6th GIMF to be held in Kenya


LAHORE: The sixth Global Islamic Microfinance Forum (GIMF) is scheduled in Nairobi, Kenya from November 8, 2016, to November 9, 2016, with an aim to explore and discuss innovative financial inclusion strategies that can clear pathways to achieve poverty alleviation.

Al-Huda – CIBE Chief Executive Officer, Muhammad Zubair Mughal, noted that the GIMF will additionally explore new and effective strategies according to Shariah compliant procedures and discuss their implementation in alleviating poverty and achieving economic sustainability.

He further asserted that poverty was considered one of the common global issues. However, its significant prevalence in Muslim countries, despite being considered the foremost agenda of “financial inclusion” was an even bigger alarming situation.

According to recent estimates, 46 percent of the poor population resides in Muslim countries, where poverty trends are increasing alarmingly.

In order to reduce poverty alleviation in Muslim populations, a proper platform was, hence, needed, which valued their cultural and social values, possible only by Islamic microfinance.

The purpose of this forum was said to gather the stakeholders under a single platform to solve these problems in order to support the rapidly increasing Islamic microfinance industry.

Participants from almost 35 different countries are expected to attend the forum, wherein a large variety of topics including Islamic microfinance, financial inclusion, rural development, usage of IT in Microfinance, micro-Takaful, rural credit, small business problems and solutions, Shariah principles and general economic development would be discussed.

Akhuwat Executive Director, Dr Amjad Saqib, also stressed that the primary objective of this 6th GIMF was to assist poor by developing a welfare society based on the best techniques from different modes of poverty alleviation, being practised globally.

He presented the Akhuwat Model as a successful case and also declared that Akhuwat had so far distributed nearly Rs. 25 Billion among 1,323,586 families through its “Qarz-e-Hassna” scheme, which in itself was a true model of Islamic welfare-oriented microfinance system.

GIMF will be followed by a two-day post-event workshop, which will be held from November 10, 2016, to November 11, 2016, to discuss how to develop, operate and sustain Islamic microfinance institutions in addition to various allied topics.

Source: Online

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