Tag Archives: AlHuda Centre of Islamic Banking and Economics

International Islamic Microfinance Awards announced

Lahore, November 17, 2016 (PPI-OT):Int’l Islamic Microfinance Awards were announced in Nairobi, the capital of Kenya to encourage and promote Islamic Microfinance Institutions in which 20 Islamic Microfinance Institutions around the globe received the awards in different categories. AlHuda Centre of Islamic Banking and Economics (CIBE) organises these awards ceremony. Muhammad Zubair Mughal, Chief Executive Officer of AlHuda CIBE by describing the aims and objectives of the awards narrated that Islamic Microfinance becomes today’s great necessity for the poverty alleviation and financial inclusion and the need of Islamic Microfinance Institutions in the world is growing rapidly.

But unfortunately, no such institution came into existence which can encourage the Islamic Microfinance Institutions. Therefore, AlHuda CIBE by appreciating their efforts announces these awards to encourage these institutions and to alleviate the poverty. He said that 92 institutions applied for these awards globally among which 20 institutions were selected for awards from different countries like Pakistan, Nigeria, Kenya, UK, USA, Malaysia, Albania and many institutions of other countries are included in it.

Mr. Abdul Muttalib, Chairman of Jaiz Foundation Nigeria was presented the Lifetime Achievement Award in the recognition of his volunteering services towards Islamic Finance. While, Dr.Amjad Saqib, Founder and Chairman of Akhuwat was awarded for the Best Islamic Microfinance Institution. Different award recipient institutions include Path Solution – Kuwait for Best Technology Solution Provider to Islamic Microfinance, Finance Accreditation Agency – Malaysia for Best Islamic Finance Accreditation Provider, Helping Hand for Relief and Development (HHRD) for Best Islamic Humanitarian Organization, Tijarah Islamic Microfinance Bank Ltd. – Nigeria for Best Islamic Microfinance Products, Takaful Insurance of Africa for Best Micro Takaful Institution, National Bank – Kenya for Best Innovative Product, TAQWA SACCOS – Kenya for Best Islamic SACCOS, Amanah Ikhtiar – Malaysia for Best CSR Projects, Hadhramout Microfinance Program – Yemen for Best Islamic Rural Finance Product, Al-Baraka Multi-purpose Cooperative Society Limited – Mauritius for Best Islamic Saving and Credit Cooperative, Jaiz Charity and Development Foundation for Best Corporate Social Responsibility, Mrs. Farida Tahir, MD/CEO of Grass Root Microfinance Bank – Nigeria for Best Rising Islamic Microfinance Personality, Dr. Ajaz Ahmad Khan, Care International – UK for Best Contributor to the Islamic MF Industry, Mr. Mabroor Mahmood, ICD – IDB for Emerging Personality for Islamic Microfinance, Qazi Abdul Samad for Best Shariah Advisor for Islamic Microfinance Industry, Mr. Joof Momodou Musa, MD/CEO of Jaiz Takaful Insurance – Nigeria for Best Contributor to Takaful Industry, Mr. Mohammad Raafi Hossain for Islamic Microfinance FinTech Award, Mr. Vehbi Zeriqi for Best I.T Integration and Innovative Product, FAF-DC – Albania for Best Islamic Agricultural and Rural Finance Product, and Mrs. Binta Tijani, University of Bayero – Nigeria for Best Educational Institute for Islamic Microfinance won the award.

The award function was appreciated a lot on a large scale while the next Islamic Microfinance award ceremony for October 2017 will hold in Istanbul, Turkey.

For more information, contact:
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com

6th Global Islamic Microfinance Forum Inaugurated in Kenya

Nairobi, November 09, 2016 (PPI-OT): 6 th Global Islamic Microfinance Forum officially inaugurated by Dr. Geoffrey N. Mwau, Director General, Budget, Fiscal and Economic Affairs , National Treasury, Kenya, H.E Raza Bashir Tarar, High Commissioner of Pakistan in Kenya, Dr. Amjad Saqib, Founder Akhuwat and Mr. Zubair Mughal, CEO, AlHuda CIBE in Nairobi Today.

