11th Global Islamic Microfinance Forum Successfully Concluded in Dubai – United Arab Emirates

  • Islamic Finance
  • 23.11.2022 11:30 am

11th Global Islamic Microfinance Forum was successfully concluded at Metropolitan Hotel Dubai, UAE under the patronage of AAOIFI Bahrain. The purpose of that forum was to promote, strengthen and unite the organizations of Islamic microfinance (IsMF) with the theme of financial Inclusion, outreach strategies & innovations. Eminent Speakers and industry professionals from well-serving organizations related to Microfinance, Islamic microfinance, micro-insurance and NGOs participated in the event. The aim of the forum was to discuss financial Inclusion, outreach strategies & innovations by gathering stakeholders under one roof. The forum was organized by AlHuda Centre of Islamic Banking and Economics in association with Pakistan Microfinance Network and IMFN-International Islamic Microfinance Network and Wings Media. The event is sponsored by Akhuwat Pakistan, Bank of Punjab, Innovation Biscuits Pakistan, and PPCBL Pakistan. The event supporters include Association of Microfinance Organizations of Tajikistan (AMFOT), MicroLab Association, Association of Microfinance Institutions in Rwanda (AMIR), Fintech Association of Nigeria, Nigerian Microfinance Platform, Abuja Chamber of Commerce and Industry, National Association of Microfinance Banks. The event media partners include Financial IT, Islamic Finance, MicroCapital, IFING MEDIA, and WebTV.

AlHuda arranged an impressive lineup of speakers from different countries with revealing sessions on the subject matter to explore more options for Islamic Microfinance industry. Dr. Amjad Saqib, Founder of Akhuwat Pakistan inaugurated the forum by saying that Islamic microfinance is the need of the time and this can be used as a weapon for poverty alleviation. He further explained how Akhuwat model and different products are playing a role to alleviate poverty in Pakistan. He also appreciated the efforts of AlHuda Centre of Islamic Banking and Economics. Dr Amjad Saqib, highlighted the ways of poverty alleviation through qard e hasna in Islamic microfinance through which Akhuwat is providing small loans to more than 5 lac people across Pakistan. The services of Akhuwat, Pakistan is not only limited to Pakistan rather in other countries of the world. The research on Akhuwat Model in different universities around the world is the best example of it. He further added that poverty is a world phenomenon and mostly growing in Muslim countries. It is recommended that we chalk an international strategy to alleviate poverty in the Muslim world through means which could be near to the Islamic traditions and religious norms and Islamic microfinance is the best solution of that.

Addressing to the inaugural session, the Guest of Honors of the Ceremony was Mr. Atty. Ubaida C. Pacasem, CPA Minister - Ministry of Finance, and Budget and Management Member of the Parliament - Bangsamoro Transition Authority, Bangsamoro Autonomous Region in Muslim Mindanao, Philippines, Mr. Atty. Paisalin Tago, CPA Minister, Minister of Transportation and Communications, Republic of the Philippines, H.E. Edouard Bizumuremyi, Minister Counsellor, General Consulate of the Republic of Rwanda, UAE, and Mr. Syed Mohsin Ahmed, Chief Executive Officer, Pakistan Microfinance Network, Pakistan said: Islamic Microfinance should be utilized as system of poverty alleviation for Muslims and Non- Muslim world, he pursued the participants “There are various challenges among the Muslim World, but if we look at our figures we can see the opportunities therein. Islamic Microfinancing is a catalyst to empower enterprise development and a viable and sustainable vehicle for inclusive economic growth”

Addressing to the audience, the organizer of the 11th Global Islamic Microfinance Forum, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that there is no religion of poverty but it can be alleviated through methods defined in religion and Islamic microfinance is the best example of this. Muslims and non-Muslims can equally take benefit of this micro-financing. He added that in the Muslim world, poverty is rapidly increasing to its dangerous level. The main reason of this is the non-availability of such sources which are near to their religious values. He said that recent researches by World Bank and international organizations show that there exist chances of poverty in the non-Muslim world and the only solution is Islamic Microfinance. If Islamic microfinance is overlooked in such a way then there are no chances United Nations Organization meets the Millennium Development Goal. 

