Islamic Micro finance should be Introduced Internationally

Dr. Fatima Al-Blooshi discusses the need at the 3rd Global Islamic Micro finance Forum in Dubai

Islamic Microfinance should be Introduced Internationally

Islamic Microfinance should be Introduced Internationally

“Islamic Micro finance is an effective tool for the poverty alleviation and it should be introduced around the globe to state an effective policy for ultimate poverty alleviation from the world,” said Dr. Fatima Mohamed Yousif Al-Balooshi, Minister at the Ministry of Social Development in Bahrain.

Al-Blooshi was the Chief Guest in the 3rd Global Islamic Micro finance Forum (GIMF) held 6-8 October at Dusit Thani Hotel, Dubai. Delegates from more than 30 countries participated actively in the Forum, organized and conducted by AlHuda Centre of Islamic Banking and Economics (CIBE).

Al-Blooshi also added that Islamic Micro finance should be presided over and supported by the government in different countries in order to promote the these institutions. She also admired the endeavors of AlHuda CIBE at the inauguration of 3rd forum, and proposed to conduct the 4th Global Islamic Microfinance Forum in Bahrain.

Muhammad Zubair Mughal, CEO of AlHuda CIBE, also addressed the forum. “Poverty is increasing in Muslim countries rapidly, and consequently 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 micro finance facility. If Islamic Micro finance is not introduced resolving this issue, the world’s poverty will increase extraordinarily,” Mughal continued.

He said that the forum aimed to gather all the Islamic Micro finance Institutions on a single platform, to “streamline the policies for poverty reduction, to promote research and education in Islamic Micro finance industry and to enhance its outreach on global canvas.” Mughal added that current facts about the failure of micro finance system require an alternative and prudent Islamic Micro finance system to “enhance financial inclusion globally and ultimate global economic prosperity.”

Hamdan Mohamed Al Murshidi, President and Chairman of the Board at the UAE Arab Business Club, said “There is no other argument for addressing poverty through Islamic Micro finance, as it is the ultimate solution to the problem,” and also he committed himself to promote Islamic Micro finance globally.

Amjad Saqib, Executive Director of Akhuwat, agreed that Islamic Micro finance is a hope for the poor looking to resolve social and economic problems globally. By presenting Akhuwat as a case study, Saqib claims that there are about 380,000 families benefitting through Qarz e Hasana from Akhuwat. Meanwhile its portfolio has crossed PKR. 5 billion with an increasing trend day by day.

Can you make the below into a small sidebar? As small as you can realistically do it w/ so many names…

The forum was attended by researchers, scholars and Islamic Micro finance 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 Agency Govt. of Pakistan),

Dr. Ajaz Ahmed Khan (Microfinance Advisor, CARE International UK),

Mr. Atef Ebrahim (Chief Executive Officer, Family Bank – Bahrain),

Mr. Zeinoul Abedien Cajee (Founding CEO/ Management Board, National Awqaf Foundation of South Africa),

Mr. Mamode Raffick Nabee Mohomed (Founder/ Secretary, Al Barakah Multi-purpose Co-operative Society Limited – Mauritius),

Ms. Rehab Lootah (Managing Director – Mawarid Consultancy Dubai – U.A.E),

Mr. Mohamed El Mehdi Zidani (Author – An Islamic Analysis of the Grameen Bank and Director Baraka Editions – France),

Mr. Pervez Nasim (Chairmen & CEO, Ansar Financial and Development Corporation – Canada),

Mr. Abdul Samad (Shariah Advisor, The Bank of Khyber – Pakistan),

Mr. Humayun Saeed Jamshed (Senior Director – Islamic Banking & Finance, SAB – France),

Mrs. Helena Lutege (Founder and Managing Director, BELITA Fund – Tanzania),

Mr. Ali Tariq (Executive Director, Iraqi Microfinance Network – Iraq),

Dr. Mohammed Kroessin (Global Microfinance Advisor – UK),

Mr. Zaigham Mehmood Rizvi (Renowned International Expert Islamic Banking & Housing Finance Washington – U.S.A.),

Mufti Barkatulla (Sharia Advisor, Islamic Bank of Britain, London, UK) and some other prestigious international speakers addressed in this forum.

© Business Islamica 2013

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