The salient topics will be discussed at the conference included bringing together the Islamic Microfinance Institutions on a single platform, role of Islamic Microfinance in poverty alleviation, Shariah and related issues of Islamic Microfinance Institutions and their solutions, Crypto-Currency as tool of financial inclusion, Islamic Agri. And Rural Finance, I.T role for the Development of Islamic Microfinance, Outreach of Al Huda Centre for Excellence in Islamic Microfinance to different countries and dissemination of Qarz-e- Hasna Model of Akhuwat. Representatives from microfinance institutions from 28 countries expressed their intent to unify their efforts for poverty alleviation and social development through Islamic Microfinance.

In the opening remarks, Dr. Amjad Saqib, Founder – Akhuwat appreciated the contribution of AlHuda Center of Islamic Banking and Economics for the promotion of Islamic Microfinance, he mentioned, in Sub-Saharan Africa more than 50% of the population is Muslims, the presence of such a large number of Muslims along with weak financial inclusion and limited Islamic providers, calls for the need of Islamic Microfinance Products to be promoted in the region. While speaking with the audience, H.E Raza Bashir Tarar emphasized the developed of Islamic Microfinance for the poverty alleviation especially for the Muslim world, he also mentioned that Microfinance Industry witnessed continued growth and expansion in outreach in the year 2016 and we hope for the best for the coming years as well.

While addressing the conference, Dr. Geoffrey N. Mwau, Director General, Budget, Fiscal and Economic Affairs, National Treasury, Kenya mentioned that one may ask why Kenya is keen on Islamic Finance? The answer to this question lies in the potential that this field of finance holds, not only globally but also domestically. Some of the factors driving this potential include 1) First, on the international front, according to IFSB, the Global Islamic Financial services industry reached an overall total value of USD 1.88 Trillion as 2015, which expectations of Market size growth to USD3.4 Trillion by end of 2018. 2) Domestically, Kenya’s Islamic Finance market has already witnessed substantial growth over the last few years with several key financial sector Institutions of Islamic orientation operation today, including 2 fully fledged Islamic Banks, 5 Islamic windows, 2 credit unions, 1 Takaful Company, 1 Re-Takaful Window and 1 Capital Market Unit Trust Fund 2016. 3) We have in place the right facilitative environment, including a strategic location as a regional financial, communication and transportation hub. 4) Islamic Finance Promises to foster greater financial Inclusion, especially of large underserved Muslim population.

He also make some landmark announcement to establish a National Shariah Supervisory Board (NSSB) – an institution that will be the point of the reference when it comes to all matters to do with Islamic Finance, and also mentioned that Government, with the assistance from development partners, shall intensify efforts to capacity building and develop a critical mass of expertise to work in the Islamic Finance Industry. He also declared that Govt. through the Ministry of Foreign Affairs in seeking for Kenya to join the Islamic Development Bank and IFSB.

Speaking on the successful, Zubair Mughal – Chief Executive Officer AlHuda Centre of Islamic Banking and Economics highlighted that the assemblage of a large number of institutions on the forum of Islamic Microfinance is a clear indication that it is the ideal viable solution of poverty alleviation around the globe. He urged the World Bank, IDB, USAID, IFC and other international institutions to include Islamic Microfinance in their priority agenda for financial Inclusion, social development and poverty eradication.

