report islamic microfinance workshop

11
Report on Two Days Specialized Training Workshop on Islamic Microfinance 16th & 17th September, 2012 in Sheba Hotel, Sana’a, Yemen Jointly Organized by: AlHuda Centre of Excellence in Islamic Microfinance Yemen Microfinance Network Supported by: Prepared by: Ali Abutaleb – Yemen Microfinance Network Sanya Ali Ahmad – AlHuda Centre of Islamic Banking and Economics

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Page 1: Report Islamic Microfinance Workshop

Report on Two Days Specialized Training Workshop on Islamic

Microfinance

16th & 17th September, 2012 in Sheba Hotel, Sana’a, Yemen

Jointly Organized by:

AlHuda Centre of Excellence in Islamic Microfinance Yemen Microfinance Network

Supported by:

Prepared by:

Ali Abutaleb – Yemen Microfinance Network

Sanya Ali Ahmad – AlHuda Centre of Islamic Banking and Economics

Page 2: Report Islamic Microfinance Workshop

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INDEX

Contents Page no. Introduction 3

About the Organizing Parties 3

Speakers of the Workshop 4 Participants of the Workshop 5

Training Workshop Agenda 6 Synopsis of the Training 7

Impact Analysis of the Training Workshop 9

Participants’ Overall Evaluation of the Workshop 10 Suggestions and Recommendations 11

Page 3: Report Islamic Microfinance Workshop

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INTRODUCTION

Overall, social and economic circumstances in Yemen create a homogenous traditional

society where many decisions are influenced by the religious considerations. So, Islamic

Microfinance would be highly accepted there and would ultimately help in reducing

poverty of Yemen.

Islamic Microfinance is an emerging market in the field of Islamic finance. So, there is an

immediate need to educate, train and conduct market study and awareness campaigns on

this subject. The aim of this training is to provide edification and trainings to Microfinance

& Finance Professional with an additional opportunity for their educational uplift under

Islamic financial system. An individual would be able to learn new techniques and

opportunities in this field.

The event was jointly organized by the Yemen Microfinance Network and AlHuda Center of

Islamic Banking and Economics - Pakistan. The training was lead by international experts

and was open to participants from regional and international countries as well as local MFI

and commercial bank practitioners.

ABOUT THE ORGANIZING PARTIES

About AlHuda Centre of Islamic Banking and Economics (CIBE)

AlHuda Center of Islamic Banking and Economics (AlHuda CIBE) is a well established name

in Islamic financial Market which is working in the field of Islamic Banking and Economics

from the last 7 years in Pakistan and around the globe. It is the pioneer organization to

start effort for the promotion of Islamic Banking and Finance in masses through Advisory

and Consultancy, Education, Trainings, Awareness, Product Development and Publications.

About Yemen Microfinance Network (YMN)

The Yemen Microfinance Network (YMN) is a member based association registered in 31st

August 2009 under the Ministry of Social Affairs and Labor as a non-governmental

organization (NGO), having its own board of directors consisting of the microfinance

member institutions. Being a member-driven association, YMN three year strategy was

developed in a very detailed, comprehensive and systematic process.

Page 4: Report Islamic Microfinance Workshop

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SPEAKERS OF THE WORKSHOP

The master trainers and speakers of the training were: Mr. Qazi Abdul Samad and Mr.

Zubair Mughal. The profile of the speakers is as follows:

Qazi Abdul Samad

Qazi Abdul Samad is a skilled professional with proficiency in Shari’ah advisory, In-depth

knowledge of Shari’ah Microfinance, Innovative, commitment & pro-active approach to

work, Strong communications & analytical skills and able to manage and train others.

Currently, he is working as a Shari’ah Advisor of The Bank of Khyber - Pakistan. He is also a

visiting lecturer of Islamic Financial System in Management Science Department of City

University, Peshawar. He has been providing Shari’ah advisory and supervision in many

organizations. He is an author of many articles and has presented articles in many

International conferences.

Muhammad Zubair Mughal

Muhammad Zubair Mughal is a passionate and hardworking individual with a strategic

vision in Islamic Micro Finance. He is a skilled Islamic financial professional and a keen

learner of Islamic Microfinance and Islamic Micro insurance with good public speaking and

training skills. He is currently working as a Chief Executive Officer of AlHuda centre of

Islamic Banking and Economics. He has a professional experience Islamic Microfinance of

over 10 years. He has development Many Islamic Microfinance Products which are being

utilized in Pakistan, Middles East & Africa, he has also presented his research papers on

Islamic Microfinance in many International conferences in South Africa, China, Kazakhstan,

Russia, Kenya, Pakistan, U.A.E, Mauritius, Afghanistan, Turkey, Tatarstan, Jordan and Iraq

etc.

