Lahore: Islamic Microfinance sector is currently progress aggressively by addressing of deficiencies and challenges faced by the traditional Microfinance industry, right now near about 300 Islamic Microfinance Institutions are operating around the globe effectively, due to tremendous performance of Islamic Microfinance Institutions, now conventional Microfinance Institutions are opting Islamic system for poverty alleviation at large.
For addressing all the challenges and opportunities Islamic Microfinance, Islamic Microfinance Islamic Microfinance Network (IMFN) has launched in 2010 with the aim to provide a unique and common platform for National and international Islamic microfinance institutions (MFIs). The activities of IMFN includes coordinate the efforts of its members in jointly addressing poverty alleviation, establishing best practices in Islamic microfinance, developing guidelines and the implementation that comply with Shariah law.
Now the membership is being opened for nationally and internationally organization who are serving in the sector of Islamic Microfinance. The membership is available who are practicing Islamic Microfinance in their operations as Permanent members while other conventional Microfinance Institutions are also welcome as observers members, so that they enable to learn about Islamic Microfinance System. It is not only for the institutions while the academician and Advisor also becomes the member of this network.
Zubair Mughal – Chief Executive Officer, Islamic Microfinance Network (IMFN) said that it is common responsibility of the industry stakeholders to address the things at one platform for brush up and standardization with the objective toward poverty alleviation, he also said that Almost 17,000 million people live below the poverty line in the world of which 44% live in the Muslim majority countries which become the prime reason behind Islamic Microfinance.
At the moment 300 Islamic Microfinance Institutions in 32 countries including: Indonesia, Kenya, Afghanistan, Bangladesh, Sri Lanka, Yemen, Egypt, Sudan, Tanzania, Mauritius, South Africa, Malaysia and Pakistan are working on Poverty alleviation. Due to its more productive role, Islamic Microfinance is gaining popularity in those countries where Muslims are in minorities.