Islamic microfinance providers represent a growing and important niche within the market of financial services specifically targeting the poor. Over the last decade, the microfinance sector has built up the infrastructure necessary to carry out such an…
<p>Baittul Maal wa Tamwil (BMT) Microfinance system which is being working in Indonesia should be introduced all-around the globe as the best system to eliminate poverty, Chief Executive Officer of Al-Huda Center of Islamic Banking and Economics Mr. Muhammad Zubair Mughal said. He was speaking at the International conference for “ Empowering SMEs for Financial Inclusion and Growth” held in Indonesia. During his address Mr. Zubair Mughal said, BMT has played an important role for the alleviation of poverty in Indonesia but unfortunately, these methods are being limited to Indonesia only. He stated that new Islamic Microfinance methods of BMT should be available along with Murabaha, Salam, Mudarabah, Qarz-e-Hasna and Waqf to Islamic Microfinance Institutes globally. He further added that Islamic Microfinance is very important along with branchless banking, product innovation and financial literacy in order to achieve financial inclusion for the Muslim population. The Global Islamic Microfinance Forum is going to be held on October 16, 2013 in Dubai, to compile the strategy to strengthen the Islamic Microfinance industry, he ended.</p>
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<p><a href="http://www.alhudacibe.com/pressrelease19.php" title="http://www.alhudacibe.com/pressrelease19.php">http://www.alhudacibe.com/pressrelease19.php</a></p>
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The Islamic Development Bank (ISDB) will disburse a loan of PKR 14.6 billion (USD 146 million) with a 0.5 percent interest rate per year to the Punjab provincial government of Pakistan. The money will be used for a microfinance facility that will provi…
<p>The "International Islamic Microfinance Seminar" was held in Abuja, Nigeria on July 1-2, 2013. This event focused on Nigeria&rsquo;s Islamic microfinance and banking industry including topics relating developing and facilitating business models; poverty alleviation; financial inclusion; accounting and auditing standards; the regulatory and supervisory framework; technology; and opportunities in agriculture, livestock, renewable energy, microenterprises and small and medium-sized enterprises. Green Oasis Associates Limited (GOAL), a Nigeria-based international consulting firm, organized the seminar.</p>
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<p><a href="http://www.microcapital.org/microfinance-event-international-islamic-microfinance-seminar-july-1-2-2013-abuja-nigeria/" title="http://www.microcapital.org/microfinance-event-international-islamic-microfinance-seminar-july-1-2-2013-abuja-nigeria/">http://www.microcapital.org/microfinance-event-international-islamic-mic…</a></p>
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<p>In Sudan, Sharia-compliant microfinance is the government-mandated rule, not the exception. That’s because the country’s banking system went fully Islamic in the 1980s, legislating Sharia principles. In 2007, the Central Bank of Sudan established a dedicated microfinance unit to foster a conducive policy environment, a regulatory framework, and the intellectual, human, and financial capital to provide those services effectively. Moreover, the Central Bank introduced various Shariah-compliant products, such as musharaka, mudaraba, salam financing and istisna, to meet specific needs of potential customers. Banks were required to channel at least 12% of their total loan portfolio toward microfinance clients. Out of this have emerged several exciting programs that are offering early evidence that the country’s strategy is paying off.</p>
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<p><a href="http://www.cgap.org/blog/national-experiment-sharia-compliant-finance-sudan?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+cgap%2FUaRp+%28Prod+-+CGAP+Microfinance+Blog%29" title="http://www.cgap.org/blog/national-experiment-sharia-compliant-finance-sudan?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+cgap%2FUaRp+%28Prod+-+CGAP+Microfinance+Blog%29">http://www.cgap.org/blog/national-experiment-sharia-compliant-finance-su…</a></p>
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<p>ABOUT YPP: </p>
<p>The Young Professionals Program (YPP) is the strategic talent pipeline for the professional career in the Islamic Development Bank (IDB) Group. The Program is designed for outstanding young graduates who can significantly help the IDB Group to carry out its mission and attain its objectives.</p>
<p>This Program enables each Young Professional (YP) to receive extensive exposure and experience of the IDB Group’s various activities through job rotations in different departments. Participants will initially spend two weeks Orientation stage in HRMD. Then, 27 months in Foundation stage which will be split into three rotations of 9 months each in IDB Group departments.</p>
<p>Participants will also benefit from a coaching/mentoring arrangement and a wide range of relevant training and developmental opportunities.</p>
<p>Upon successful program completion, the participant will gradually climb up the professional grades in the IDB Group</p>
<p>[…]</p>
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<p><a href="http://www.isdb.jobs/careers/isdb/VacancyDetail.aspx?PageID=2513&VacancyID=59351" title="http://www.isdb.jobs/careers/isdb/VacancyDetail.aspx?PageID=2513&VacancyID=59351">http://www.isdb.jobs/careers/isdb/VacancyDetail.aspx?PageID=2513&Vacancy…</a></p>
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<p>The African Guarantee Fund (AGF), reportedly has agreed to guarantee an unspecified portion of KES 100 million (USD 1.2 million) to be loaned by Gulf African Bank (GAB) to SMEs in Kenya. After the signing of the agreement, GAB Managing Director Asad Ahmed reportedly expressed his belief that the deal will help to increase the bank’s financing and risk management capabilities. AGF was established in Kenya in June 2012 with initial capital sufficient to issue partial guarantees of loans totaling USD 50 million. AGF has branches in nine African countries as of March 2013. As of March 2011, GAB had total assets of KES 9.6 billion (USD 112.3 million) and customer deposits of KES 8.2 billion (USD 96 million).</p>
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<p><a href="http://www.microcapital.org/microcapital-brief-kenya-based-gulf-african-bank-african-guarantee-fund-partner-to-lend-1-2m-to-small-medium-sized-businesses/" title="http://www.microcapital.org/microcapital-brief-kenya-based-gulf-african-bank-african-guarantee-fund-partner-to-lend-1-2m-to-small-medium-sized-businesses/">http://www.microcapital.org/microcapital-brief-kenya-based-gulf-african-…</a></p>
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AlHuda Center of Islamic banking and economics (CIBE) Initiated a Islamic Microfinance research study for Yemen Microfinance Network (YMN) in Yemen. This study will be conducted in Yemen’s capital Sana’a including Taiz, Adan and Almoukla, so that the I…
Ensuring the provision of financial services to the poor can address the challenge of poverty alleviation. A large portion of the poor population, however, is excluded from formal financial services. Although access to Islamic microfinance is critical …
In an effort to foster hope and stability among Yemen’s por, Al-Amal Microfinance Bank is working to introduce a range of Sharia-compliant microfinance products aimed at reaching the unbanked. However, demand for Islamic financial products can far exceed the capacity of existing microfinance institutions to provide them. That’s why institutions like Al-Amal are often forced to limit their suite of Sharia-compliant products to one or more products that are relatively simple to administer and offer a clear return. In Al-Amal’s case, the signature Islamic product is murabaha. The mark-up ranges between 14.5% (for purchases more than $5,000) and 24% (for purchases below $5,000). Further development of Al-Amal’s murabaha offering and the introduction of other Sharia-compliant products, will hinge on the bank’s ability to reach Yemen’s rural poor, who represent some 80 percent of the country’s population
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