Islamic Microfinance can work with all the Microfinance Models of the world: Zubair Mughal

‘Islam has given the best system for poverty alleviation and both Muslims and non-Muslims can benefit from it. The people from Central Asia, the Caucasus, and South Asia can equally get benefit from Islamic principles of Microfinance.’ This was said by Zubair Malik addressing the concluding ceremony of an International Seminar on Financial Inclusion for Central Asia, the Caucasus, and South Asia organized by Asian Development Bank Institute-Japan, APEC Business Advisory Council -China, & Asia-Pacific Finance and Development Center from 12^th – 14^th July that concluded on Thursday in Urumqi, Peoples Republic of China.

Delegates from China, Japan, Pakistan, Bangladesh, India, Malaysia, Singapore, Kazakhstan, Uzbekistan, Tajikistan, Georgia, New Zeeland, Romania, Kyrgyz, UK and Afghanistan are participating in this Seminar, wherein Current State of Financial Inclusion Developing in Asia, Rural Finance in  PR China, Key Regulatory Issues in Promoting Financial Inclusion, Evolution of Microfinance Institutions towards Financial Self-Sustainability through Innovation, Service Diversification and Islamic Microfinance were discussed in details.

The third day was allocated to Islamic Microfinance and Zubair Mughal – Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics Pakistan giving the key note speech on Islamic Microfinance, said that Islam has given the best system for poverty alleviation and both Muslims and non-Muslims can benefit from it. He emphasized that the people from Central Asia, the Caucasus, and South Asia can equally get benefit from Islamic principles of Microfinance. He said the out of the total population of 1.7 billion about 562 million are Muslims in these regions, which becomes important for financial inclusion through this system. Islamic Microfinance is compatible to work with any model of Microfinance and it has the alternative to all the products of Conventional system.

Mr. Mughal further said that in the wake of the current financial crisis all around the globe, the Islamic Microfinance has gained even more importance due to its transparency and sustainability. He also discussed the poverty issues of Central Asia, the Caucasus, and South Asia separately so that Islamic Microfinance becomes an effective tool for poverty alleviation in these areas. Mr. Zubair Mughal offered his services from AlHuda-Centre of Islamic Banking and Economics who have also set up a Help Desk for Advisory, Trainings and Capacity Building for Microfinance Institutions.