Talking about the purpose and motives of 4th Global Islamic Microfinance Forum, Mr. Muhammad Zubair Mughal, Chief Executive, AlHuda Centre of Islamic Banking and Economics said that poverty is a worldwide phenomenon and unfortunately, spreading in Muslim countries drastically. Almost half of the world’s poor population reside in Muslim world while Muslim constitute 26% of the total world’s population, its mean poverty in Muslim world increasing very rapidly, the main reason it is avoidance of interest among Muslims as Interest is strictly prohibited in Islam and on the other hand, conventional microfinance has drastically failed to alleviate poverty in Muslim. Thus, Islamic microfinance is evidently essential so that Muslim and non Muslim both can take the maximum advantage of this extremely fruitful product. He said that Islamic microfinance is going through big challenges e.g. non availability of Shariah Compliant funds, misconceptions regarding Islamic microfinance, lack of man power, regularity and Shariah problem. The purpose of this forum is to gather the stakeholders under one platform to find out the remedy to these problems to give a strong support to rapidly increasing Islamic Microfinance industry.
He added that delegates from more than 27 countries had participated in 3rd GIMF and it is anticipated that more than 35 countries’ participants will be coming into this forum in which multilateral organizations, development agencies, Microfinance, Islamic microfinance, NGOs, conventional and Islamic banks, philanthropist and other financial organizations are included. On the first two days of the forum Islamic microfinance its challenges and opportunities, new products, micro takaful, IT integration, Micro saving, entrepreneur development, and other prominent topics will be discussed in detail. On the next two days, a detailed discussion will be made on growth of Islamic microfinance and its marketing strategies