Bookmark and Share
FOLLOW US:        
Sukuk News
Pakistan and Sudan Leading in Islamic Microfinance Industry
Active Client Base of Islamic Microfinance have exceeded 2 Million: Zubair Mughal
12th May, 2014
Muhammad Zubair Mughal, CEO, AlHuda CIBE speaking at Int’l  Workshop on Islamic Microfinance Business Models, which is jointly organized by IRTI – Islamic Development Bank & IIUI in Islamabad.(Islamabad) The demand of Islamic microfinance is rapidly increasing in order to serve poverty alleviation and social development, Its active client size have exceeded to 2 million now from which more than 700,000 belong to Sudan and more than 400,000 clients of Islamic Microfinance Institutions are from Pakistan. On the other hand, Yemen, Indonesia, and Bangladesh also have a good number of clientage and Islamic Microfinance has satisfactory demand in Morocco, Senegal, Nigeria, and Tunisia. This was stated by Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Center of Islamic Banking and Economic (CIBE) in addressing to International Conference on Islamic Microfinance Business Model that was jointly organized by IRTI – Islamic Development Bank and International Islamic university Islamabad. He further added that Islamic microfinance has been successfully utilized for poverty alleviation. Both Muslim and non Muslim are taking equal befit from this role model.

He said that in a few countries including e.g Nigeria, India, Tanzania, and Ethiopia, Islamic microfinance is being utilized as only for Muslims communities but this is quite wrong, Islamic microfinance should be used as a business model not as religious intervention, Islamic Microfinance is a system which can be utilized and operated by all the segment of society without any religious discrimination. Yes, there is an extra benefit for Muslims that it is in accordance with their religious belief but for non-Muslim it is an ideal financial instrument for poverty alleviation and social uplifting.

He added that there are lots of challenges faced by Islamic microfinance i.e. squeezed volume of organizations, lack of technical expertise and quality HR, lack of standardization of the products etc but the main hurdle is lack of funds for Islamic microfinance institutions, this is why the growth is not so constant of this influential system but It can be rectified with venture capital, Social Sukuk, Centralized Zakat System, revitalization of Waqf concept, Islamic banking charity to be used in Islamic microfinance, Crowed funding platform and create liaison between Islamic banking and Islamic microfinance Institutions.

He said it is quite wrong thinking that Islamic microfinance is a complicated financial product; actually It can easily be implemented in any country in any type of Islamic Microfinance Institutions. All Islamic microfinance products whether that is Grameen Model, Village Banking Model, Credit union model, Cooperative Model or self help group etc are all in line with models of microfinance credit. He further added that before using Islamic microfinance in Conventional microfinance system, minor changes are to be done in the system i.e. use of Islamic microfinance products instead of interest based products, Islamic insurance (Takaful) instead of Conventional insurance, and the Shariah method of savings and investment etc.
Sukuk News
  • Apex Islamic Micro Finance leaders gathered at GIMF in Malaysia. more..

  • AlHuda CIBE has long term vision for East African Islamic Finance Market. more..

  • 5th Global Islamic Microfinance Forum will be held in Malaysia more..

  • Islamic Finance is an Ideal tool of Financial Inclusion more..

  • Funding Sources for Islamic Microfinance Institutions more..

  • West Africa an Emerging Market of Islamic Finance: Zubair Mughal more..

  • AlHuda CIBE Sign agreement with Islamic Chamber of Commerce (ICCIAU) to promote Islamic Banking in Uganda more..

  • Islamic Finance is emerging as an alternative source of financial sustainability in Europe more..

  • Halal Research Council will provide services to promote Halal Industry in Nigeria. more..

  • Pakistan would be the Halal Hub of future: Zubair Mughal more..

  • Takaful perceived as having significant potential in Tanzania. more..

  • Islamic Banking and Finance has progressive outlook in 2015 more..

  • AlHuda CIBE set to enter into Uganda Market more..

  • Japan can get better financial positioning in Int'l market through Islamic Finance more..

  • 4th Global Islamic Microfinance Forum Came to an End in Dubai more..

  • Global Islamic Microfinance Forum Ready to Set New Standards more..

  • Islamic Microfinance is an effective tool of Financial Inclusion more..

  • Tanzania has Big Potential for Islamic Finance: Muhammad Zubair Mughal more..

  • A New Initiative for the Development of Islamic Microfinance more..

  • Global Islamic Microfinance Forum to be organized in Dubai more..

  • Al Huda CIBE extending its services to the USA market more..

  • AlHuda CIBE Eyes African Islamic Finance Market more..

  • Pakistan and Sudan Leading in Islamic Microfinance Industry more..

  • MoU signed to promote Islamic finance in France. more..

  • SESRIC- OIC and AlHuda CIBE sign MoU more..

  • Poverty in Europe can be reduced by Islamic Microfinance more..

  • Poverty in Muslim World is Rapidly Increasing: Zubair Mughal more..

  • AlHuda CIBE will Organize African Islamic Banking and Finance Road Show more..

  • Arab countries can alleviate poverty through Islamic microfinance more..

  • 2014 will be promising for Islamic Finance Industry more..

  • Tunisia has big potential for Islamic Finance: Zubair Mughal more..

  • A New Venture Established to Strengthen Islamic Finance in France and USA more..

  • Islamic Microfinance should be Introduced Internationally: Dr. Fatima Al-Blooshi
    Three days 3rd Global Islamic Microfinance Forum ended in Dubai more..

  • The Global Islamic Microfinance Forum Ready to Set New Standards
    The Forum will determine the Standards and strategic policies more..

  • A Big Question Mark on Islamic Finance Industry
    Muhammad Zubair Mughal - zubair.mughal@alhudacibe.com more..

  • Islamic Microfinance Research Study initiated in Yemen - 8th May, 2013
    Existing demand and future trends of Islamic Microfinance will be determined: Zubair Mughal. more..

  • Islamic Microfinance Market size touches $1 billion - 17th April, 2013
    Islamic Microfinance industry is rapidly progressing due to its superior performance for poverty alleviation. more..

  • The Global Islamic Microfinance Forum will be held in U.A.E - 05/09/2012
    The Forum will determine the Standards and policies for sustainable Islamic Microfinance development. more..

  • Yemen will Host an International Workshop on Islamic Microfinance - 28/08/2012
    Workshop is being jointly organized by Yemen Microfinance Network and AlHuda Centre of Islamic Banking and Economics, Pakistan more..
Upcomming Events
Other Services
Copyrights © All Right Reserved 2018 Alhudacibe.com