Global Islamic
Microfinance Forum
About AlHuda Centre of
Islamic Banking and Economics
AlHuda
Centre of Islamic Banking and Economics is a globally recognized name working
in the areas of Islamic banking & finance and microfinance in order to
provide specialized Trainings, Advisory and Research for the last seven years
with an aim to serve the community by providing state-of-the-art Advisory,
Consultancy and Education to masses through various well recognized modes i.e.
Distance learning programs, Trainings Workshops, Awareness Programs and Islamic
Microfinance Products Development. Our specialized and research oriented publications
are another source of knowledge delivery. For further details, please visit: www.alhudacibe.com
About Akhuwat
Akhuwat is dedicated to improve
the lives of the poor, especially those who are financially abused, abandoned
and disregarded by society. It was
established with the objective of providing interest free microfinance to the
poor so as to enhance their standard of living. Drawing on principles of social
justice and brotherhood, Akhuwat strives to alleviate poverty by creating a
system based on mutual support in the society. Akhuwat’s
philosophy is based on the principle of Qarze Hasn, helping someone in need
with an interest-free loan, has been favored over charity. From a first loan of
Rs. 10,000, Akhuwat’s total disbursements have now become round about Rs. 2
billion in just eleven years. For further details, please visit: www.akhuwat.org.pk
About International
Conference on Islamic Microfinance, 2011
AlHuda CIBE organized an
International Conference on Islamic Microfinance on 13th of June,
2011 at Faisal Mosque, Islamabad. The conference was a great success. Vision of
the conference was to create a value in the line of Islamic microfinance for
the benefit of human kind and motive was to create awareness in the masses and
International Market through this event.
A good number of valued professionals
attended the event and renowned speakers shared their valuable knowledge and experience.
Some of the well-known speakers of the conference were Justice Khalil ur Rehman
- Shariah Advisor - AlBarka Bank Pakistan, Mr. Jasim Sheikh- Project Manager –
IMED, Islamic Relief, Mr. Khobaib A Vahedy - Country Director, Muslim Aid –
Pakistan, Mr. Amjad Arbab - Chief Executive Officer, Shore Bank International, Mrs.
Farida Toor Tariq - Chief Executive Officer, CWCD etc.
The Media partners in this
event were True Banking, Takaful (Islamic Insurance) Blog, Micro
Capital, Business Islamica, The Islamic Globe, Microfinance Bulletin,
Microfinance Focus, International Alternative Investment Review, TV One Global,
Microfinance Africa, Noozz.com Bringing Business Closer, Microfinance
Hub,
ecPluse
The Pulse of Economies and Shirkah whereas the sponsors and
supporters were Akhuwat, Islamic Relief, Halal Research Council, Islamic Microfinance Network, Helping
Hand for Relief and Development, Awqaf SA Empowering
Communities, Muslim Aid Serving Humanity, Micro Enterprise Development, The Scottish Government, Pakistan Microfinance Network, Khwendo Kor, Naymet for Everyone.
In continuity
of the last year’s conference, AlHuda-CIBE is going to arrange a 2nd
International Conference on Islamic Microfinance entitled as “Global Islamic
Microfinance Forum” scheduled to be held on 11th & 12th
November at Dubai, U.A.E.
About Islamic Microfinance
Microfinance has emerged as an
important instrument to help a large number of “Unbankable” members of society,
as a tool to help reduce poverty and encourage economic growth in neglected parts
of the world. However, time has proved that conventional microfinance is not
fully reaching the poorest of the poor.
During the latest research on Microfinance sector, it is
evaluated that Islamic financial system provides the best solutions for Poverty
alleviation and Social sustainability, it is not only providing opportunity to
utilize a sustainable system but also offers good rate of return & ideal
performance compare to conventional microfinance system.
Islamic Microfinance is a sub-set of Islamic
Economic & Financial System. The demand for Shari’ah complaints financial
products and services is increasing with the rapid progress of Islamic finance
industry. It is widely accepted that micro finance is the most effective tool
for alleviation of poverty and uplift the living standards of poor through real
economic activities in society, but as per market studies conventional micro
financial system could not serve the potentially as should expectation due to
the few deficiencies in the system. So, it is an immediate need to develop
substitute financial products for microfinance institutions.
Need Assessment of Islamic Microfinance
We are in great need of Islamic microfinance to
be implied due to the failure of microfinance structure all over the world and
its most unprecedented example is India where microfinance companies had failed
after a biggest clampdown due to exorbitant interest rates. Islamic
microfinance has traits to provide a parallel support to the poorest of the
poor and its imminent qualities leaves no room for structural devastation as
emphasizes ethical, moral & social factors to promote equality and fairness
for the good of the society.
