8th Global Islamic Microfinance Forum Successfully Concluded in Dubai – U.A.E.


Somalilandsun- Under the Theme of Financial Inclusion, FinTech, Outreach Strategies & Innovation the 8th Global Islamic Microfinance Forum was successfully concluded at Dusit Thani Hotel, Dubai, UAE on the 28th November.

This is according to a press statement issued by AlHuda Center of Islamic Banking and Economics (CIBE) below verbatim

The purpose of that forum was to promote, strengthen and unite the organizations of Islamic microfinance (IMF) with the theme of Financial Inclusion, FinTech, Outreach Strategies and Innovations. Eminent Speakers and industry professionals from well serving organizations related to Microfinance, Islamic microfinance, micro insurance and NGOs participated in the event. The aim of the forum was to discuss the outreach strategies, financial inclusion through FinTech and Innovative product development by gathering stakeholders under one roof. The forum was organized by AlHuda Centre of Islamic Banking and Economics in association with Akhuwat Pakistan and in partnership with multilateral organization Islamic Corporation for Development of Private Sector (ICD).

AlHuda arranged an impressive lineup of speakers from 20+ countries with the revealing sessions on the subject matter to explore more options for Islamic Microfinance industry. Dr. Amjad Saqib, Founder of Akhuwat Pakistan inaugurated the forum by saying that Islamic microfinance is the need of the time and this can be used as a weapon for the poverty alleviation. He further explained how Akhuwat model and different products are playing its role to alleviate the poverty in Pakistan. He also appreciated the efforts of AlHuda Centre of Islamic Banking and Economics. Dr Amjad Saqib, highlighted the ways of poverty alleviation through Qard-e-Hasna in Islamic microfinance through which Akhuwat is providing small loans to more than 5 lac people across Pakistan. The services of Akhuwat, Pakistan is not only limited to Pakistan rather in other countries of the world. The research on Akhuwat Model in different universities of the world is the best example of it. He further added that poverty is a world phenomenon and mostly growing in the Muslim countries. It is recommended that we chalk an international strategy to alleviate poverty from Muslim world through means which could be near to the Islamic traditions and religious norms and Islamic microfinance is the best solution of that.

By addressing the event participants, Mr. Vehbi Zeqiri- Chief Executive Officer Start Microfinance, discussed about the Islamic microfinance challenges and opportunities. To attract the attendees, he talked about how IMF institutions can balance among donors, clients and governments. He also explained how fintech and reg-tech can enhance the outreach of IMF. Mr. Mohammad Lawal Shuaibu Managing Director & CEO- LCM Consulting Nigeria. Ltd explained about the necessity of Islamic microfinance by focusing on economic justice. He further present the 3-driving pillars of Islamic microfinance. He also explain the reasons of poverty and its solution through Islamic microfinance and discussed about the relevant IMF product to alleviate the poverty in order to enhance the living standards of poor along with its implementation strategy.

Addressing to the audience, the organizer of 8th Global Islamic Microfinance Forum, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that there is no religion of poverty but it can be alleviated through methods defined in religion and Islamic microfinance is the best example of this. Muslims and non-Muslims can equally take benefit of this micro-financing. He added that in Muslim world, poverty is rapidly increasing to its dangerous level. The main reason of this is the non-availability of such sources which are near to their religious values. He said that recent researches of World Bank and international organizations show that there exist chances of poverty in the non-Muslim world and the only solution is Islamic Microfinance. If Islamic microfinance is over looked in such a way then there are no chances United Nations Organization meets the Millennium development Goal.

In the forum, delegates from Ansar Financial & Development Corporation- Canada, Mawarid Finance, Dubai, Financial Inclusion Media, United State of America, START Microfinance Institution, Kosovo, LCM Consulting Nigeria. Ltd, Nigeria, Sahulat Microfinance Society, India, UNHCR – MENA, – Banaa’ Productive Families – JANA, Saudi Arabia, Poverty Eradication Initiative (PEI) – Pakistan, ASKS MFI, Dhaka, Bangladesh, OXUS, Afghanistan, Finmaal, Dubai – UAE, COLENDİ, Turkey, Bank waqf International, Indonesia, Azam Foundation, Pakistan, Dakar Senegal, Bankwaqf International Malaysia, Westminster International University, Uzbekistan, Ouest Africaine De Courtage Senegal, 4US Consulting, Tunisia, Autonomous Region in Muslim Mindanao, Philippe and many other delegates from 20+ countries participated in it. Forum was continued for 2 days in which Financial Inclusion, crypto-currencies, Outreach Strategies and Innovations, Shariah Structuring for the development of Islamic microfinance, Micro Takaful, Sustainability, and FinTech were discussed in the broader perspective. Several organizations also signed MoUs at this prestigious event. The Global Islamic Microfinance Forum was held in Turkey, Dubai, Pakistan, Malaysia, and Kenya before.

The Forum is followed by Two Days “Post Event Workshop on Islamic Microfinance- Operations, Practices, & Outreach” dated for November 27 -28, 2018. This Workshop will cover a variety of allied topics. To learn more about please visit: www.alhudacibe.com/gimf2018.

AlHuda Center of Islamic Banking and Economics (CIBE)

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com