For more information, contact:
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com

Maldives have big potential for being the regional hub for Islamic finance: Zubair Mughal

Lahore, October 21, 2016 (PPI-OT): A number of agreements have been signed by AlHuda Centre of Islamic Banking and Economics – UAE in Maldives for the development of Islamic Banking and Finance according to which AlHuda CIBE will guide and assist Maldives Centre for Islamic Finance (MCIF) and Islamic University of Maldives (IUM) in research, education, technical issues and others. The agreement ceremony took place in Male, the capital city of Maldives. Dr. Mohamed Shaheem Ali Saeed; Chancellor Islamic University of Maldives, Ibrahim Didi; Managing Director of Maldives Centre for Islamic Finance, Government of Maldives and Muhammad Zubair Mughal; CEO of AlHuda Centre of Islamic Banking and Economics separately signed the agreements.

During his speech in the agreement ceremony, Mr. Zubair Mughal stated that there are a lot of opportunities for the promotion of Islamic finance in Maldives which can bring a very positive change in the economy of Maldives. Huge FDI can be introduced easily in the country. He further added that Maldives has all the resources through which it can guide the regional countries including India, Sri Lanka, Thailand, etc. with the knowledge of Islamic finance.

Pointing towards Luxembourg he said that the size of a country does not matters to make it a financial center. So Maldives can be the future regional center of Islamic Banking. He further added that with the promotion of Islamic economy in Maldives, not only Islamic banking and finance will grow but Halal Industry, Halal Tourism and individual power will also enhance.

Government can get financial resources in the form of Sukuk for its plans and through Halal Tourism millions of tourists can be attracted towards Maldives. He further said that for the last 12 years AlHuda CIBE has served more than 20 countries for the promotion of Islamic finance. The main purpose is to promote Islamic finance and to provide this world with a strong financial and banking system which is only possible through Islamic banking and finance.

For more information, contact:
Shaguftta Parveen
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com

AlHuda Centre of Islamic Banking and Economics launches Islamic Microfinance Awards

Lahore, September 29, 2016 (PPI-OT): To promote the industry of Islamic Microfinance, AlHuda CIBE is conducting international awards so that the Islamic microfinance institutions are encouraged and those institutions that have worked hard for the promotion of Islamic Microfinance.

The award ceremony will take place in Nairobi, the capital of Kenya, on the eve of 9th November 2016. Awards will be given in recognition to the services provided by the people in Microfinance industry. Categories like Best Islamic Microfinance Bank, Best Islamic Microfinance Institution, Best Technology provider for Islamic Microfinance, Micro Takaful, Best Mobile Banking Product, Best Rural Finance Product and more are part of the awards.

Focusing on the main purpose of arranging this award ceremony, Mr. Muhammad Zubair Mughal, Chief Executive officer – AlHuda CIBE said that we want to promote Islamic microfinance. He said that awards are normally given in the fields of Microfinance, Islamic Banking, Takaful and others but not much institutes are present for the promotion of Islamic Microfinance. AlHuda CIBE has taken this responsibility and has announced these awards on international level in 20 different categories, whose nominations will be received till 30th October, 2016.

He further added that the award ceremony will be conducted along with the 6th Global Islamic Microfinance Forum which is on 8th and 9th November, 2016 in Kenya. Participants and speakers from more than 35 countries will be part of this forum so that final shape can be given to the policies and Shariah standards related to Islamic Microfinance. For more information regarding the Islamic Microfinance Forum, please visit the website given below:www.alhudacibe.com/gimf2016/award.php

For more information, contact:
Shaguftta Parveen
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com

Islamic finance is ideal for Agricultural, Micro and Rural Financing: Zubair Mughal

Lahore, August 10, 2016 (PPI-OT):Islamic Finance provides an ideal mechanism to facilitate Agricultural, Irrigation, Livestock, Micro and Rural financing products to boost the green economy, it’s not only provides the a sustainable solution but creates the positive economic impact in lives of the farmers and rural communities. It was stated by Muhammad Zubair Mughal, the Chief Executive Officer, AlHuda Center of Islamic Banking and Economics (CIBE) during the International Conference “Best Practices in Rural and Agricultural Finance” which was jointly organized by African Rural and Agricultural Credit Association (AFRACA) in partnership with the Rwanda Development Bank (BRD), the Ministry of Agriculture, and IFAD in Kigali, the capital of Rwanda last week. Conference was attended more than 300 delegates of 40 countries.

