The nonprofit AlHuda Centre of Islamic Banking and Economics (CIBE) of Pakistan recently launched the Centre of Excellence on Islamic Microfinance in order to provide Shariah guidance and capacity building to microfinance institutions (MFIs). In addition to working in Pakistan, the centre will have the ability to operate through partner offices in Azerbaijan, Ireland, Kazakhstan, Mauritius, Netherlands, Nigeria, South Africa and Switzerland.
Chief Executive Officer of AlHuda CIBE, Muhammad Zubair Mughal argued that Islamic microfinance is very relevant citing a statistic that 46 percent of poor people in the world live in Muslim countries. The Islamic microfinance model complies with Islamic law, the Shariah, which prohibits interest payments and fees, by way of the concept of joint venture and profit sharing.
By Mihaela Grindeanu, Research Associate
About AlHuda Centre of Islamic Banking and Economics: Located in Pakistan, AlHuda Centre of Islamic banking and Economics is a nonprofit that specializes in research, training, consulting in the Islamic microfinance industry. The organization also provides technical assistance in the area of Shariah law, organizes distance learning programs and publishes a monthly newsletter on Islamic microfinance.
Sources and Additional Resources:
AlHuda CIBE press release: “’Centre of Excellence in Islamic Microfinance”, http://www.alhudacibe.com/pressrelease1.php
MicroCapital.org story, April 19, 2012: “MICROFINANCE EVENT: International Conference on Islamic Microfinance, June 13, 2011, Islamabad, Pakistan”, https://www.microcapital.org/microfinance-event-international-conference-on-islamic-microfinance-june-13-2011-islamabad-pakistan/
MicroCapital.org story, June 18, 2012: “MICROCAPITAL BRIEF: AlHuda CIBE: Supply of Islamic Bankers Falls Short of Demand”, https://www.microcapital.org/microcapital-brief-alhuda-cibe-supply-of-islamic-bankers-falls-short-of-demand/
MicroCapital.org story, June 18, 2012: ”MICROCAPITAL BRIEF: HSBC to Provide Technical Assistance to Microfinance Institutions in Middle East, North Africa in Partnership with Grameen-Jameel, Bankers without Borders”, https://www.microcapital.org/microcapital-brief-hsbc-to-provide-technical-assistance-to-microfinance-institutions-in-middle-east-north-africa-in-partnership-with-grameen-jameel-bankers-without-borders/
MicroCapital Universe Profile: AlHuda Centre of Islamic Banking and Economics, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AlHuda+Centre+of+Islamic+banking+and+Economics
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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