(Nairobi – Kenya )
6th Global Islamic Microfinance Forum officially inaugurated
by Dr. Geoffrey N. Mwau, Director
General, Budget, Fiscal & Economic Affairs , National Treasury, Kenya, H.E
Raza Bashir Tarar, High Commissioner of Pakistan in Kenya, Dr.Amjad Saqib, Founder Akhuwat&Mr. Zubair Mughal, CEO, AlHuda CIBE in Nairobi
Today.
The salient topics
will be 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, Crypto-Currency as tool of financial inclusion, Islamic Agri. And
Rural Finance, I.T role for the Development of Islamic Microfinance, Outreach
of AlHuda Centre for Excellence in Islamic Microfinance to different countries
and dissemination of Qarz-e-Hasna Model of Akhuwat. Representatives from
microfinance institutions from 28 countries expressed their intent to unify
their efforts for poverty alleviation and social development through Islamic
Microfinance.
In the opening
remarks, Dr.Amjad Saqib, Founder –
Akhuwat appreciated the contribution of AlHuda Center of Islamic Banking and
Economics for the promotion of Islamic Microfinance, he mentioned, in
Sub-Saharan Africa more than 50% of the population is Muslims, the presence of
such a large number of Muslims along with weak financial inclusion and limited
Islamic providers, calls for the need of Islamic Microfinance Products to be
promoted in the region. While speaking with the audience, H.E Raza Bashir Tararemphasized the developed of Islamic
Microfinance for the poverty alleviation especially for the Muslim world, he
also mentioned that Microfinance Industry witnessed continued growth and
expansion in outreach in the year 2016 and we hope for the best for the coming
years as well.
While addressing the
conference, Dr. Geoffrey N. Mwau,
Director General, Budget, Fiscal & Economic Affairs, National Treasury,
Kenya mentioned that one may ask why Kenya is keen on Islamic Finance?The
answer to this question lies in the potential that this field of finance holds,
not only globally but also domestically. Some of the factors driving this
potential include 1) First, on the international front, according to IFSB, the
Global Islamic Financial services industry reached an overall total value of
USD 1.88 Trillion as 2015, which expectations of Market size growth to USD3.4
Trillion by end of 2018. 2)
Domestically, Kenya’s Islamic Finance market has already witnessed substantial
growth over the last few years with several key financial sector Institutions
of Islamic orientation operation today, including 2 fully fledged Islamic Banks,
5 Islamic windows, 2 credit unions, 1 Takaful Company, 1 Re-Takaful Window and
1 Capital Market Unit Trust Fund 2016.
3) We have in place the right
facilitative environment, including a strategic location as a regional
financial, communication and transportation hub. 4) Islamic Finance Promises to
foster greater financial Inclusion, especially of large underserved Muslim population.
He also make some
landmark announcement to establish a National Shariah Supervisory Board (NSSB)
– an institution that will be the point of the reference when it comes to all
matters to do with Islamic Finance, and also mentioned that Government, with
the assistance from development partners, shall intensify efforts to capacity
building and develop a critical mass of expertise to work in the Islamic
Finance Industry. He also declared that Govt. through the Ministry of Foreign
Affairs in seeking for Kenya to join the Islamic Development Bank and IFSB.
Speaking on the
successful, Zubair Mughal – Chief Executive Officer AlHuda Centre of Islamic Banking
and Economics highlighted that theassemblage of a large number of institutions
on the forum of Islamic Microfinance is a clear indication that it is the ideal
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 agenda for financial Inclusion, social
development and poverty eradication.
