(Lahore – 11th March, 08 ) Al-Huda Center of Islamic Banking and Economics will provide Islamic Financial advisory to develop Shariah Complaints products on Ijarah (Islamic Leasing), Murabaha, Bai Salam, Diminishing Musharaka and Mudarbah to Microfinance Institution, for introducing Islamic banking products in the micro finance sector so that Islamic banking has far reaching impact at the grass root level and is used to eliminate poverty in an effective manner. This was stated by Mr. Zubair Mughal, Chief Executive Officer of Al-Huda Center of Islamic Banking and Economics at the concluding ceremony of a two days specialized workshop on Islamic Micro Finance which was being held at NIBAF, State Bank of Pakistan for the past two days for the purpose of educating micro finance related institutions on Islamic Micro Finance concept.

He further said that the policy of State Bank of Pakistan towards promotion of Islamic Micro Finance is very positive. Now, not only the Islamic banks, Conventional banks, Islamic micro finance banks would be able to operate Islamic micro finance Bank/Branches but NGO’s would also be able to start Islamic micro finance in view of the State Bank’s laws subsequently guaranteeing a positive socio-economic progress while helping in poverty elimination and eradication of inflation. Shamshad Akhtar, The Governor State Bank of Pakistan, has encouraged Islamic micro finance many times which is a commendable act. He said that the quality Islamic monitory products can be introduced for financing purpose in the micro finance sector. For example; Diminishing Musharaka is Ideal  in the micro housing finance sector, Bai Salam to the farmer in the agriculture sector, Murabaha and Bai Istisna for small business enterprises, Ijarah for Motor cycle, Rikshaw and other agriculture machinery etc and  Funds mobilization can be formed while keeping in view the various Shariah laws of Waqf, Wakala, Mudaraba and Zakat Ushr. and other many products may designed according to Microfinance sector need. Shariah Experts of AlHuda CIBE devotedly working for this sector to develop innovative Islamic Financial Products for Microfinance sector.

While addressing the occasion, Mr. Khaliq-uz-Zaman, Head of Islamic banking International University, emphasised on the importance and need of Islamic micro finance nowadays.Mr. Amin Khalil-ur-Rehman, Head of Corporate Islamic Banking said that many micro finance institutes are opting for Islamic micro finance and Islamic financing would be common very soon. National Rorul Support Program (NRSP), Bank of Khyber, Al-Falah Bank, Meezan Bank, Punjab Rural Support Program (PRSP), Sarhad Rural Support Program (SRSP), Askari Bank, Akhuwat, National Bank of Pakistan,  Khushali Bank, State Bank of Pakistan and various other organizations attended the workshop and paid tribute to the services of Al-Huda for the promotion of Islamic micro finance.