The 6th Global Islamic Microfinance Forum (GIMF) will convene in Nairobi – Kenya, November 8-9 to explore and discuss innovative financial inclusion strategies that can create clear pathways to poverty alleviation.
Mr. Muhammad Zubair Mughal, the Chief Executive Officer of Al-Huda – CIBE said the 6th GIMF will explore how new and effective strategies (according to Sharia Compliant Procedures) be formulated to alleviate poverty and for economic sustainability.
While narrating the theme and core purpose of 6th GIMF, Mr. Muhammad Zubair Mughal echoed his thoughts, saying that poverty is considered one of the common global issues, but most alarming situation is that major chunk of poverty exist in Muslim countries, as it is considered as number one agenda of “financial inclusion.”
According to most recent estimates, 46 per cent of the poor population reside in Muslim countries, where poverty trends are alarming. The prime reason of this staggering situation is the general avoidance from riba (usury) which is strictly prohibited in Islam. In order to reduce poverty alleviation in Muslim populations, a proper platform is needed to execute, valuing their cultural and social values, which is possible only through Islamic Microfinance.
The purpose of this forum is to gather the stakeholders under one platform, to find out the remedy to these problems to give a strong support to rapidly increasing Islamic Microfinance industry. Participants from almost 35 different countries are expected to participate in the forum, wherein a large variety of topics will be covered including; Islamic Microfinance, Financial Inclusion, Rural development, Use of IT in Microfinance, Micro Takaful, Rural credit, Small business problems and solutions, Sharia Principles and General Economic Development.
Amjad Saqib, the Executive Director, Akhuwat also highlighted the objective of this forum, by articulating that the primary objective of this 6th GIMF, is to assist poor by developing a welfare society exploring the best techniques from different modes of poverty alleviation practiced globally. He presented the Akhuwat Model as a successful case and declared that Akhuwat has so far distributed almost Rs. 25 billion among 1,323,586 families through “Qarz-e-Hassan” which in itself is a true model of Islamic Welfare oriented Microfinance system.
The Forum will be followed by two days post event workshop, How to Develop, Operate and Sustain Islamic Microfinance Institutions planned for November 10 -11, 2016. This workshop will cover a variety of allied topics.
Al-Huda Center of Islamic Banking and Islamic Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research, advisory and capacity building over the last ten years. The prime goal has always been to remain stick to the commitments and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Sharia 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 serve the community as a unique institution providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 25 Countries for the development of Islamic Banking and Finance industry so far.