It is estimated that 3 billion
people are living below the poverty line around the world among them approximately
44% conventional microfinance clients reside in Muslim countries. Almost
one-half of the 56 IDB member countries in Asia and Africa are classed as
United Nations Least Developed Countries (LDCs), so there is an immediate need
to start Islamic Microfinance in Muslim Majority countries for financial
inclusion. Right now, there are about 250 Islamic Microfinance Institution,
working globally in 32 countries. Islamic Microfinance have proven track record
that it deals with long lasting & complete solutions for Sustainability.
Is Islamic Microfinance only
for Muslims?
It is a misconception that only
Muslims can opt. Islamic Microfinance but non Muslims can also take the edge
from Islamic microfinance for social sustainability worldwide. It is a best
alternative to microfinance and a system which has to be extracted from the
golden beam of Islam that covers all the qualities of micro financing by
providing alternative solution. Non Muslims can also utilize this system to
lessen poverty. In not only Muslim communities but also in the non Muslim
societies, conventional interest based microfinance has being been rejected,
principally of its non-compliance with the Islamic principles and practically
on the issue of paying of interest or Riba, which is forbidden under the
Shari’ah. This has somehow caused
failure of agencies’ initiatives to overcome poverty and promote economic
development through micro financing.
Islamic Microfinance is a
system not a Religion; it can be utilized & operated by both Muslims and
Non-Muslim Communities for Poverty Alleviation and Social & Economic
Development. Islamic Microfinance is very much compatible with the all the
models which are being utilized in conventional microfinance like Grameen
Model, Village Bank Model, Credit Union Model, Cooperative Model and Self-Help
Group etc.
Key Objectives of this Forum
The
vision of this Islamic Microfinance Global Forum is to create a value in the
line of Islamic microfinance for the benefit of human kind and motive to create
awareness in the masses and International Market through this event.
Islamic
Microfinance Global Forum aims at evaluating the state-of-the-art knowledge in
the field of Islamic Microfinance. Over the course of this forum, participants
will have the opportunity to be trained from learned Professionals, Experts,
and Panelists and to learn many things by their experiences through sessions,
speeches and presentations designed under different tracks within the specific
subject. The core objectives of this Forum are:
- Promoting awareness
of Islamic Microfinance among the masses, government and Non Governmental
Sectors and Multilateral Donor agencies.
- Promote Islamic
Microfinance Model which is compatible with the models being used in
Conventional Microfinance.
- Create a more
favorable environment for Islamic Microfinance at national and
international level
- To promote Islamic
microfinance as a social phenomenon instead of business oriented model
- Gain global
practices on Islamic microfinance through learned national and
international scholars and experts
- To recognize
Islamic Microfinance as sustainable system worldwide
- Awareness of
Islamic Microfinance system as sustainable and viable solution for poverty
alleviation
§ Buildup the recognition of Islamic Microfinance
system, for the encouragement of
practitioners/microfinance institutions/ donor agencies/ Government
institutions
§ To provide a Platform to start a dialogue
with multilateral donor organizations and Microfinance Network
§ Providing innovative knowledge of the
various aspects of Islamic microfinance
§ To provide the opportunities for
collaborations/partnerships with donor agencies, Islamic banks and Islamic
Microfinance Institutions/Networks.
§
To
ensure continued growth of Islamic Microfinance Institutes
Who should attend this Forum?
§ Microfinance Institutions
& Banks
§ Local and International
Donor’s Agencies
§ Rural Support Programs
§ Islamic and conventional
Banks
§ Insurance and Takaful
Companies
§ SMEs & Corporative
Societies
§ NGOs and NPOs
§ Microfinance Professionals
and Experts
§ Academia
§ Philanthropist and Investors
§ Regulators and Govt.
Officials
§ Shari’ah Scholars and
Experts
Promotional and Marketing Opportunities
No Company
can afford to miss this Great Interactive Marketing Opportunity!
Islamic
Microfinance Global Forum is practice driven but interesting for senior level executives
event, designed to explore and share strategies within Islamic microfinance industry.
This platform is expected to provide a healthy liaison and calls for tremendous
marketing and promotion opportunities for the following business and social segments:
§
Microfinance
Institutions & Banks
§
Local and
International Donor’s Agencies
§
NGOs and
NPOs
§
Islamic
and Conventional Banks
§
IT
Companies
§
Rating
Agencies
§
Investment
Banks
§
Local and
Multinational Companies
§
REITs
§
Financial Solutions Providers.
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