CENTRE OF ISLAMIC BANKING& ECONOMICSPress ReleaseIslamic Microfinance is a Good Alternative for the Alleviation of Poverty...
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Press release on islamic microfinance is a good alternative for the alleviation of poverty

Published on: Mar 4, 2016
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Transcripts - Press release on islamic microfinance is a good alternative for the alleviation of poverty

  • 1. CENTRE OF ISLAMIC BANKING& ECONOMICSPress ReleaseIslamic Microfinance is a Good Alternative for the Alleviation of Poverty from the World:Zubair MughalConventional Microfinance has failed for the Alleviation of Poverty; a Ceremony has beenarranged on the World’s Poverty Day17/10/2012(Pakistan) A seminar relevant to the world’s Poverty day has been arranged in Lahore – Pakistan to discussthe global issues of poverty and its solutions. The seminar was organized by AlHuda Centre of IslamicBanking and Economics in which huge number of people participated from Microfinance, IslamicMicrofinance and Banking sector. Different topics like issues related to poverty, current situation of poverty,socio-economic issues due to poverty and the strategies for the solution of all these issues were discussed.The facts and figures presented in the seminar made the point clear that poverty in the world is increasingday by day which shows that the conventional microfinance has been failed for the development of properstrategy for addressing the issues & solutions of poverty. In this regard, there is a need to design analternative strategy for alleviation of poverty for the provision of several facilities like Socio-economicharmony, health facilities, education and basic rights etc. by dipping the poverty so that psychologicaltrends, deprivation, unemployment, terrorism and other problems could be resolved which are eitherdirectly or indirectly related to Poverty.While addressing to the seminar, Chief Executive officer of AlHuda Centre of Islamic Banking and Economics,Mr. Zubair Mughal said that poverty is not only the problem of Pakistan but a global issue. In fact, thedeclaration of Millennium Development Goals (MDGs) by United Nations to cut down the poverty to half till2015 seems unachievable because the poverty is continuously increasing. He said that one of the majorreasons of no reduction in poverty is to follow wrong strategies. He further said that it is an alarmingsituation that poverty is continuously increasing in Muslim World and 46% of world’s poverty exists inMuslim countries and almost one-half of the 56 IDB member countries in Asia and Africa are classed as LeastDeveloped Countries (LDCs) by United Nations. He further added that basic reason of poverty in MuslimCountries is that Muslims around the world avoid Conventional Microfinance due to the factor of interestand remain wedged in poverty so Islamic Microfinance can be utilized to eliminate the poverty from Muslimcountries. It must be noted that by using Islamic Microfinance, Muslim and Non-Muslim countries can getrid of poverty. Latest research has proved that Islamic Microfinance has more qualities than conventionalmicrofinance.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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