By addressing the session on “Global Development and Future Potential of Islamic Microfinance”, Mr. Pervez Nasim Chairman & CEO, Ansar Financial & Development Corporation – Canada, discussed Key Concepts of Islamic Financing and Interest-Free Home Ownership Program, Prof. Dr. Azmi Omar President & Chief Executive Officer, International Centre for Education in Islamic Finance (INCEIF), Malaysia, discussed Research-based innovation for Islamic Microfinance Industry, Mr. Sadaqat Ullah Khan Senior Executive Vice President & Head of Sharia Advisory, Audit, Compliance, & Execution, AlHuda CIBE FZ LLE – UAE, discussed about Islamic Shariah Framework of Ijarah and its global applications in IFIs. 

The Session on “Islamic Microfinance and Economic Growth” was addressed by Mufti Aziz Ur Rahman A Shari’ah Scholar and Consultant- Dubai UAE, discussed about Shariah Aspects of Islamic Microfinance, Mr. Muhammad Zubair Managing Director, AlHuda CIBE FZ LLE – U.A.E, discussed about Global Development of Islamic Microfinance and Ustaz Mohd Nazri Chik Group Chief Financial Inclusion Officer, Bank Islam Malaysia Berhad, Malaysia, discussed about Development of Islamic Social Finance within Banking Industry in Malaysia.

Further, the power table on “Qarz-a-Hasan Model of Islamic Microfinance” was presented by Dr. Muhammad Amjad Saqib Founder, Akhuwat, Pakistan, Dr. Kamran Shams Chief Executive Officer, Akhuwat, Pakistan, Mr. Abu Bakr Akhuwat, Pakistan, and Mr. Agha Nabeel Khan Chief Executive Officer, Wings Media (Pvt.) Limited, Pakistan.

The emerging field of fintech and financial inclusion was discussed by Mr. Muhammad Ashfaq Ur Rehman Chief Executive Officer, Finmaal, UAE, who discussed about FinTech, the growth of Islamic Microfinance, Mr. Konstantin Vasilev Company Management, Global Bond Data FZE – UAE, who discussed about Sukuk market opportunities and trends Sheikh Muhammad Noman W3DNA/ Mortgage Hub, who discussed about Investment Development for everyone.

The least addressed topic of “Micro Takaful, Waqaf & Zakat – Supportive Elements for Islamic Microfinance” was discussed by Professor Dr. M. Kabir Hassan, University of New Orleans – USA. on Islamic Finance and Financial Inclusion, Mr. Dato Abu Ubaidah Kemin Founder/President, Waqafa International Sdn. Bhd/BankWaqf International, Malaysia, on The Significance of Waqf for Economic Development and Mrs. Fatin Al Zadjali Head- Learning and Development at Bank Dhofar, Oman on Sustainability Business Model for SMEs

The panel discussion on “Development of Islamic Microfinance” was held by Mr. Muhammad Ashfaq-Ur-Rehman Chief Executive Officer, Finmaal, UAE, Dr. Haroon Khan Finance Professor/Discipline Leader Accounting and Finance, University of Wollongong, Dubai-UAE, Ms. Yusra Ramzan Chughtai Regional Coordinator-West Africa, AlHuda CIBE, Pakistan, Mr. Ather Khalil Blockchain Lead - MateSol Research Analyst - University of Sharjah, Mr. Khurram Z. Chishti, FRM Group SCO – Habib Bank AG Zurich, UAE, Mr. Conde Sekow Mohamed Rural Credit of Guinea , Guinea.

Furthermore, Mr. Corrado Ferretti President, Association MicroLab – Italy, Dr. Mohammed R. Kroessin, Head of Islamic Microfinance and Dr. Akmal Ataullah, Advisor - Technology & Strategy, XYPHER, UAE participated the session on “Outreach, Challenges & Opportunities” and addressed the topics on Role of European Association of Microfinance in Microfinance Industry, Challenges and view of the future Islamic Microfinance and Inclusion and Impact of Technology in Islamic Microfinance respectively.

The Forum is followed by Two Days “Post Event Workshop on Practical Aspects of Islamic Micro, Agriculture & Rural Finance and Exposure Visit” dated for November 23-24, 2022. This Workshop covered a variety of allied topics.

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