While addressing to the audience, Zubair Mughal stated that the impact of Islamic Financial products is much higher than any other financial products due to its uniqueness of asset based financing and other features, these features also averse the diversion of cash fund for other purposes. He mentioned that Islamic Financial products can be utilized in many folds for the development of Agricultural, Rural and Micro Financing, such as, “Murabaha” can be utilize for Purchase of seed, fertilizer, harvesting and planting equipment’s, agri.

Inputs, tractor, pesticides, farming goods, Solar Tube-wells etc, while “Salam” is ideal product for Agricultural Financing, through which a farmer can fulfil all the financial needs for whole crop circle e.g. liquidity, seed, pesticide, fertilizer, harvesting, irrigation, market linkages, Istisna’ can be utilize for small manufacturing Business, dairy or Agri. production, construction of warehouses and cold storages, Rural entrepreneur Development, while “ Ijara” is good for Leasing of Tractors, Agri. Equipment, Threshers, Tub wells, small production unit lease, Sugarcane planter, Rice planter, harvesting vehicles etc, Meanwhile, Farmer can utilize Musharaka, Mudaraba and Diminishing Musharaka for Rural housing, forest development, agri. Inputs, farming, sprinkler/drip/solar pumps, tube wells, Microenterprise and SME’s setup’s, Agricultural Joint venture projects, Dairy and livestock development etc.

He mentioned that Islamic Finance have specialized financial solutions for each segment of rural poverty e.g. for extreme poor; Zakat, Sadqa-e Fitr are available as grant based financial product, for poor or transit poor; Islamic finance have Qard-e-Hassan, Murabaha, Musharaka, Mudaraba etc, while for Non-Transit Poor or fair poor; Islamic Finance have some advance level products “Salam” and “Istisna” especially for Agricultural sector, while for non-poor and rescue the poor to drop down from their poverty level; Islamic Finance have mechanism of Micro Takaful ( Islamic Micro Insurance) to sustain their financial positioning in the case of any uncertainty especially in rural area’s by Floods, livestock diseases/deaths, drought, heavy rain, health issues, insure the agri. Assets/inputs etc.

He also mentioned that Irrigation financing is a big challenge for the development of agricultural, we can observe that only few banks and financial institutions have specialized products to cater the financial needs for irrigation financing but we can understand that Islamic finance again a step ahead to address this issue, In Islamic Finance, we have different products for the Irrigation financing e.g. Murabaha and Ijara can be utilized for Tube well Financing, Drip/Sprinkler Irrigation System, solar Tube well, micro-sprinkler systems, Installation of electric/ diesel pump etc. to irrigate their fields.

Apart from above, Islamic Finance has a dedicated product for irrigation namely “Musaqah” It is a contract in which the owner of agricultural land shares its cultivations with another person in return for the services in irrigating the crops or garden but unfortunately, it is rarely utilized in the Industry, even Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) issued a proper guideline that how this concept can be opted for issuing the Sukuk (Islamic Bond) for Irrigations projects on crop share basis, he also mentioned that the concept of Muzara’s , Musaqa’a, Mugarasa’s can be utilized for Sharecropping, Irrigation and Orchid Financing respectively.

At the end, he mentioned that Islamic Financial products are ideal for financial inclusion for those segment of society who averse interest based financial products due to religious reasons, we have to promote Islamic financial products as system, which can be benefited by Muslim and non-Muslim equally but for Muslim, there is an extra benefit that it is according to their religious believes but for Non-Muslims, it is an ideal solution of Banking, Finance and Business for prosperity and development.

