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| Press Release |
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| Islamic Microfinance Research Study initiated in Yemen |
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| Islamic Microfinance Market size touches $1 billion |
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| Al-Huda CIBE commenced its operation in Uganda for the development of Islamic Banking in East Africa |
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| Initiation of “Takaful Consultancy Wing” for the advancement of Takaful |
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| First Initiative to launch Islamic Banking in Uzbekistan |
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| AlHuda CIBE will conduct a research study for Islamic Microfinance in Azerbaijan |
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| MFI’s from 27 Countries unified for the development of Islamic Microfinance |
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| Islamic Microfinance has Solution of all the Issues Related to Poverty |
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| Islamic Microfinance is a Good Alternative for the Alleviation of Poverty from the World |
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| Logo of ‘Islamic Microfinance Forum’ inaugurated in Yemen and Pakistan |
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| The Global Islamic Microfinance Forum will be held in U.A.E |
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| Yemen will Host an International Workshop on Islamic Microfinance |
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| Pakistan Takaful Industry entered in New Era |
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| ‘Centre of Excellence in Islamic Microfinance’ Established |
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| Central Asian and African Countries are the New Destinations of Islamic
Finance: Zubair Mughal |
| Islamic Banking and Financial Industry Lacks Better Human Resources |
| 29/06/2012 |
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| Muhammad Zubair Mughal, CEO, AlHuda CIBE is speaking at The First International Forum on Islamic Banks and Financial Institutions, at Jordan |
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The First International Forum of Islamic Banks and Financial Institutions held under the patronage
of His Excellency, Dr. Fayez al-Tarawneh– Prime Minister of Jordan has come to end today
in Amman; the Capital city of Jordan. The Forum was jointly organized by General Council of
Islamic Banks and Financial Institutions - Bahrain and Strategy - Jordan. In this forum, different
topics like Emerging trends of Islamic Banking in Arab Countries, Legal and Taxation matters of
Islamic banking, Role of International Institutes in Islamic Banking and finance and Importance
of Education and awareness of Takaful and Islamic banking etc. were discussed. A good number
of Experts & Professionals from different countries like Pakistan, Malaysia, Palestine, Indonesia,
Bahrain, UAE, Qatar, Saudi Arabia etc. participated in this mega forum.
While addressing to the concluding session, Chief Executive Officer of AlHuda Centre of Islamic
Banking and Economics, Mr. Muhammad Zubair Mughal said that presently, Islamic banking is
growing at a very rapid pace and the Central Asian Countries (Kazakhstan, Afghanistan, Tajikistan,
Uzbekistan, Kyrgyzstan, Azerbaijan) and African Countries (Nigeria, Tanzania, Kenya, Ghana,
Tunisia, Senegal etc) are its new destinations of Islamic Banking and Finance where the rapid
increase in the demand of Islamic banking is being observed and majority of these countries are
providing shield to Islamic banking and finance industry by bringing alterations in Laws through
parliaments.
While presenting the review of present Islamic Finance Industry, he said that the market of Islamic
finance has reached to $1.3 Trillion, in which the share of Islamic banking is 77% ($1 Trillion),
share of Sukuk is 14% ($180 Billion), share of Islamic Funds is 5% ($64 Billion) and share of takaful
is 1% ($12 Billion) whereas the share of other Islamic financial products like Islamic Leasing,
Mudarabah Companies, Islamic Microfinance and Islamic REITs is 3% ($44 Billion). He said that
in comparison with the rate of growth of Islamic Banking; the Islamic banking graduates are not
being produced accordingly due to which there is a lack of supply of Man Power than the demand
of Islamic Banking and finance which should be resolved immediately. He said that not only new
Experts of Islamic banking and finance should be produced to be utilized in the emerging market
of Islamic banking and finance but the non-qualified personnel in Islamic banking and staff of
conventional banks should be changed into Islamic Financial experts so that Islamic banking could
be run by qualified Islamic bankers.
