|In Indonesia 5,500 BMT’s are struggling under Islamic Microfinance to eliminate poverty.|
During his address Mr. Muhammad Zubair Mughal Said that, Islamic financial industry of Indonesia with having 11 complete Islamic Banks, 24 Islamic windows, 43 Takaful Institutions, 16 Islamic Finance companies and more than 5,500 BMT’s holds a remarkable position in the world. He said, BMT’s in Indonesia has played an important role for the alleviation of poverty from country by adapting methods of Islamic Microfinance system, which is a clear example of success of this system But unfortunately, BMT’s methods are being limited to Indonesia only, but it is the need of the time that this system should be introduced in other countries of world along with Indonesia which will help in introducing Islamic Microfinance system in other countries of world and new Islamic Microfinance methods of BMT will be available along with Murabaha, Salam, Mudarabah, Qarz-e-Hasna and Waqf to Islamic Microfinance Institutes.
He further added that, to involve poor in financial inclusion Islamic Microfinance is very important along with branchless banking, Product innovation and financial literacy etc Because in Muslim communities major reason of poverty is to avoid interest based Microfinance and in order to bring Muslims in financial inclusion then such a Islamic Microfinance system need to be introduced which will be according to the Muslims religious and economic principles otherwise poverty will increase due to financial excluding of Muslims, which can be estimated from present facts and figures that half of world’s poverty lies in Muslim countries.
He further added, to gather Islamic Microfinance institutions and professional of the world on single plate form, the Global Islamic Microfinance Forum is going to be held on October 16, 2013 in Dubai, to compile the strategy to strengthen Islamic Microfinance industry.