Naymet Islamic Microfinance to launch Islamic microfinance product in Pakistan

Naymet Islamic Microfinance to launch Islamic microfinance product in Pakistan

<strong>Location: </strong> Hyderabad, India
<strong>Industry: </strong>Financial Services
<strong>2007 Sales: </strong> NA

Grameen Bank, the organization founded by Nobel Prize winner Muhammad Yunus, may be the best-known practitioner of microfinance, which provides small loans and other financial services to the poor. But advisory board member Tarun Khanna, a professor at Harvard Business School, believes Hyderabad, India-based SKS Microfinance (privcapId=26522095) could have even more impact. (Khanna is on the board of the organization.) For one, it's "unabashedly for profit," Khanna says, which means it's growing fast and plowing those profits back into building new systems and greater scale. Already, SKS has 14,000 employees and 3.5 million customers throughout India, and is adding 300,000 new customers each month.

Pakistan’s AlHuda-Centre of Islamic Banking (CIBE) and Economics has signed a Memorandum of Understanding with Naymet Islamic Microfinance to develop Islamic Microfinance Products for Naymet Microfinance.

AlHuda CIBE will operate manuals of Islamic financial products. It will provide accounting and auditing measures, Shariah supervision, and help in training staff members. It will also facilitate Naymet Islamic Microfinance in advisory for Shariah complaint I.T solutions.

Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that Alhuda Centre of Islamic Banking and Economics is very eager to develop Islamic Microfinance products. He added that Islamic microfinance is not only developing within Pakistan but Bangladesh, Lebanon, Syria, Malaysia, Indonesia South Africa and other countries are also benefiting from the products of Islamic microfinance.

President, Naymet Islamic Microfinance, Mr. Shahid I. Mohammad said, "It’s our privilege to establish a working relation with AlHuda CIBE. Islamic microfinance products will be very beneficial in developing Shariah complaints industry. It will be a step forward to flourish a web of Islamic microfinance products network in Pakistan that will be very poverty alleviation and uplifting the economy of the country".

Source: http://www.apbankers.net/page.Article.cmc?&A=12&B=1292125205&C=2010&SID=1

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