Global Islamic Microfinance Forum ready to set new standards

October 26, 2014 Off By Web Desk

LAHORE: The 4th Global Islamic Microfinance Forum is going to be held on 1-2 November in Dubai to apply new standards in international Islamic microfinance organizations.

The purpose of this forum is to generate new standards, dealing with Shariah issues, capacity building and empowering the man power into this industry. Apart from other topics, role of IT in Islamic microfinance industry, rural development, Islamic micro insurance, employment opportunities, and micro entrepreneur will be the topics of discussion. This forum is organized by AlHuda Centre of Islamic Banking and Economics (CIBE) and delegates from 25 countries are participating in this mega event.

Discussing the purposes of this forum, Mohammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE, said that Islamic microfinance was the dire need of today to fight against poverty in Muslim world. He added that non Muslims could equally take benefit of Islamic microfinance with Muslims as it was neither a system nor a religion. It could be used as a powerful tool of financial inclusion. People remain restraint from interest in Muslim world so they lose the chance of financial availability.

He said that it was proven in an international research that Islamic microfinance had more benefits than conventional microfinance and it was more suitable for poverty alleviation. Therefore, a best suitable product was available for the poverty alleviation in the world. There is only the need to explore new ways to use it.

Tanzania Microfinance Association, IRTI – Islamic Development Bank, Azerbaijan Association of Microfinance, Association of Microfinance in Tajikistan, Indonesia Microfinance association, Centre of Microfinance Nepal, Metropolitan Training Academy Turkey, Awaqaf South Africa, KFDDWB and many others are participating in this forum. This forum will be continued for two days with 2 days post event training workshop on Islamic microfinance. Standards will be issued at the end of the forum.

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