Page 5: Report Islamic Microfinance Workshop

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PARTICIPANTS OF THE WORKSHOP

Yemen is an emerging market in terms of Islamic Microfinance. It has a rich Islamic history

and the demand of Islamic Microfinance is growing very rapidly there. Yemen has a

population size of 23 Million, one of the most

ethnically homogenous in the region, with 3%

population annual growth rate. 71% of the population

lives in the rural and 29% in urban areas. 34.8% live

below the poverty line. Overall, social and economic

circumstances in Yemen create a homogenous

traditional society where many decisions are influenced by the religious considerations. So, Islamic

Microfinance would be highly accepted there and

would ultimately help in reducing poverty of Yemen.

The targeted audience for this training workshop was

Microfinance Professionals and Experts, Microfinance Institutions & Banks, Financial & Banking

Institutions, Rural & Agri. financial Professional, Community Developments, NGOs and NPOs,

Insurance Companies, Development Consultant, Management Consultants, Social Development

Sector, Govt. Development Departments, Local and International Donor's Agencies, SMEs &

Corporative Societies, Academia, Philanthropists and Investors, Regulators and Govt. Officials,

Shari'ah Scholars and Experts.

In this connection, the persons, who has participated the training workshop are:

No. Name Organization

1 Ms. Faiza Abdo Saeed Economic Opportunities Fund

2 Mr. Jihad Al-Hakimi Economic Opportunities Fund 3 Ms. Nasaim Mohammed Algonaid Alawael Microfinance Company

4 Ms. Somaia Ezzadin Alawael Microfinance Company 5 Ms. Nagwa Fadil Aden Microfinance Foundation

6 Ms. Hind Kassim Alawi Ali Social Fund For Development

7 Mr. Omer Abdul Haleem Social Fund For Development 8 Mr. Fahmi Al-Kuraimi Alkuraimi Islamic Microfinance Bank

9 Mr. Ahmed Alhumiqani Yemen Microfinance Network 10 Mr. Khalil Almikhlafi Yemen Microfinance Network

11 Mr. Abdulrahman Alazazi Yemen Microfinance Network 12 Mr. Nabil Ali Al-Shehaly Alamal Microfinance Bank

13 Mr. Hani Al Fakih National Microfinance Foundation

14 Mr. Mutlaq Al-Osaimi National Microfinance Foundation 15 Mr. Moammar Shuhait National Microfinance Foundation

16 Mr. Ali Abutaleb Yemen Microfinance Network

A Memorable Group Photo of all the Participants

Page 6: Report Islamic Microfinance Workshop

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TRAINING WORKSHOP AGENDA The agenda of the training workshop is as follows:

Welcome Address and Inauguration

Mr. Mohammed Saleh Al-Lai, Chairman Yemen Microfinance Network

Mr. Osma Al Shami Head of SMED Social Fund for Development - Yemen

Najah Almugahed, Acting Managing Director Yemen Microfinance Network

Topics Discussed by

the Speakers:

Mr. Qazi Abdul Samad &

Mr. Muhammad Zubair Mughal

A Glance on Islamic Finance Economic Rationale for Prohibition of Riba Shari’ah Foundation and Applications of Islamic Microfinance Islamic Micro Finance as an effective tool of poverty alleviation Islamic Micro Financial Products Mechanisms & Compatibility with

Conventional Microfinance Products Source of Islamic Microfinance Products Islamic Microfinance Institutions – Worldwide Need Assessment of Islamic Microfinance Opportunities & Challenges Faced by IMF Sector A Case study from Pakistan Islamic Microfinance Product Mechanism, Structures, Operations &

Applications. Partnership Modes of Islamic Microfinance Liability (Deposit) Management Techniques for Islamic

Microfinance Trade Based Modes of Islamic Microfinance Parallel Salam & Istisna Islamic Microfinance Product Mechanism, Structures, Operations &

Applications Micro Takaful (Islamic Micro Insurance) Definition of Takaful. How Micro Takaful products works with

Islamic Microfinance Structure, Operation and Performance of Takaful for Poverty

Alleviation Opportunities and Challenges of Micro Takaful in Islamic

Microfinance Definitions, Concept & Uses of Waqf, Qarz-e-Hassan, Cooperatives

& Zakat in Islamic Microfinance system

Page 7: Report Islamic Microfinance Workshop

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SYNOPSIS OF THE TRAINING

The training session was inaugurated by Mr. Mohammed Saleh Al-Lai, Mr. Osma Al Shami

Najah Almugahed. While addressing to the audience of training workshop, Mr. Mohammed

Al Lai said: “I am so proud to be a member of YMN as a Chairma n. I have had the privilege

of working with dedicated and

talented employees who make our

Network an innovative and

successful institution. It gives me

immense pleasure to present the

Islamic Microfinance and Islamic

Finance training workshop that is

held with cooperation of (AlHuda-

CIBE) Center of Islamic Banking &

Economics of Pakistan. It is clear

that the demand for Islamic

finance has increased which is a

major opportunity for the growth

of the industry and gets awareness

about it from highly learned and

experienced professionals and be the leaders of Islamic Microfinance in Arab region.

