5th Islamic Microfinance Summit Held in Malaysia

The 5th Global Islamic Microfinance forum (GIMF) held in Kuala Lumpur, Malaysia was held on 24-25 November, 2015 and attended by the officials and delegates from 30 countries including Pakistan, Nigeria, Tajikistan, Canada, Tanzania, Philippines, Indonesia, China, Azerbaijan and many other countries, said a statement.

The entire leadership unanimously unified their voice and support for the development of Islamic Microfinance for poverty alleviation, social development and financial inclusion.

Amjad Saqib, Chairman Akhuwat pointed out the ways of poverty alleviation through Qard-e-Hasan in Islamic microfinance through which Akhuwat is providing small loans to more than 0.3 million people across Pakistan.

Though poverty is a world phenomenon, an international strategy is required to alleviate poverty from Muslim world through means which could be closer to the Islamic traditions and religious norms, he said.

He presented the Akhuwat Model as a successful case and declared that Akhuwat has so far distributed almost Rs.9 Billion among 980,000 families through “Qarz-e-Hassan” which in itself is a true model of Islamic and Welfare oriented Microfinance system.

Addressing the participants, the organiser of the 5th Global Islamic Microfinance Forum, 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 the religion and Islamic microfinance is the best example for it.

Not only Muslims but Non-Muslims also, can benefit equally from micro financing system of Islam. He added that Muslims are highest in financially excluded community in the world and poverty is rapidly increasing to its dangerous level.

The main reason of this is the non-availability of such financial products, which work in accordance with their religious and social believes. Islamic Microfinance can be utilised as an ideal instrument for financial inclusion to address the poverty problems in right mode.

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