He further said that Islamic banking and Finance should not be only for well-off, Business personnel
or middle class but its benefits should also be disseminated to poor through Islamic Microfinance so
that they could get rid of poverty and live their lives respectfully through proper employment. |
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| 50 Thousand Islamic Financial Professional Needed Globally |
| HR Crisis May arise if Demand and Supply Remain Unbalanced |
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| Zubair Mughal, CEO, AlHuda Centre of Islamic Banking and Economics speaking about Islamic Banking and Finance at Moscow Halal Expo at All Russian Exhibition Centre - Moscow, Russia |
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(Moscow) - In accordance with the growing industry of Islamic Banking and Finance, the whole
world needs 50,000 Islamic Finance Experts right away so that the emerging market of Islamic
Banking and Finance may be easily promoted. These thoughts were expressed by Mr. Muhammad
Zubair Mughal, Chief Executive Officer – AlHuda Centre of Islamic Banking and Finance, during his
speech on the topic of “Importance of Islamic Finance Education” in “Moscow Halal Expo” held in
All Russian Exhibition Centre - Moscow; the capital city of Russia. He said that due to the recent
International Financial Crises in conventional banking and finance, the world is moving rapidly
towards alternative system of banking and finance and undoubtedly, the Islamic banking and
finance system is the first and the foremost choice in this regard because the during financial crisis
had very fewer impact on Islamic finance industry which is the assurance of its future success.
He said that education of Islamic banking and finance is immediately needed internationally. At
this time, 38 universities in the world are producing approximately 5000 graduates of Islamic
banking and finance per annum, whereas relatively its demand is 10 times more around the globe.
If this demand and supply would not be balanced in short time then Islamic banking and finance
industry may face many obstacles in its growth and promotion. In the recent era, conventional
bankers are being provided with trainings having some of the essentials of Islamic banking and
finance in order to adjust them in Islamic financial industry which is a wrong approach and is
creating many reservations in financial industry. He further said that in order to establish Islamic
banking and finance system on strong foundations, it is needed to produce graduates with complete
knowledge of Islamic banking and finance having full command on Shari’ah, Fiqah and Islamic
financial products. In this regard, AlHuda Centre of Islamic Banking and Economics has introduced
its MBA and Post Graduate Diploma on Islamic banking and finance based on the mode of Distance
learning so that the people of countries which currently do not have any facilities of Islamic banking
and finance could get advantage of this facility from their office or home and strengthen the rapidly
emerging market of Islamic banking.
He said that 4 pronged approaches should be adopted in order to educate masses in the field of
Islamic banking and finance. 1) Graduation, Masters and Post Graduate Diploma programs on
Islamic banking and finance should be arranged at University or College level in order to produce
incumbents who could fulfill the responsibilities in Islamic financial institutions at managerial
level in an excellent manner. 2) At post graduate level, one year diploma and six months certificate
courses on different topics like Islamic banking, Sukuk (Islamic Bond), Takaful (Islamic Insurance),
Islamic Fund and Islamic Microfinance should be arranged so that the experts in these fields could
be produced. 3) Online programs on Islamic banking and finance should be promoted so that the
awareness of Islamic banking and finance may be promoted worldwide as only 20 countries are providing education in this field. 4) Workshops, trainings and publications in the field of Islamic
banking and finance should be promoted in order to encourage awareness among masses regarding
this. |
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| Islamic Finance and Funds Industry gaining brisk popularity |
| International Conference on Islamic Funds and Investments opened in Karachi; A large number of investors participated in the Conference |
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| February 23, 2012 |
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(Karachi) An International Conference on Islamic Funds and Investment opened today in a local hotel in Karachi, participated by a large number of investors from UAE, USA, UK, Canada, Malaysia and Qatar. The topics covered on first day of the Conference were, Investment opportunities for Islamic Funds, Shariah status and Mechanism of Islamic Investments and Funds with global trends, Standardization and Brokerage and exchange rules and the Islamic Exchange Indices. The next two days have been allocated for training workshops on the allied topics on Islamic Investments, Marketing and Shariah guidelines.
