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Follow on Google News | Islamic Microfinance should be Introduced Internationally: Dr. Fatima Al-BlooshiThree days’ 3rd Global Islamic Microfinance Forum ended in Dubai with a declaration to put joint efforts for the poverty alleviation
By: AlHuda CIBE Muhammad Zubair Mughal (CEO – AlHuda CIBE), addressing to the Forum, said that Poverty is increasing in the Muslim countries rapidly and consequently the half of the world poverty has, approximately, been confined to the Muslim countries in the current age. The involvement of interest in micro financing is one of the major causes behind this phenomenon and that is why Muslims hesitate to avail microfinance facility. If Islamic Microfinance is not introduced resolving this issue, the world’s poverty will increase extraordinarily. He said that the forum aimed at gathering all the Islamic Microfinance Institutions at single platform, to streamline the policies for poverty reduction, to promote the Research and Education in Islamic Microfinance industry and to enhance its outreach on global canvas. He said that current facts to the failure of microfinance system require an alternative and prudent Islamic Microfinance system to the world to enhance the financial inclusion globally and ultimate global economic prosperity. Addressing to the forum Mr. Mr. Hamdan Mohamed Al Murshidi (President & Chairman of the Board,Arab Business Club, United Arab Emirates) said that there is no other argument to address poverty through Islamic Microfinance as it is the ultimate solution to this problem and also he committed with his reward less services to promote Islamic Microfinance globally. While Mr. Amjad Saqib (Executive Director – Akhuwat) said that Islamic Microfinance is a Hope for the Poor which they (poor) are looking forward to resolve their Social and Economic problems, so Islamic Microfinance should be promoted globally. He, by presenting Akhuwat as a case study, figured out that there are about 380000 families benefitting through Qarz e Hasana from Akhuwat. Meanwhile its portfolio has crossed PKR. 5 billion with an increasing trend day by day. The forum was attended by Researchers, Scholars and Islamic Microfinance practitioners including: Mufti Aziz Ur Rehman (Manager-Shariah, Mawarid Finance – Dubai), Justice (R) Khalil Ur Rehman (Shariah Advisor - AlBaraka Islamic Bank &Chairman - Punjab Halal Development AgencyGovt. of Pakistan), Dr. Ajaz Ahmed Khan (Microfinance Advisor, CARE InternationalUK) End
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