AlHuda CIBE Successfully Organized Training on Islamic Microfinance

  • Islamic Finance
  • 04.01.2023 09:20 am

The One Day Specialized Training Workshop on Basics of Islamic Microfinance organized by AlHuda Centre of Islamic Banking and Economics was successfully concluded at Grand Millennium Hotel, Lahore on December 21, 2022. The purpose of the training was to promote and strengthen the knowledge of Islamic Microfinance organizations. Specialized training workshops on various relevant topics will strengthen the level of knowledge of industry professionals which ultimately will help the awareness among the general public of the nations. 

The participants from Naziran Yousaf Memorial Trust (Naymet) attended the training. The well-known trainers and consultants of Islamic finance, Mufti Raees Ahmad and Mr. Khalil ur Rahman conducted the training. During the training, the concepts of Murabahah, Salam, Istisna and Mudarabah, product development and product innovation of Islamic microfinance was discussed.

The demand for Islamic banking and (micro)finance products is increasing. Moreover, the government act and the Shariah court decision on Islamic Finance help to promote the Islamic finance industry across the country which will enhance financial inclusion among the inhabitant of the society. This also will gear up the economic growth and living standard of the people.

The Central bank of Pakistan is aggressively working on Islamic banking and financial framework for the development and the promotion of Islamic finance industry. The bank is very supportive to implement Islamic finance initiatives in the country by regulating Islamic finance laws and regulations. The population of Pakistan is around 240 million and 97% of the population is Muslim. This indicator is supportive of the growth of the Islamic (micro)finance industry. Furthermore, the central bank also published the next five-year plan for the Islamic finance industry. This will not only help to eradicate poverty from the country rather will develop a viable and sustainable alternative financial system to take part the development and economic growth.

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