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.

Interested?

Register

Islamic finance ideal for alleviating poverty

Islamic finance is well-suited for addressing poverty, whether it is used by Muslims or non-Muslims, says the organisers of the 4th Global Islamic Microfinance Forum (GIMF), which kicks off on 1 November in Dubai at the Dusit Thani Hotel.

Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics (CIBE) quoted research which has found that Islamic microfinance has a greater impact on poverty alleviation than general microfinance. Firstly, its focus on investing on assets can boost income levels, and opportunities for business, health and education. Secondly, it is available to the poor.

He further said that murabahah, musharakah, mudarbah, and ijarah are some of the options available, and micro takaful helps to keep those emerging from poverty from backsliding.

The forum runs from 1 to 4 November, 2014 and is jointly organised by AlHuda CIBE and Akhuwat. It is supported by the IRTI - Islamic Development Bank, Azerbaijan Microfinance Association, Association of Microfinance of Tajikistan, Indonesia Microfinance Association, Centre of Microfinance Nepal, Metropolitan Training Academy Turkey, Awqaf South Africa, and KFDWB among others. 

Global Islamic Microfinance Forum to tackle misconceptions, sources of funding

The fourth Global Islamic Microfinance Forum (GIMF) aims to bring the Islamic microfinance industry under one roof on November 1 and 2, 2014 in Dubai to discuss the challenges facing the industry, including a lack of suitable funds and misconceptions about Islamic microfinance. 

The event, organised jointly by the AlHuda Centre of Islamic Banking and Economics (CIBE) and AKHUWAT, saw delegates from more than 27 countries participate in 3rd GIMF and participants from more than 35 countries are expected to attend the upcoming event.

Islamic microfinance, its challenges and opportunities, new products, microtakaful, IT integration, micro saving, and entrepreneur development will be discussed in detail. 

Muhammad Zubair Mughal, Chief Executive, AlHuda Centre of Islamic Banking and Economics noted that conventional microfinance has failed to alleviate poverty in the Muslim world, while Dr Amjad Saqib, Executive Director, AKHUWAT said that Islamic microfinance, which is free of interest, is driving the growth of small businesses. AKHUWAT is already benefiting more than 500,000 families across Pakistan, he said.