7/28/2019 Press ReleaseIslamic Microfinance Network (IMFN)

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CENTRE OF ISLAMIC BANKING

& ECONOMICSPress Release

Inauguration of 100 days Master plan for the Development of IslamicMicrofinance industry

Islamic Microfinance Network (IMFN) will strengthen the Islamic Microfinance Institutions

Globally: Zubair Mughal

31st

May, 2013.

(Islamabad Pakistan) Under the umbrella of Islamic microfinance Network (IMFN), a special meeting of

Islamic 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 and

International Islamic microfinance institutions took part. The rationale of this special meeting was to

endorse 100 days master plan for the development of national and international microfinance institutions

while uniting the Islamic microfinance institutions at single platform, resolving the interrelated issues and

the barriers.

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Chief Executive Officer of AlHuda CIBE & Islamic Finance Network, Mr. Muhammad Zubair Mughal, while

expressing the need and characteristics of 100 days plan, said, in analysis of the growing expansion of

Islamic microfinance in the world, there is an alarming need to give Islamic microfinance industry a obvious

strategy and track so that Islamic microfinance institutions may carry out the mission of poverty diminution

in a brand line of action. He stated that Islamic microfinance has become an imperative need to alleviate

poverty. In this perspective, Islamic Microfinance Network has designed 100 days master plan. For the

advancement of Islamic Microfinance, this plan incorporates the linkages with international microfinancenetworks, platform for exchange of ideas and dialogues with donors about Islamic microfinance, Shariah

guidance to Islamic microfinance industry, Islamic Micro Finance awareness campaign through media and it

also 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 microfinance

in their preference strategy. Based on current situation, the achievement of Millennium Development Goal

(MGDs) for poverty alleviation of the United Nations seems impossible and one of the main reasons for this

is not including Islamic microfinance in their poverty alleviation strategies. It is estimated that approximately

half of worlds 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 such

microfinance services in Muslim countries which are compatible with their religious, cultural and social

values. If this is not done, the world poverty will keep on increase and this can be easily proven by assessing

the poverty statistics of last 10 years.

It was also decided during the meeting that AlHuda CIBE will develop guiding principle on Salam, Murabaha

and Mudarabah for Islamic Microfinance Network, which will be a source of guidance for institutions related

with Islamic microfinance. 100 days master plan will be initiated on 30th

May, 2013 and on its completion a

general 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