A large number of well known Shariah Scholars and Islamic finance professionals including: Mr Irfan Siddiqui, CEO, Meezan Bank Limited. Pakistan; Majid Siddique Dawood, CEO, Yassar Ltd. UK; Mr. Asif Arif Commissioner, Securities and Exchange Commission of Pakistan; Mr. Saleem Ullah, Director, Islamic Banking State Bank of Pakistan; Omar Farooq Kalair, CEO, Um Financial Group, Canada; Shamshad Nabi, CEO, MUFAP; Prof Dr. Aurangzeb, HOD, Business Administration Department, Dadabhoy Institute Of Higher Education, Karachi; Mohammad Shoaib, CFA, Chief Executive, Al Meezan Investment Management Limited; Nadeem Naqvi, MD, Karachi Stock Exchange Limited, Pakistan; Kavilash Chawla, MD, Nur Global Strategies, Chicago, U.S.A; Ms. Tara Uzra Dawood, Chief Executive Officer, Dawood Capital Management Ltd, Pakistan; Dr. Zubair Usmani Shariah Advisor MCB Bank Limited, Pakistan; Syed Tariq Ali, Executive Director, Pathway Global LLC, UAE; Mufti Muhammad Najeeb Khan, Shariah Advisor, Habib Metropolitan Bank Limited, Pakistan; Qazi Abdul Samad, Shariah Advisor, The Bank of Khyber, Pakistan; Azeem Iqbal Pirani Regional Manager FWU Group and Muhammad Asad, Chief Investment Officer, Al-Meezan Investments Ltd.
Islamic finance is making healthy growth in Pakistan which now stands over 1000 Islamic banking branches from 05 Islamic Banks and 13 Conventional Banks with Islamic finance operations. In addition, we have good support from 05 Takaful Companies, Mudarabah Companies, 20 Islamic Microfinance Institutions, over 29 Sukuk issues and 15 Asset Management Companies have launched their Islamic Funds, which have made prominent role of Pakistan in the global Islamic finance canvas.
The organizer of this International Conference and CEO, AlHUda-CIBE, Mr Zubair Mughal while declaring the objectives behind this conference, highlighted the valuable contribution by Pakistanis in research, shariah and skilled professionals bringing strong alternative in a difficult financial situation faced by the world.
Mr Zubair added that Islamic funds are rapidly gaining popularity in US$1.3 Trillion worth of global Islamic finance market gaining 6.1% share from over 650 funds spread all over the world, of which the highest 230 is in Saudi Arabia while Malaysia has 172, Cayman Island 59, Bahrain 46, Luxemburg 29, Dubai 16, Singapore 11 are the prominent players in the world.
Mr Zubair Added that Islamic Funds industry is growing with other aspects of Islamic Finance including Mudarabah and Takaful businesses. Some of these funds are the leading funds in Asian markets as well, which is a matter of honor for Pakistan and can be taken as the source of further development in this sector. He further added that from the bright prospects for Islamic Funds other allied sectors like brokerage houses; stock market indices etc will also gain momentum.
The hosts and organizers of the Conference AlHuda Center of Islamic Banking and Economics are organizing it with the technical support of Meezan Bank and UBL Asset Management limited and the support of other including Al-Meezan Investment Management Ltd, Dawood Capital Management Ltd, FWU, Burj Bank Ltd, Dadabhoy Institute of Higher Education, Diyanah Financial Services, Khyber Bank Ltd, ABL Asset Management Ltd, Habib Metropolitan Bank and Babib Mudarabah to make the Conference successful. |
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| WEI Chicago and AlHuda- CIBE Pakistan Sign an MOU |
| Both the institutions to join hands in education, research and training under the MOU |
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| March 27, 2012 |
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| Adil Khan - Senior Fellow Member WEI - USA & Zubair Mughal Chief Executive Officer, AlHuda CIBE signing MoU |
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(Lahore) An agreement for Co-operation has been signed between World Engagement Institute
(WEI) Chicago and AlHuda Centre of Islamic Banking and Finance (AlHuda-CIBE) Pakistan, under
which both the institutions will co-operate with each other on education, research, training,
trainers exchange and students exchange programs.
Mr Zubair Mughal on behalf of AlHUda-CIBE while Mr. Muhammad Adil Khan (MAK), signed the
agreement, on behalf of MEI. While speaking at the ceremony AlHuda-CIBE CEO, Mr. Zubair
Mughal said that such types of co-operative agreements by Pakistani institutions with WEI are
good for learning, research and training opportunities in Pakistan which will open doors for
our teachers and students to gain access to the American Universities and their teachers and
students will gain from experiences in Pakistan. He further said that WEI has shown interest in
research and education in Islamic Finance.
Mr Adil Khan who is a international fellow of WEI declared that he is pleased to sign an agreement with Pakistani institutions which will bring long reaching benefits to the economy
of Pakistan. MAK said that WEI is working with many good universities of the world. WEI is also
affiliated with United Nations Acadamic Impact (UNAI) and United Nations Global Compact
(UNGC) so that research and learning is shared all over the world.
