Islamic Microfinance is an Emerging Concept of Poverty Alleviation: Muhammad Zubair
(December 16, 2021, Dubai): 10th Global Islamic Microfinance Forum was successfully concluded at Crowne Plaza Hotel-Dubai, United Arab Emirates. The purpose of that forum was to promote, strengthen and unite the organizations of Islamic microfinance (IsMF) with the theme of Financial Inclusion through enterprise development for accelerating poverty reduction. This Apex event was organized by AlHuda Centre of Islamic Banking and Economics and supported by Islamic Cooperation for the Development of the Private Sector- ICD. ICD is one of the premier Islamic multilateral financial institutions for the development of the private sector. The supports were Association of microfinance organizations of Tajikistan, Banking, Finance and Insurance institute of Nepal, Microlab Association, Finmaal Dubai, Abuja Chamber of Commerce and Industry, and Islamic Chamber of commerce industry and agriculture and many others. Caiz Holding, Codebase Technologies, StowRich Insurance, and Takaful Coin were sponsors in the forum. Our media partners in this event were Proshare Islamic finance weekly and Financial IT.
More than 25 countries participated in this prestigious event and around 20 international speakers addressed the event. Majority of the speakers were industry leaders and experts. AlHuda is striving for poverty alleviation through Islamic microfinance by providing advisory, consultancy, research and capacity building services and organized 9 annual events in different countries of the world. This event helps the industry practitioners to join the common platform and strengthen the networking for industry development in true innovative ways. Mr. Muhammad Zubair, the Chief Executive Officer of AlHuda CIBE said that 10th GIMF is a platform to explore how new and effective strategies (according to Shariah compliant procedures) can be formulated to alleviate poverty and for economic sustainability.
Addressing the inaugural session, the Chief Guest of the Ceremony Hon BGen Charito B. Plaza, Director General (Deputy Minister) Philippine Economic Zone Authority, Philippines and Hon. Datu Pax Ali S. Mangudadatu, Incoming Governor, Office of Provincial Governor, Province of Sultan Kudarat, Philippines. They said Islamic Microfinance should be utilizing as system of poverty reduction for Muslims and Non- Muslim world, he pursued the participants “There are various challenges among the Muslim World, but if we look at our figures we can see the opportunities therein. Islamic Microfinancing is a catalyst to empower enterprise development and a viable and sustainable vehicle for inclusive economic growth” Mr. Sardar Umer, Chairman StowRich Group, UAE was among the chief Guests, presenting the different aspects of Islamic microfinance and Fintech solutions. He also explains the reasons for poverty in different regions of the world and its solution through Islamic microfinance and discusses the relevant Islamic Microfinance different aspects to alleviate the poverty in order to enhance the living standards of the poor along with its implementation strategy.
Addressing to the audience, the organizer of 10th Global Islamic Microfinance Forum, Mr. Muhammad Zubair Mughal, Chief Executive Officer, and 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 advantage of this micro-financing. He added that in Muslim world, poverty is rapidly increasing to its dangerous level. The main reason for 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 overlooked in such a way then there are no chances the United Nations Organization meets the Millennium development Goal.
In MoU signing ceremonies AlHuda CIBE signed three (3) MoU with Philippine Economic Zone Authority (PEZA)-Philippines, Tawhid Bank, Tajikistan and Banking Finance and Insurance Institute of Nepal Limited respectively. The purpose of this forum is to gather the stakeholders under one platform, to find out the remedy to these problems to give strong support to the rapidly increasing Islamic Microfinance industry. A gathering of 100+ Participants attended from more than 25 different countries to participate in the forum, wherein a large variety of topics will be covered including; Islamic Microfinance, Financial Inclusion, Evidence of Impact and future potential, Rural development, use of IT in Microfinance and FinTech solutions, Micro-Takaful, Waqaf, Zakah, Small business problems and solutions, Shariah Principles and General Economic Development. The Forum is followed by Two Days Post Event Workshop on Practical Aspects of Islamic Micro, Agriculture and Rural Finance dated for December 13-14, 2021. This Workshop covered a variety of allied topics. To learn more about please visit: https://www.alhudacibe.com/gimf2021/
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 provides state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Training 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
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