Islamic Microfinance should be Introduced Internationally: Dr. Fatima Al-Blooshi

(Dubai) Islamic Microfinance is an effective tool for the poverty alleviation and it should be introduced around the globe to state an effective policy for ultimate poverty alleviation from the world, these views were stated by Dr. Fatima Mohamed Yousif Al-Balooshi, Minister (Ministry of Social Development – Bahrain) as a Chief Guest in the 3rd Global Islamic Microfinance Forum (GIMF) held on 6th to 8th October, 2013 at Dusit Thani Hotel, Dubai in which delegates from more than 30 countries participated actively and this Forum was organized and conducted by AlHuda Centre of Islamic Banking and Economics (CIBE). She also added that Islamic Microfinance should be presided and supported by the Government in different countries of the world to promote the Islamic Microfinance Institutions. She also admired the endeavors of AlHuda CIBE at the inauguration of 3rd Global Islamic Microfinance Forum on 6th Oct, 2013 and also proposed to conduct the 4th Global Islamic Microfinance Forum in Bahrain.

Muhammad Zubair Mughal (CEO – AlHuda CIBE), addressing to the Forum, said that Poverty is increasing in the Muslim countries rapidly and consequently the half of the world poverty has, approximately, been confined to the Muslim countries in the current age. The involvement of interest in micro financing is one of the major causes behind this phenomenon and that is why Muslims hesitate to avail microfinance facility. If Islamic Microfinance is not introduced resolving this issue, the world’s poverty will increase extraordinarily. He said that the forum aimed at gathering all the Islamic Microfinance Institutions at single platform, to streamline the policies for poverty reduction, to promote the Research and Education in Islamic Microfinance industry and to enhance its outreach on global canvas. He said that current facts to the failure of microfinance system require an alternative and prudent Islamic Microfinance system to the world to enhance the financial inclusion globally and ultimate global economic prosperity.

Addressing to the forum Mr. Mr. Hamdan Mohamed Al Murshidi (President & Chairman of the Board, Arab Business Club, United Arab Emirates) said that there is no other argument to address poverty through Islamic Microfinance as it is the ultimate solution to this problem and also he committed with his reward less services to promote Islamic Microfinance globally. While Mr. Amjad Saqib (Executive Director – Akhuwat) said that Islamic Microfinance is a Hope for the Poor which they (poor) are looking forward to resolve their Social and Economic problems, so Islamic Microfinance should be promoted globally. He, by presenting Akhuwat as a case study, figured out that there are about 380000 families benefitting through Qarz e Hasana from Akhuwat. Meanwhile its portfolio has crossed PKR. 5 billion with an increasing trend day by day.

The forum was attended by Researchers, Scholars and Islamic Microfinance practitioners including: Justice (R) Khalil Ur Rehman (Shariah Advisor – AlBaraka Islamic Bank, Chairmen – Punjab Halal Development Agency – Govt. of Pakistan), Mufti Aziz Ur Rehman (Manager-Shariah, Mawarid Finance – Dubai), Dr. Ajaz Ahmed Khan (Microfinance Advisor, CARE International UK), Mr. Atef Ebrahim (Chief Executive Officer, Family Bank - Bahrain), Mr. Zeinoul Abedien Cajee (Founding CEO/ Management Board, National Awqaf Foundation of South Africa), Mr. Mamode Raffick Nabee Mohomed (Founder/ Secretary, Al Barakah Multi-purpose Co-operative Society Limited – Mauritius), Ms. Rehab Lootah (Managing Director - Mawarid Consultancy Dubai - U.A.E), Mr. Mohamed El Mehdi Zidani (Author - An Islamic Analysis of the Grameen Bank and Director Baraka Editions – France), Mr. Pervez Nasim (Chairmen & CEO, Ansar Financial and Development Corporation – Canada), Mr. Abdul Samad (Shariah Advisor, The Bank of Khyber – Pakistan), Mr. Humayun Saeed Jamshed (Senior Director - Islamic Banking & Finance, SAB – France), Mrs. Thamina Anwar (Founder and CEO, Awqaf New Zealand Mrs. Helena Lutege (Founder and Managing Director, BELITA Fund – Tanzania), Mr. Ali Tariq (Executive Director, Iraqi Microfinance Network – Iraq), Dr. Mohammed Kroessin (Global Microfinance Advisor – UK), Mufti Barkatulla (Sharia Advisor, Islamic Bank of Britain, London, UK) and some other prestigious international speakers addressed in this forum.