AlHuda Center of Islamic banking and economics
(CIBE) Initiated a Islamic Microfinance research study for Yemen Microfinance
Network (YMN) in Yemen. This study will be conducted in the Yemen’s capital
Sana’a including Taiz, Adan and Almoukla, so that the Islamic Microfinance
products can be examined broadly and further Islamic Microfinance products can
be developed for Yemen Microfinance sector with the compatibility of existing
structure. Consequently, maximum people utilize the Microfinance facility and the
alleviation of poverty would be assured.
Najah Al-Mugahed Managing Director of
Yemen Microfinance Network explained the association memorandum of research
study that Microfinance market size in Yemen is more than one million but only
80,000 (eighty thousand) people are barely facilitating with the services and
products of Microfinance which is approximately 8% of the total Microfinance
market size. Its major reasons are; Non-existence
of complete Islamic Microfinance range of products, Domination of Murabaha in
Islamic Microfinance sector, increasing rate of Murabaha and percentage of interest
in Microfinance are the obstacles in the expansion of Microfinance industry. An
appropriate implementation plan would be prepared through this research study to
strengthen the Yemen’s Microfinance sector.
Zubair Mughal - Chief Executive Officer AlHuda Center of Islamic Banking and Economics with Mohammad Al-Lai CEO Al-Amal Microfinance Bank - Yemen
Muhammad Saleh Al-Lai Chairman of Yemen
Microfinance Network and Executive Director of Alamal Microfinance Bank
proclaimed that Yemen’s Islamic Microfinance market is very promising and we
want to make it stronger through this study so that Yemen could get a
distinguished level through Islamic Microfinance. He further mentioned that this
is our privileged that Al-amal Microfinance Bank won the award of Islamic
Microfinance Challenge 2010 which was organized by Islamic Development Bank and
CGAP (World Bank) which shows a clear understanding of our strong structure of
Islamic Microfinance.
Muhammad Zubair Mughal Chief Executive
Officer of Alhuda Center Islamic Banking and Economics (CIBE) said that our
selection for the research study is a great honor for AlHuda CIBE. He mentioned
that they have developed a strong research methodology for this study and used different
research instruments e.g surveys, focus group discussion (FGDs), stake holder’s
interviews, desk review of MFI’s and meetings with prestigious professionals of
Microfinance industry to get primary & secondary information etc which will
help to design the ideal products for Yemen Islamic Microfinance sector.
He further mentioned that the share of
Islamic Microfinance in Yemen’s Microfinance sector is approximately 90% and
remaining 10% are also converting their portfolio into Islamic Microfinance,
Yemen Microfinance Industry will be further strengthened with the development
of new Islamic Microfinance products, It will increase the outreach of Microfinance
sector and help out to eradicate poverty#
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