3rd Global Islamic MIcrofinance Forum
Islamic Microfinance – An incredible tool for poverty alleviate
About Islamic Microfinance
Microfinance has emerged as an important instrument to help a large number of “Unbankable” members of society, as a tool to help reduce poverty and encourage economic growth in neglected parts of the world. However, time has proved that conventional microfinance is not fully reaching the poorest of the poor.
During the latest research on Microfinance sector, it is evaluated that Islamic financial system provides the best solutions for Poverty alleviation and Social sustainability, it is not only providing opportunity to utilize a sustainable system but also offers good rate of return & ideal performance compare to conventional microfinance system.
Islamic Microfinance is a sub-set of Islamic Economic & Financial System. The demand for Shari’ah complaints financial products and services is increasing with the rapid progress of Islamic finance industry. It is widely accepted that micro finance is the most effective tool for alleviation of poverty and uplift the living standards of poor through real economic activities in society, but as per market studies conventional micro financial system could not serve the potentially as should expectation due to the few deficiencies in the system. So, it is an immediate need to develop substitute financial products for microfinance institutions.
Need Assessment of Islamic Microfinance
We are in great need of Islamic microfinance to be implied due to the failure of microfinance structure all over the world and its most unprecedented example is India where microfinance companies had failed after a biggest clampdown due to exorbitant interest rates. Islamic microfinance has traits to provide a parallel support to the poorest of the poor and its imminent qualities leaves no room for structural devastation as emphasizes ethical, moral & social factors to promote equality and fairness for the good of the society.
It is estimated that 3 billion people are living below the poverty line around the world among them
approximately 44% conventional microfinance clients reside in Muslim countries. Almost one-half of the 56 IDB member countries in Asia and Africa are classed as United Nations Least Developed Countries (LDCs), so
there is an immediate need to start Islamic Microfinance in Muslim Majority countries for financial inclusion. Right now, there are about 300 Islamic Microfinance Institution, working globally in 32 countries. Islamic Microfinance have proven track record that it deals with long lasting & complete solutions for Sustainability.
Islamic Microfinance – An incredible tool for poverty alleviate
Event Summary
Last year, AlHuda CIBE has convened Global Islamic Microfinance Forum on December 8th, 2012 – Dubai, U.A.E to expand the vision of microfinance all over the world. Supporters, sponsors and attendees admired the conference that served as a spokesman of the poor community to arouse the need of micro financing as a whole. AlHuda-CIBE is going to arrange 3rd International Conference on Islamic Microfinance entitled as “Global Islamic Microfinance Forum” that will be held on October 6th at Dubai, U.A.E with Two Days Post Event Training Workshops on October 7th and 8th, 2013. The main cause of the series of conferences is to increase the scope and trend of Islamic Micro Financing in the developing and under developed countries to open the horizon of helping the poor to survive to their best.
We are quite hopeful that this forum will help to fairly and broadly distribute new opportunities and innovations across Microfinance field so as to build an even stronger movement to eliminate poverty. We intend to collate the manpower for a collective social movement to support Islamic microfinance as the best tool to eradicate poverty. The vision of this Islamic Microfinance Global Forum is to create a value in the line of Islamic microfinance for the benefit of human kind and motive to create awareness in the masses and International Market through this event. The core objectives of this Forum are:
4Promoting awareness of Islamic Microfinance among the masses, government and Non Governmental Sectors and Multilateral Donor agencies.
Promote Islamic Microfinance Model which is compatible with the models being used in Conventional Microfinance.
4Create a more favorable environment for Islamic Microfinance at national and international level
4To promote Islamic microfinance as a social phenomenon instead of business oriented model
4Gain global practices on Islamic microfinance through learned national and international scholars and experts
4To recognize Islamic Microfinance as sustainable system worldwide
4Awareness of Islamic Microfinance system as sustainable and viable solution for poverty alleviation
4Buildup the recognition of Islamic Microfinance system, for the encouragement of practitioners/microfinance institutions/ donor agencies/ Government institutions 4To provide a Platform to start a dialogue with multilateral donor organizations and Microfinance Network
4Providing innovative knowledge of the various aspects of Islamic microfinance
4To provide the opportunities for collaborations/partnerships with donor agencies, Islamic banks and Islamic Microfinance Institutions/Networks.
4To ensure continued growth of Islamic Microfinance Institutes