CENTRE OF ISLAMIC BANKING& ECONOMICSPress ReleaseAlHuda CIBE will conduct a research study for Islamic Microfinance in Aze...
finances based on Islamic principles. He said that Azerbaijan is a country with 99% Muslim population and itspeople have b...
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Press release on islamic microfinance in azerbaijan

Published on: Mar 4, 2016
Source: www.slideshare.net


Transcripts - Press release on islamic microfinance in azerbaijan

  • 1. CENTRE OF ISLAMIC BANKING& ECONOMICSPress ReleaseAlHuda CIBE will conduct a research study for Islamic Microfinance in AzerbaijanAgreement signed between AlHuda Pakistan and Vision Fund AzerCredit Azerbaijan inBaku28th January, 13(Baku- Azerbaijan) An agreement for the advancement of Islamic microfinance was signed between AlHudaCentre of Islamic Banking and Economics and Vision Fund AzerCredit in a splendid ceremony at the capital ofAzerbaijan, Baku. According to the agreement, AlHuda CIBE will conduct market research in different citiesof Azerbaijan including Baku to formally initiate Islamic microfinance in Azerbaijan. Mr. Zubair Mughal, ChiefExecutive Officer, of AlHuda Centre of Islamic Banking and Economics and Mr. Sameer Jaffer Ali, DeputyChairman Board of Directors, of Vision Fund AzerCredit signed the agreement.While addressing the agreement ceremony, Mr. Sameer Jaffer Ali said that this agreement is a milestone forthe foundation of Islamic microfinance in Azerbaijan. It will lead to the commencement of micro and SME
  • 2. finances based on Islamic principles. He said that Azerbaijan is a country with 99% Muslim population and itspeople have been waiting for Islamic finance for quite a long time. This agreement is the first step towardsfulfilling their financial needs according to Islamic principles. He said that through research reports we willget the realistic and pragmatic information on Islamic finance’s requirement in Azerbaijan, keeping in viewpublic needs and demands, Vision Fund AzerCredit will introduce Islamic Microfinance products in theAzerbaijan market.Muhammad Zubair Mughal, Chief Executive Officer, of AlHuda Centre of Islamic Banking and Economics,while addressing the ceremony said that Azerbaijan will prove to be a good market for Islamic financeproducts as there is a high public demands for these products and it will further increase in the coming days.He, referring to his research in the different cities of Azerbaijan (Goycey, Sabirabad, Mislli etc.), said thatthere is very high demand of Islamic finances in rural and semi-urban areas and people were happy andexcited when they learned about Islamic microfinance. Moreover, he said that legal and revolutionaryamendments are required for the advancement of Islamic finances in Azerbaijan. It’s hoped that in comingdays this issue will be sorted and Islamic retail banking will start in an effective manner. Approximately 10Islamic finance institutions, including one government bank, are providing Islamic finance facilities atcorporate level, which is a luminous illustration of Islamic banking and finance in Azerbaijan.It should be noted that AzerCredit is the second largest microfinance institution in Azerbaijan, which isproviding its services in 18 regions of the country through its network of 56 branches. AlHuda CIBE is aPakistani organization which is performing Islamic finance research services in difference countries.Particularly for the progress of Islamic microfinance, it established a specialized Department, AlHuda Centreof Excellence in Islamic Microfinance, which is providing its services for the development of IslamicMicrofinance Globally.Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.comNew Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com

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