LAHORE – An Islamic microfinance network (IMFN) has been established to bring together international Islamic microfinance organisations on one platform. The network (IMFN) will provide appropriate methodologies of Islamic microfinance and Shariah guidelines to help strengthen the industry.
The third working group meeting of IMFN was held at Lahore University of Management Sciences (LUMS). It had been decided that IMFN head office would be established in Lahore, while its regional offices would be set up in Ghana, Mauritius and Middle East.
Highlighting the significance of Islamic microfinance, IMFN Chairperson and CWCD Pakistan Chief Executive Officer Farida Tariq said that the network could prove to be an excellent tool in poverty alleviation and its member organisations would join hands to achieve this landmark, and play a vital role in institutional building. IMFN CEO Zubair Mughal said that the trend of Islamic microfinance was rapidly picking pace in Pakistan and all over the world. There are currently 14 Islamic microfinance organisations working in Pakistan, while over 200 organisations were playing this role around the world. He said that one of the major reasons for the sudden popularity of Islamic microfinance was the failure of the conventional microfinance system and India served as an important example of its failure, he added.
He disclosed that initially Iraq, Jordan, Yemen, Ghana, Mauritius and Kazakhstan were the members in IMFN. Pakistan Microfinance Network (PMN) CEO Syed Mohsin admired the efforts undertaken in establishing the IMFN and assured his full support for the development and promotion of the network. IMFN Vice Chairman and Auqwat Executive Director Amjad Saqib said the network would help the adoption of the Islamic financial system to bring down the poverty rate in the country. International Islamic University Head of Shariah Islamic Banking Khaleeq-uz-Zaman also praised the framing of IMFN platform.
