CENTRE OF ISLAMIC BANKING & ECONOMICS

Press Release

Islamic Microfinance has Solution of all the Issues Related to Poverty: Zubair Mughal

International Conference on Microfinance held in Indonesia; President of Indonesia, Dr.

M. Yunus and International Experts Participated

30-10-2012

“Zubair Mughal, CEO, AlHuda CIBE speaking at International Microfinance Conference in Indonesia which

was jointly organized by Govt. of Indonesia & World Bank ( Left ), while Dr. Susilo Bambang - President of

Indonesia inaugurated the conference ( Right top) and Nobel laureate Dr. Muhammad Yunus along with

Zubair Mughal ( Right Bottom )”

Poverty has become a global problem. Due to the current Global Financial Crisis, even the Developed

countries of world are also trying to fight against poverty whereas the solution of all the problems and issues

related to poverty lies in Islamic Microfinance. These thoughts were expressed by the Chief Executive Officer

of AlHuda Centre of Islamic Banking and Economics, Mr. Zubair Mughal in an International Microfinance

Conference which was held in Yogyakarta, the city of Indonesia. The Conference was jointly organized by

Government of Indonesia and World Bank. Delegates and experts from 30 different countries including Dr.

Susilo Bambang Yudhoyono - President of Indonesia, Noble Prize Winner Dr. Muhammad Yunus - Founder

Grameen Bank, Dr. Larry Reed – Director of Global Microcredit Summit Campaign, Mayada El. Zoghbhi –

World Bank and 600 people participated in the conference.

Conference was inaugurated by the President of Indonesia – Dr. Susilo Bambang Yudhoyono whereas

Ministers, Governors, Parliamentarians and Ambassadors of Indonesia have also participated in the

conference. In the inaugural speech, President of Indonesia has declared Microfinance as an effective

strategy for the eradication of poverty and by using this source; poverty has decreased in many countries

including Indonesia. While addressing to the ceremony, Dr. Muhammad Yunus explained that how Grameen

Bank started social work for reducing poverty and fulfilled the needs of poor people by starting the social

work instead of Charity and met their financial needs by giving them small loans and now finally they are

useful civilians of society.

Government of Indonesia has specially invited Mr. Muhammad Zubair Mughal to speak on the topic of

Islamic Microfinance. During his address, he said that recent research has proved that Islamic Microfinance

is a good alternative for eradication of poverty from which both Muslims and Non- Muslims can get benefits.

He further said that in order to provide Islamic Microfinance to poor people, one should firstly determine

the level of poverty of the poor so that relevant products of Islamic Microfinance may be used to remove

the poverty. He said that the people living in the underneath of poverty should be given products like Zakah

Ushar, Sadqah so that they could come to the next level whereas the poor falling in the middle level of

poverty should be given products like Musharakha, Mudarbah and Murabaha and poor living in the last

stage of poverty must also be given Salam and Istisna in addition to Murabah and once poor crosses the line

of poverty, they should be given the facility of Microtakaful (Islamic Insurance) for safety net so that they

may not return to the darkness of poverty.

International experts and the audience of the conference highly appreciated Islamic Microfinance as a best

solution for poverty alleviation and Mr. Muhammad Yunus has appreciated the efforts of Mr. Zubair Mughal

for the promotion of Islamic Microfinance.

Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.com New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com