Hassana (کرض-ا-حسّنا; Editor's note: a loan given as a good deed).

The Forum will be followed by workshops on November 26 and 27, covering on Islamic fund mechanisms, shari'ah standards and sustainable operations.

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