Therefore we are keen in promoting the awareness of Islamic Microfinance among the

region. More than ever, we extend our best wishes for the success of the training and the

ultimate benefit for all the Yemenis from the

wide spreading Microfinance Industry.”

Mr. Mr. Osma Al Shami presented his views by

saying that it is an excellent opportunity to

spread the knowledge and awareness about

Islamic Microfinance in Yemen that will

ultimately benefit the masses. He said that the

training workshop will provide a lot of

opportunities to gain knowledge about global

practices on Islamic microfinance through

learned national and international scholars

and experts. Ms. Najah Almugahed

appreciated the arrangement of two days

workshop on Islamic Microfinance, a good step for the Microfinance sector. She said that

Islamic Microfinance is rapidly growing in Yemen and the workshop like this will provide

more awareness about it.

Mr. Mohammed Saleh Al-Lai Chairmen Yemen Microfinance Network speaking at Inaugural Session

Technical Session of the Training

Page 8: Report Islamic Microfinance Workshop

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Two days training went too smoothly. All the participants went satisfied. At the end of the

training session, Mr. Zubair Mughal presented the souvenir to Ms. Najah Almugahed for

initiating this step with AlHuda CIBE. YMN

showed its wish to repeat this training

workshop on annual basis.

At the end of the training, logo inauguration

ceremony of Islamic Microfinance was

conducted in which Logo of the forum was

inaugurated by Ms. Najah Almugahed. While

addressing to the inaugural ceremony, Ms.

Najah Almugahed appreciated the step of

AlHuda CIBE to organize Global Islamic

Microfinance Forum and said that the

microfinance industry would be more established

through this Forum. While addressing to the

inaugural ceremony, Chairman of Yemen Microfinance Network - Mr. Al-Lai has declared

the strategy of AlHuda CIBE for the promotion of Islamic Microfinance as a very good step

for the industry which will amplify the awareness and promotion of Islamic Microfinance.

Mr. Zubair Mughal presenting Souvenir to Ms. Najah Almugahed

Page 9: Report Islamic Microfinance Workshop

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IMPACT ANALYSIS OF THE TRAINING WORKSHOP

As Islamic Microfinance is already a distinguished and strong field in Yemen so this training

workshop has added new horizons and dimensions in this field. The basic aim was to see

how the integration can be made in between the existing products of Islamic Microfinance

in Yemen and other related products. It was indeed a learning session. It will surely create

product understanding and the participants would share the knowledge gained through

this session which will help in uplifting of their living standards and would help in reducing

poverty of Yemen.

It will surely enhance the expertise of

working in this field and would increase

the capabilities and capacities to work for

it. The attendees of this training gained In-

depth Knowledge of Islamic Microfinance,

learnt new Techniques of Poverty

Alleviation, Social Development &

Financial Inclusion through Islamic

Microfinance. They saw the Shari’ah

Principles and Mechanism about Islamic

Microfinance and got an Opportunity to

gain knowledge about global practices on

Islamic microfinance through learned

national and international scholars and

experts. The event should have a strong impact on the outreach of Islamic Microfinance in

Yemen and the region as an effective tool to alleviate poverty.

Success Indicators of the training

The positive evaluation results by participants

Positive perception of the event by organizations related to microfinance industry in

Yemen.

The level of attendance and interaction

Provision of real life case studies and examples

The included literature and reading material

The high levels of trainees’ interactivity with trainers

Very well organized event

The event venue

Positive atmosphere throughout the event

Participants during the training Session

Page 10: Report Islamic Microfinance Workshop

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Obstacles & Challenges

The relatively short available time for the workshop, which meant that high loads of

information and rich material had to be squeezed to fit the time frame

The security situation especially because of the attacks on the US Embassy in Sana’a

by demonstrators before the workshop’s date prevented other international

participants from travelling to Sana’a to attend the event.

The fact that most MFIs in Yemen are utilizing one or two types of IMF products but

mostly (Murabaha)

PARTICIPANTS’ OVERALL EVALUATION OF THE WORKSHOP

Participants of the training workshop liked the training and the feedback was very positive

and encouraging. Participants’ overall evaluation for the training workshop is summarized

as a chart positioned below:

0.00% 20.00% 40.00% 60.00% 80.00%100.00%

Overall course evaluation

Willingness to attend similar…

Training methods

Reflection on current job

Relationship with colleagues

Cleanliness

Coffee break and Lunch

Timing

Training hall

Organization

Content and integration of…

Training package

Weak

Acceptable

Average

Good

Excellent

Page 11: Report Islamic Microfinance Workshop

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SUGGESTIONS AND RECOMMENDATIONS

For the betterment of the next training workshop, following suggestions and

recommendations are to be taken under consideration:

To organize similar but longer training workshops and target larger potential

segment of participants from different organizations, practitioners, and funding

donors.

To better coordinate with the governmental bodies, i.e. (Central Bank of Yemen) to

better publicize the event and build awareness of IMF products and solutions.