To enable financial inclusion for small farmers, the entire value chain needs to be understood and supported, and financial products have to be designed keeping in mind their unique needs. We at Bank of Khartoum believe that Islamic microfinance products can effectively reach small farmers in Sudan when customized to their needs.
We are reaching small farmers through a series of capacity building projects and developing tools such as group financing, co-operative, production-risk guarantees, and crop-insurance products aimed at small-scale farmers.
Global Islamic Microfinance Forum concluded in UAE with a unanimous declaration to work together for the advancement of Islamic microfinance globally.
Three-day "Global Islamic Microfinance Forum" was organised on 8th-10th December 2012, in Dubai World Trade Centre, UAE. The delegates from UAE, Pakistan, India, UK, Bangladesh, USA, UK Bahrain, Yemen, Azerbaijan, Turkmenistan, Kirghizstan, Mauritius, Kenya, Canada, France, Egypt, Philippine, Uganda, Iraq, Nigeria, Sudan along with delegates from other countries participated in the Forum.
Islamic banks market themselves as the panacea to the world’s ailing economy; but are a set of prohibitions enough to make the financial world a better place?
Many Islamic banks saw the financial crisis as the ultimate marketing opportunity. While banks in the western world were steeped in scandal, Islamic banks could present themselves as the opposite and tempt weary consumers through their doors with promises of fairness, transparency and morality.
As he delivered his welcome address to delegates at the Global Donors Forum in Kuala Lumpur recently, Malaysian Prime Minister Datuk Seri Najib Tun Razak sought to make a few crucial points about the necessity, and viability, of Islamic finance and micro-finance in today’s world.
Islamic banking is expanding by an increasing number of segments of traditional banking. Microfinancing has become the next area of expansion of Islamic finance.
IDB Vice-President (Operations) Boubacar Sidibe stated that IDB will actively follow up the mandate to expand the Islamic microfinance industry and offered to support innovation and research in the field as a means to fighting poverty in IDB member countries. He urged to create a knowledge platform accessible to everyone.
Islamic microfinance can be an effective tool to eradicate poverty if it ensures distributive justice to the downtrodden people, analysts said yesterday.
Poverty has multi-dimensional aspects: it means not only a lack of money but other issues such as poor access to clean water and sanitation, inadequate physical security, lack of voice, insecurity, powerlessness and exclusion.
Islamic microfinance is becoming an increasingly popular mechanism for alleviating poverty, especially in developing countries around the world. The Islamic finance industry as a whole is expected to reach over $2 billion dollars in 2012 and is a continually growing sector due to its ethical principles and prohibition of riba (interest).
While in traditional banking terms, half a million dollars is not a huge amount of money, divided into micro-loans, it has the power to change the lives of hundreds of Moroccan families.
Yesterday in Casablanca, Grameen-Jameel, the first social business in the Middle East, signed a loan agreement for $500,000 to help finance micro-credit association Al-Karama and support its growth.
AlHuda Centre of Islamic Banking & Economics (CIBE) and AKHUWAT are organizing International Conference on Islamic Microfinance on June 13, 2011 at Faisal Auditorium Islamabad wherein delegates from 12 countries will grace the occasion and 800 participants will attend this mega event. The aim of this conference is to choke out the plan of poverty alleviation on national and international scale to lessen poverty, social welfare and to tackle other problems pertaining to it.
The interest-free microfinance can be defined as provision of financial services to those people who are denied access to the financial market; opens new perspectives, and empowers people who can pursue projects with their own resources, and who lack assistance, subsidies and dependence. Besides, it provides financial services to those, who are traditionally non bankable, mainly because they lack guarantees against a loss risk.
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