Al-Huda CIBE commenced its operation in Uganda for the development of Islamic Banking in East Africa

AlHuda Centre for Islamic Banking and Economics (CIBE) has initiated its operation with the brand name of “AlHuda CIBE Uganda” in East African country, Uganda. Together with Uganda, other countries of East Africa e.g. Sudan, Kenya and Tanzania etc can also be catered, where a huge Muslim population and the demand of Islamic banking already exists. Hence, Islamic Banking and Finance can flourish in those countries promptly. It is also noteworthy that Uganda, whose population is more than 36 million with 14% Muslims, is an important country in East Africa.

On the logo inaugural ceremony of AlHuda CIBE Uganda, Mr. Zubair Mughal- Chief Executive Officer of Al-Huda CIBE anticipated that the future progress of Islamic Banking in Africa, it will not only increase the economic and trade undertakings in the above mentioned countries but also it will be a stimulative cause of national development and growth in GDP. He said that future Islamic banking and finance market consists of what else than Africa and Central Asia. Moreover, Middle East’s Islamic financial institutions have already asserted their interest in Islamic finance in Africa. He said that Islamic finance will help out to alleviate poverty in Africa as Islamic Micro Finance has already been commended in the globe for poverty mitigation and economic and social development. He further said that AlHuda CIBE is commencing its services in South Africa soon to upsurge its incidence in African countries. He added that Islamic Banking is flourishing in African countries aggressively e.g. South Africa, Tanzania, Kenya, Sudan and Tunisia and many more. Many Islamic banks, Takaful companies, Islamic Fund and other Islamic financial institutions are already playing their role in the above mentioned countries successfully. 

Mr. Ahmad Abdullah, the country head of AlHuda CIBE Uganda, has said that the initiation of AlHuda CIBE setup in Uganda enjoys welcomeness and it will improve Islamic Banking in the country. He said that there is an enormous demand of Islamic Banking and Finance in Uganda. Moreover, the central bank of Uganda spreads red carpet for Islamic banking in the country.

It’s worth mentioning that AlHuda CIBE is a prominent brand name in the field of Islamic banking and finance for Advisory, Consultancy & Training. Furthermore, it has been proffering its services in South Asia, Central Asia, Middle East and Europe’s more than 20 countries for the last 8 years.

AlHuda CIBE will conduct a research study for Islamic Microfinance in Azerbaijan

An agreement for the advancement of Islamic microfinance was signed between AlHuda Centre of Islamic Banking and Economics and Vision Fund AzerCredit in a splendid ceremony at the capital of Azerbaijan, Baku. According to the agreement, AlHuda CIBE will conduct market research in different cities of Azerbaijan including Baku to formally initiate Islamic microfinance in Azerbaijan. Mr. Zubair Mughal, Chief Executive Officer, of AlHuda Centre of Islamic Banking and Economics and Mr. Sameer Jaffer Ali, Deputy Chairman Board of Directors, of Vision Fund AzerCredit signed the agreement. 

While addressing the agreement ceremony, Mr. Sameer Jaffer Ali said that this agreement is a milestone for the foundation of Islamic microfinance in Azerbaijan. It will lead to the commencement of micro and SME finances based on Islamic principles. He said that Azerbaijan is a country with 99% Muslim population and its people have been waiting for Islamic finance for quite a long time. This agreement is the first step towards fulfilling their financial needs according to Islamic principles. He said that through research reports we will get the realistic and pragmatic information on Islamic finance’s requirement in Azerbaijan, keeping in view public needs and demands, Vision Fund AzerCredit will introduce Islamic Microfinance products in the Azerbaijan market. 

Muhammad Zubair Mughal, Chief Executive Officer, of AlHuda Centre of Islamic Banking and Economics, while addressing the ceremony said that Azerbaijan will prove to be a good market for Islamic finance products as there is a high public demands for these products and it will further increase in the coming days. He, referring to his research in the different cities of Azerbaijan (Goycey, Sabirabad, Mislli etc.), said that there is very high demand of Islamic finances in rural and semi-urban areas and people were happy and excited when they learned about Islamic microfinance. Moreover, he said that legal and revolutionary amendments are required for the advancement of Islamic finances in Azerbaijan. It’s hoped that in coming days this issue will be sorted and Islamic retail banking will start in an effective manner. Approximately 10 Islamic finance institutions, including one government bank, are providing Islamic finance facilities at corporate level, which is a luminous illustration of Islamic banking and finance in Azerbaijan. 

