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TMCNet:  COM: Islamic Micro-finance good source for poverty alleviation

[July 01, 2009]

COM: Islamic Micro-finance good source for poverty alleviation

LAHORE, Jul 01, 2009 (Asia Pulse Data Source via COMTEX) -- Islamic Micro-finance helpdesk is established by Alhuda Centre of Islamic Banking and Economics for the objective to provide the technical and Shariah guidance to the local and international micro-finance institutions in the conversion process of micro-finance structure into Shariah compliance micro-finance.

This helpdesk will perform the services of Islamic financial product development, research, technical assistance, training & education and Shariah. Mr. Zubair Mughal (CEO) Alhuda CIBE said, Islamic Micro-finance is the most effective tool for the poverty alleviation from the society. He also said that Islamic Micro-finance is not only to reduce the poverty but also generate a pleasant change in the society and it will provide the better living standards for the poor.

Through Islamic Micro-finance, necessary goods, equipment and machinery is provided to the clients instead of just money lending to run up the business at micro level. The 40% population of Pakistan is living below the poverty line and the indicator is still positive day by day, it is very important for us to control the rising indicator of poverty and I recommend that Islamic Micro-finance is the most effective tool to achieve the goals. Zubair Mughal passes this statement when he was addressing to the inauguration ceremony of Islamic Micro-finance Helpdesk in Lahore.

There are so many Islamic Micro-finance institutions in practice in all over the world for the poverty alleviation and economic welfare including Sudan, Egypt, Syria, Indonesia and Malaysia. He also emphasized the government to support the Islamic micro-finance institutions for the poverty alleviation in Pakistan.

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