Islamic micro finance Network (IMFN)

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Islamic Microfinance Network (IMFN) will strengthen the Islamic Microfinance Institutions
Globally: Zubair Mughal

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Islamic micro finance Network (IMFN)

  1. 1. CENTRE OF ISLAMIC BANKING& ECONOMICSPress ReleaseInauguration of 100 days Master plan for the Development of IslamicMicrofinance industryIslamic Microfinance Network (IMFN) will strengthen the Islamic Microfinance InstitutionsGlobally: Zubair Mughal31stMay, 2013.(Islamabad – Pakistan) Under the umbrella of Islamic microfinance Network (IMFN), a special meeting ofIslamic microfinance institutions was held at the capital city of Pakistan, Islamabad, today, presided by Dr.Amjad Saqib, Executive Director Akhuwat and Chairperson IMFN, in which large number of local andInternational Islamic microfinance institutions took part. The rationale of this special meeting was toendorse 100 days master plan for the development of national and international microfinance institutionswhile uniting the Islamic microfinance institutions at single platform, resolving the interrelated issues andthe barriers.
  2. 2. Chief Executive Officer of AlHuda CIBE & Islamic Finance Network, Mr. Muhammad Zubair Mughal, whileexpressing the need and characteristics of 100 days plan, said, in analysis of the growing expansion ofIslamic microfinance in the world, there is an alarming need to give Islamic microfinance industry a obviousstrategy and track so that Islamic microfinance institutions may carry out the mission of poverty diminutionin a brand line of action. He stated that Islamic microfinance has become an imperative need to alleviatepoverty. In this perspective, Islamic Microfinance Network has designed 100 days master plan. For theadvancement of Islamic Microfinance, this plan incorporates the linkages with international microfinancenetworks, platform for exchange of ideas and dialogues with donors about Islamic microfinance, Shariahguidance to Islamic microfinance industry, Islamic Micro Finance awareness campaign through media and italso includes structuring of standards on Islamic Micro finance.He further said that if International multi literal organization i.e. World Bank, UNDP, USAID, IFC, GIZ etc.seriously want to eradicate poverty from the world, and then they will have to include Islamic microfinancein their preference strategy. Based on current situation, the achievement of Millennium Development Goal(MGD’s) for poverty alleviation of the United Nations seems impossible and one of the main reasons for thisis not including Islamic microfinance in their poverty alleviation strategies. It is estimated that approximatelyhalf of world’s poverty reside in Muslim countries and Muslims avoid using conventional microfinancefacilities due to interest, which is strictly prohibited in Islam. Hence, there is a need to introduce suchmicrofinance services in Muslim countries which are compatible with their religious, cultural and socialvalues. If this is not done, the world poverty will keep on increase and this can be easily proven by assessingthe poverty statistics of last 10 years.It was also decided during the meeting that AlHuda CIBE will develop guiding principle on Salam, Murabahaand Mudarabah for Islamic Microfinance Network, which will be a source of guidance for institutions relatedwith Islamic microfinance. 100 days master plan will be initiated on 30thMay, 2013 and on its completion ageneral meeting will be organized to evaluate the achievement of Master plan related targets#Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.comNew Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com

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