It should be noted that AzerCredit is the second largest microfinance institution in Azerbaijan, which is providing its services in 18 regions of the country through its network of 56 branches. AlHuda CIBE is a Pakistani organization which is performing Islamic finance research services in difference countries. Particularly for the progress of Islamic microfinance, it established a specialized Department, AlHuda Centre of Excellence in Islamic Microfinance, which is providing its services for the development of Islamic Microfinance Globally.

MFI’s from 27 Countries unified for the development of Islamic Microfinance

Three-day “Global Islamic Microfinance Forum” was organized on 8th-10th December 2012, in Dubai World Trade Centre, UAE. The delegates from UAE, Pakistan, India, UK, Bangladesh, USA, UK Bahrain, Yemen, Azerbaijan, Turkmenistan, Kirghizstan, Mauritius, Kenya, Canada, France, Egypt, Philippine, Uganda, Iraq, Nigeria, Sudan along with delegates from other countries participated in the Forum. 

The salient topics discussed at the conference included bringing together the Islamic Microfinance Institutions on a single platform, role of Islamic Microfinance in poverty alleviation, Shariah and related issues of Islamic Microfinance Institutions and their solutions, Outreach of Al Huda Centre for Excellence in Islamic Microfinance to different countries and dissemination of Qarz-e-Hasna Model of Akhuwat. Representatives from microfinance institutions from 27 countries expressed their intent to unify their efforts for poverty alleviation and social development through Islamic Microfinance. 

Speaking on the successful completion of the forum, Zubair Mughal – Chief Executive Officer AlHuda Centre of Islamic Banking and Economics highlighted that the assemblage of a large number of institutions on the forum of Islamic Microfinance is a clear indication that it is the only viable solution of poverty alleviation around the globe. He urged the World Bank, IDB, USAID, IFC and other international institutions to include Islamic Microfinance in their priority list for social development and poverty eradication; otherwise the achievement of Millennium Development Goals of the United Nations will not be possible. 

While addressing the conference, Dr. Amjad Saqib (Executive Director – Akhuwat) declared that Islamic Microfinance Network will be spread all around the world; a specialist Shariah Supervisory Committee will be setup to cope with the Shariah challenges encountered by Islamic Microfinance Institutions. He further stated that the "3rd Global Islamic Microfinance Forum" will be organized by Al Huda CIBE in November, 2013. 

Al Huda CIBE hosted the said forum in Dubai with the joint effort of Akhuwat, in which internationally well-renowned speakers addressed the participants. The key-note speakers Justice Khalil ur Rehman, Shariah Advisor – AlBaraka Bank Limited, Mr. Kavilash Chawla MD, Nur Global Strategies- U.S.A, Mahesh Jayanarayan, Chairman UMEX Market Group Ltd-UK, Zaigham Mehmood Rizvi,Expert Consultant on Housing and Housing Finance-World Bank - Washington – U.S.A, Dr. Amjad Saqib, Executive Director - Akhuwat –Pakistan, Pervez Nasim Chairmen Ansar Financial and Development Corporation Canada, Syed Hussain Haider Senior Consultant - Govt of Punjab & Akhuwat, Ms. Katrin Fakiri MD (MISFA)–Afghanistan, Gulnora Yakubova, Operation Director, LLCMDO “ARVAND”-Tajikistan, Md. Ariful Islam, International Programmes Muslim Aid–Bangladesh, Humaiyun Saeed Jamshed, Senior Director (Marketing) SAB International FZ,UAE, Raffick Nabee Mohomed Founder & Secretary, Al Baraka Multi-purpose Co-operative Society Ltd,Mauritius, John D. Harwood, Canada, Aziz Ur Rehman Manager Shariah, Mawarid (Finance) UAE, Mohamed El 

Mehdi Zidan, Director Baraka Editions-France. Dr. Tariq Cheema CEO World Congress of Muslim Philanthropists - U.S.A and others presented their research papers on Islamic Microfinance to enrich the knowledge of the participants.