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Global development of Islamic microfinance initiated

08/05/2012

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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.

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Islamic microfinance: a tool to cut poverty

21/03/2012

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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.
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Islamic Microfinance: A Model for Alleviating Poverty

21/02/2012

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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).
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Micro-Finance ‘major boon’ for Morocco’s Poor

18/07/2011

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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.
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Pakistan hosts world’s largest conference on Islamic Microfinance

25/05/2011

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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.
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Interest-free microfinance: Best tool for poverty eradication

23/04/2010

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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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