Islamic Microfinance Press release
Islamic Microfinance is rapidly gaining acceptance in Muslim and Non- Muslim countries due to its remarkable performance in poverty eradication; because of which, this industry is making quick progress. According to our careful estimate Islamic Microfinance market’s worth has reached $1 billion. These views were expressed by Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) ,while, addressing the International Islamic Finance conference as a Guest of Honor.
Published on: Mar 4, 2016
Transcripts - Islamic Microfinance Press release
Press releaseIslamic Microfinance Market size touches $1 billionIslamic Microfinance industry is rapidly progressing due to its superior performance for povertyalleviation17thApril, 13(Abu Dhabi)Islamic Microfinance is rapidly gaining acceptance in Muslim and Non- Muslim countries dueto its remarkable performance in poverty eradication; because of which, this industry is making quickprogress. According to our careful estimate Islamic Microfinance market’s worth has reached $1 billion.These views were expressed by Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Centreof Islamic Banking and Economics (CIBE) ,while, addressing the International Islamic Finance conferenceas a Guest of Honor. This conference was organized in Abu Dhabi-the capital of United Arab Emirates, inwhich the experts and researchers of Islamic Microfinance industry participated from all over the world.The event was organized on 14th- 16thApril, 2013 in Park Hyatt Hotel- Abu Dhabi by the internationalresearch and publication organization- Emerald in association with Abu Dhabi University.Muhammad Zubair Mughal said that currently more than 300 Islamic Microfinance institutions areoffering their services to 1.6 million clients in almost 32 countries. Due to Islamic microfinance’ssignificant role in reducing poverty, international donor institutions and multilateral organizations likeUSAID, IDB, ADB, IFAD, UNDP, World Bank and IFC etc have clearly explained their policies in differentcountries to further strengthen Islamic microfinance, which will ensure the quick advancement ofIslamic microfinance in near future. He added that if we take an overview of last 10 years of Islamicfinance industry, it can be observed that with the passage of time Islamic banking, Sukkuk, Takaful andIslamic fund etc have progressed quickly. While, in next 3 years Islamic microfinance will progress morequickly relative to other Islamic financial products.He informed that to further strengthen Islamic microfinance, AlHuda CIBE has established aninternational division named “Centre of Excellence in Islamic Microfinance (CEIMF). Its major objective isto provide the Advisory & Consultancy to Microfinance Institutions so that conventional microfinanceinstitutions can be transformed into Islamic microfinance institution and along with this new IslamicMicrofinance Institutes can be established. In this regard, Centre of Excellence in Islamic Microfinance isoffering its services in Azerbaijan, Yemen, Afghanistan, Pakistan, Mauritius, Indonesia, Kazakhstan andother countries. He stated that there is immense need of research in Islamic microfinance industry sothat new Islamic microfinance products can be introduced. As at present, only Murabaha has 80% shareof total Islamic microfinance market. He mentioned that the popularity of Islamic microfinance isevident from this point that many international universities have requested AlHuda CEIMF to assistthem in incorporating Islamic microfinance as a subject in their business & finance syllabus.
Muhammad Zubair Mughal said that almost half of the world’s poverty is prevalent in Muslim countries.One of the reasons of high poverty rate in Muslim countries is the refusal of Muslims to take interestbased loans. Islamic Microfinance is an essential tool to eradicate poverty from Muslim world otherwisethe attainment of the United Nation’s Millennium Development Goals is impossible#