LAHORE - Poverty is being recognized as the top of the global problems as it is spreading day by day but even more worrying situations that the Muslim world is being hit even more severely, as it is being considered as number one agenda of “Financial Inclusion”. As per a careful estimate, almost 46% of the poor live in Muslim countries, where the poverty trends are alarming. One of the reasons behind this is the general avoidance from “RIBA” the “interest” which is strictly prohibited in Islam. So if we really intend to include the Muslims in the financial inclusion, then we need to develop a system caring their cultural and social values, which is possible only through Islamic Microfinance.

These views were expressed by Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Center of Islamic Banking and Economics (CIBE), while narrating the objectives and background of the “5th Global Islamic Microfinance Forum” to be held on November 24-25, 2015 in modern city of Kuala Lumpur, Malaysia, jointly by AKHUWAT and ALHUDA- CIBE, so that a comprehensive strategy be formulated to alleviate poverty and for sustained economic progress. Participates from almost 30 different countries are expected to participate in the forum, wherein a large variety of topics will be discussed at length, including; Islamic Microfinance, Financial Inclusion, Rural development, Use of IT in Microfinance, Micro Takaful, Rural credit, Small business problems and solutions, Shariah Principles and General Economic Development.

Dr Amjad Saqib, the Executive Director, AKHUWAT also highlighted the impact and objectives of this forum, by expressing that the primary objective of this 5th Global Islamic Microfinance Forum is to bring some relief to the poor by developing a welfare society exploring the best techniques from a variety of methods of poverty alleviation adopted globally. He presented the AKHUWAT Model as a successful case and declared that Akhuwat has so far distributed almost Rs.9 Billion among 960,000 families through “Qarz-e-Hassan” which in itself is a true model of Islamic Welfare oriented Microfinance system.