For more information, contact:
Shagufta Parveen
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com

Apex Islamic Micro Finance leaders gather at Global Islamic Microfinance forum in Malaysia

Lahore, December 04, 2015 (PPI-OT): Under the benefaction of AlHuda Center of Islamic Banking and Economics (AlHuda-CIBE) and Akhuwat, the 5th Global Islamic Microfinance forum (GIMF) held in Kuala Lumpur, Malaysia which was attended by the officials and delegates from 30 countries including Pakistan, Nigeria, Tajikistan, Canada, Tanzania, Philippines, Indonesia, China, Azerbaijan and many other countries. The entire leadership unanimously unified their voice and support for the development of Islamic Microfinance for poverty alleviation, social development and financial inclusion.

The forum had their focus on financial inclusion, outreach strategies of Islamic Microfinance, Innovation and sustainable operational strategies with emphasis on linkages, institutional support, cross boarder knowledge sharing with practical experiences and donor linkages for the development of the Industry.

Hon. Yasmin Busran-LAO, Minister/General Secretary, National Commission on Muslim Filipinos (NCMF), President office of Philippines, H.E Dr. Azeema Adam, Governor, Maldives Monetary Authority, Maldives , Dato Abdul Malik Bin Abul Kassim, State Minister for Religious Affairs. Domestic Trade and Consumer Affairs, Penang, Malaysia, Dr. Amjad Saqib, Chairman, Akhuwat and Muhammad Zubair Mughal, CEO, AlHuda CIBE was among the distinguished dignitaries and participants in the said forum.

Addressing to the inaugural session, the Chief Guest of the Ceremony Hon. Yasmin Busran-LAO, Minister/General Secretary, National Commission on Muslim Filipinos (NCMF), President office of Philippines said: Islamic Microfinance should be utilize as system of poverty alleviation for Muslims and Non- Muslim world, she pursued the participants “There are various challenges among the Muslim World, but if we look at our figures we can see the opportunities therein. Islamic Micro financing is a catalyst to empower our SME’s and a viable and sustainable vehicle for inclusive economic growth”.

The Guest of Honour at the Forum, H.E Dr. Azeema Adam, Governor, Maldives Monetary Authority (Central Bank), Maldives, appreciated AlHuda CIBE efforts for the development of Islamic Microfinance concept globally, she gave detailed overview of Maldives Monetary Authority for the development of Islamic Microfinance and other Islamic Financial components under her auspicious leadership, she mentioned that Two Islamic Banks and One Takaful company are already working in Maldives and demand of Islamic Finance products is increasing rapidly.

While addressing to the Participants of the Forum, Dato Abdul Malik Bin Abul Kassim, State Minister for Religious Affairs. Domestic Trade and Consumer Affairs, Penang, Malaysia emphasized the role of Islamic Development Bank for the development of Islamic Microfinance industry in Muslim world for poverty alleviation and economic development, he also believed that Halal cottage industries can be developed through Islamic Microfinance which will give employment and trade opportunities to under privileged people and will also prove useful for the development of Halal industry.

Dr. Amjad Saqib, Chairman Akhuwat highlighted the ways of poverty alleviation through Qard-e-Hasan in Islamic microfinance through which Akhuwat is providing small loans to more than 3 lakh people across Pakistan. He further added that poverty is a world phenomenon and mostly growing in the Muslim countries.

It is recommended that we chalk an international strategy to alleviate poverty from Muslim world through means which could be closer to the Islamic traditions and religious norms and Islamic microfinance is the best solution for that. 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 to the participants, the organizer of 5th 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 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 utilized as an ideal instrument for financial inclusion to address the poverty problems in right mode. He also announced that 6th Global Islamic Microfinance will be held in Kenya in October, 2016. The Forum continued for 4 days wherein Sharia’ah Structuring for the development of Islamic microfinance, role of IT, Micro Takaful, Sustainability, crowd Funding and the issues related to zakat and Awoqaf were discussed in a broader perspective.

For more information, contact:
Shaguftta Parveen
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com