Global Islamic Microfinance Forum for Poverty Alleviation to be held in Dubai

Lahore, November 26, 2012 (PPI-OT): Akhuwat and Al-Huda Centre of Islamic Banking and Economics (CIBE) are organizing a Global Islamic Microfinance Forum to be held at the World Trade Centre in Dubai, from 8-10 December. The purpose of the Forum is to introduce Islamic Microfinance on the global canvas as an effective tool for poverty alleviation and social development, to develop Islamic Microfinance internationally and to have a dialogue with International Donor/ Development agencies and corporate entities for sustainable development.

It is to be noted that Islamic Microfinance is on the rise, the world over with reports from World Bank, IDB, IFC and other international organizations indicating preference being given to Islamic Microfinance over conventional methods.

Topics for the first day of the conference include Conceptual Framework and Policies for Islamic Microfinance, Current Status and Future Potential of Islamic Microfinance and Shari’ah Issues and Outreach and Sustainability of Islamic Microfinance, amongst others. A specialized workshop will be held over the last two days to discuss Shari’ah standards and marketing strategies of Islamic Microfinance.

This will be the largest conference for this topic to be held in the world, with delegates from 25 countries, including Pakistan, America, Canada, Iraq, Yemen, Sudan, Kenya, South Africa and Mauritius participating.

The Executive Director of Akhuwat, Dr. Muhammad Amjad Saqib said that he hoped for Islamic Microfinance to be introduced as a sustainable system around the world through this forum. This would lead to proper utilization of Islamic Microfinance to take the world out of the darkness of poverty. Examples from the Microfinance crisis in India and South America have shown us that what is needed for poverty alleviation are Islamic Microfinance practices.

While briefing about the purpose and aims of this Forum, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics, Mr. Muhammad Zubair Mughal said that Pakistan is recognized as a world leader in Islamic Microfinance and the world wants to learn from the experiences of institutions in the country and spread the model. He praised Akhuwat as being a beacon of bright light that has distributed PKR 2.7 billion amongst 189,480 families, providing them with a way out of poverty.

He said that an international declaration will be issued at the end of the conference to establish standard listings for Islamic Microfinance and increase linkages of donors and international aid agencies with the Islamic Microfinance Network, amongst other goals.

For more information, contact:
Amina Siddiqui
Manager Communication
AlHuda Centre of Islamic Banking and Economics
192 Ahmed Block, New Garden Town,
Lahore – Pakistan
Ph: + 92 (0)42 – 35913096 – 8, 38407850
Fax: + 92 (0)42 – 5913056

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