- 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
Friday, September 7, 2012
Global Islamic Microfinance Forum, 8th December, 12 at Dubai.
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
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:
§ 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
§ 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
§ Financial Solutions Providers.