Islamic microfinance: Centre of Excellence established

Islamic microfinance makes people self-reliant through a regular source of income, says Muhammad Zubair Mughal.


December 26, 2012

LAHORE: Islamic microfinance not only takes people above the poverty line, but also makes them self-reliant through a regular source of income, says Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics. Muslim states could get rid of poverty by adopting this model of financing, but non-Muslim countries had taken lead, he said while talking to APP here on Wednesday. He pointed out that the Centre of Excellence in Islamic Microfinance had been established in Pakistan in order to provide capacity-building and Shariah guidance to microfinance and Islamic microfinance institutions, considering its significance in alleviating poverty. The Centre of Excellence will start operations simultaneously through its partner offices in other countries in an effort to help eliminate poverty from the world through offering Islamic microfinance.

Published in The Express Tribune, December 27th, 2012.          

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