Islamic micro lenders set up global network
Islamic Microfinance Network (IMFN) has been set up to assemble the international Islamic Microfinance organisations on one platform, a statement said.
The IMFN head office is in Lahore and its regional offices will be in Ghana, Mauritius and Middle East.
According to IMFN official the board members of IMFN are Farida Tariq, Chairperson, Amjad Saqib, Vice Chairman, and Muhammad Zubair Mughal, Chief Executive Officer.
Kawako Yasuma, CEO, Ghana Islamic Microfinance Bank, Mohammad Raffick Nabi Mohamod, Founder, AlBaraka Multi-purpose Cooperative Society, Mauritius and Khaleeq-uz-Zaman, Head of Shariah Islamic Banking, International Islamic University, Islamabad are working as directors Islamic Microfinance Network.
The core objective of this network is to provide best methodologies of Islamic microfinance, Shariah guidelines, and human resource to the industry.
Third working group meeting of Islamic Microfinance Network was held on Thursday at Lahore University of Management Sciences (LUMS) where national and international microfinance organisations took part.
Zubair Mughal said that the trend of Islamic microfinance is rapidly increasing in Pakistan and all over the world. He said that there are 14 Islamic microfinance organisations working in Pakistan and more than 200 are playing active all over the world. One of the major reasons of this rapid popularity of Islamic microfinance is the failure of the typical microfinance and India is the open precedent of its failure.
He said that the initial member countries of Islamic Microfinance Network are Iraq, Jordan, Yemen, Ghana, Mauritius and Kazakhstan.
Farida Tariq said that this network could prove to be an excellent source of poverty alleviation and institutional building.
Amjad Saqib added that the objective of this network is to assemble Islamic microfinance organisations at one platform.
Khaleeq-uz-Zaman and Syed Mohsin praised the effort of giving synergy to Islamic microfinance organisations.