Islamic Microfinance only Solution to Worldwide Poverty Alleviation International Microfinance Experts gathering on June 13 in Islamabad

Lahore –– Poverty Alleviation has become a world phenomenon which has led to invent various methods to mitigate it. Mutual funding model, sometimes scholarly views of Dr. Yunus and technology/mobile banking are adopted to cut it down. Therefore latest research has proved that Islamic microfinance has all the substitutions to cut down the worldwide poverty. The subject matter is focused upon in “International Conference on Islamic Microfinance” that’s going to be the largest event in the history of Islamic microfinance – is planned on June 13, 2011 in Islamabad. Varied models of Islamic microfinance, Shariah issues, Zuqat, Dard-e-Husna and Waqf model to decrease poverty, usage of technology and the implementation of Islamic microfinance in flood hit areas will be the hot topics to discuss in this mega event.

It is to be noted that almost One Billion Seventy Crore (1.7 billion) people are hand to mouth and living lives below the poverty line. Amongst them 44% are residing in Muslim countries and this factor highlights the need of Islamic microfinance in an effective way. Recent surveys and research reports of USAID, CGAP, World Bank, IFC and Frankford Finance School report Islamic microfinance the best substitution for the poverty alleviation. Currently more than 300 Islamic microfinance organizations in Indonesia, Kenya, Afghanistan, Bangladesh, Sri Lanka, Yemen, Egypt, Sudan, Tanzania, Mauritius, South Africa, Malaysia and Pakistan are working to alleviate the poverty. It is a pleasing aspect that this number is rapidly increasing not only in Muslim countries but also in non Muslim countries. To unite all these organizations in one platform, an “Islamic Microfinance Network” has also been formed.  The important aspect of this conference is that microfinance model of “Akhuwat Microfinance Pakistan” will be presented as a model which has released more than one Billion PKR funds to the poors.

While discussing the importance of the conference, Mr. Zubair Mughal, Chief Executive officer, AlHuda Centre of Islamic Banking and Economics Pakistan, the organizer of the conference said that Pakistan has a prominent place in the field of Islamic microfinance sector and Pakistan is representing Islamic microfinance as a leader of the industry and to organize this conference also manifests the same cause. He further added that this event would further promote this sector in the world. He said that there would be a separate session for the contribution of Islamic microfinance for the relief work in flood hit areas.

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