The 8th Global Islamic Microfinance Forum, Organized by AlHuda CIBE, the purpose of the forum was to promote, strengthen and unite the organizations of Islamic microfinance (IMF) with a theme and subtitle oof ‘Financial Inclusion, FinTech, Outreach Strategies and Innovations’. Speakers and industry professionals in Microfinance, Islamic microfinance, micro insurance and NGOs participated. The aim of the forum was to discuss the outreach strategies, financial inclusion through FinTech and Innovative product development.
The forum was organized by AlHuda Centre of Islamic Banking and Economics in association with Akhuwat Pakistan and in partnership with multilateral organization Islamic Corporation for Development of Private Sector (ICD).
AlHuda arranged an lineup of speakers from 20+ countries with the sessions on the subject matter to explore more options for Islamic Microfinance industry. Dr. Amjad Saqib, Founder of Akhuwat Pakistan inaugurated the forum by saying that Islamic microfinance is the need of the time and this can be used as a weapon for the poverty alleviation. He further explained how Akhuwat model and different products are playing its role to alleviate the poverty in Pakistan. He also appreciated the efforts of AlHuda Centre of Islamic Banking and Economics. Dr Amjad Saqib, highlighted the ways of poverty alleviation through Qard-e-Hasna in Islamic microfinance through which Akhuwat is providing small loans to more than 5 lac people across Pakistan.
Addressing to the audience, the organizer of 8th Global Islamic Microfinance Forum, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that there is no religion of poverty but it can be alleviated through methods defined in religion and Islamic microfinance is the best example of this. Muslims and non-Muslims can equally take benefit of this micro-financing. He added that in Muslim world, poverty is rapidly increasing to its dangerous level. The main reason of this is the non-availability of such sources which are near to their religious values. He said that recent researches of World Bank and international organizations show that there exist chances of poverty in the non-Muslim world and the only solution is Islamic Microfinance. If Islamic microfinance is over looked in such a way then there are no chances United Nations Organization meets the Millennium development Goal, acccording to Mughal.