A high level delegate from WEI is participating in an International Conference on Islamic Funds
and Investments being organized by AlHuda-CIBE in Karachi on April 23 to 25, 2012. AlHuda
–CIBE is an internationally renowned institution based in Pakistan working for development
of Islamic Finance through research and trainings collectively in South Africa, Afghanistan,
Mauritius, Kazakhstan and UAE. |
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| UN-Millennium Development Goal (MDGs) can be achieved by eliminating Poverty through Islamic Microfinance: Zubair Mughal |
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(Istanbul) Two days International summit on Islamic Microfinance is started in Istanbul. The basic purpose behind this summit is to promote Islamic Microfinance and to elucidate the strategy to remove obstacles from its way to progress. Microfinance experts from different continents like Africa, Asia, Europe and America etc. are participating in this Int’l summit organized by Hanson Wade. While speaking to the opening session of the Summit, Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics said that Pakistan has been acknowledged as a leader of Islamic Microfinance Industry and right now in Pakistan; more than 20 institutions are providing microfinance services. While highlighting the importance of Islamic microfinance, he said that around the world, conventional Microfinance has badly failed and its examples can be clearly seen in India and Latin America. He further added that due to the failure of conventional financial system, many countries in the world are adapting Islamic microfinance system for poverty alleviation through which not only poverty will be eradicated but also a sustained economy shall come into being in these countries.
While addressing to the International Summit, he further added that one reason behind expansion of Poverty is interest base mechanism in Muslim countries, People do not use Financial and Banking system due to interest as it is strictly prohibited in Islam hence forced to live in poverty whereas through Islamic Microfinance by using the financial products based on Shari’ah principles, we can get the people out from poverty. He further highlighted the need assessment of Islamic microfinance in Muslim Countries by saying that 44% of conventional Microfinance clients live in Muslim Countries and United Nations has added half of the countries of Islamic Development Bank in the list of least developed countries which shows that Islamic Microfinance can be used to eradicate poverty from Muslim-Majority Counties. While identifying the Muslim population and poverty in different regions of the world, he said that 85.5% in East Asia, 34% in South Asia, 58% in West Africa, 58% in Caucasus and 97.3% in MENA are Muslims and collectively, in 2.4 Billion population of these regions, Muslims are of 48.3% which clearly shows the need of Islamic Microfinance for poverty alleviation in these countries. He further added that not only Muslims but Non-Muslims can also get benefits from Islamic Microfinance because Islamic Microfinance is not a religion but a system which is equally useful for Muslims and Non Muslims as well and the clear example of this fact is that Non-Muslims consider it very attractive.
He said that Islamic Microfinance is essential to achieve Millennium Development Goals( MDGs), proposed by United Nations for alleviating poverty and social uplifting. He further added that if development of Islamic Microfinance starts right from today, these goals can easily be achieved till 2015. He said that Islamic Microfinance sector is facing difficulties due to apathy of Donors and to fulfill this deficiency, Sukuk (Islamic Bonds) can be issued. He further said that more financial products can be introduced by enhancing research in the field of Islamic microfinance and there are many opportunities for development in this field. AlHuda Centre of Islamic Banking and Economics has established a specific Microfinance help desk so that trainings, research and technical consultation could be provided to Microfinance Institutions worldwide.
In this Summit, the role of Pakistan in the development of Islamic Microfinance has very much appreciated and Pakistan is considered to be as global leader of Islamic Microfinance Industry. |
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| An Agreement for a Halal Industrial Park between Halal Research Council and FIEDMC |
| Formal Annoucement to Establish the M3 Halal Industrial Park in Pakistan for the Development of Halal Industry. |
| August 17, 2011 |
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(Lahore) An MOU ceremony between Halal Reserch Concil (HRC) and Faisalabad Industrial Estate Development (FIEDMC) was held at the Head office of FIEDMC, Faislaabd. The MOU was signed by Mr. Muhammad Zubair Mughal Chief Executive Office of Halal Research Counicl and Khawaja Asim Khursheed, Chairman FIEDMC. Additionally, Mr. Hamid Sheikh Seceretry Livestock and Dairy Development Govt. of Punjab, Naseeb Saifi chairman Halal Meat Export Committee, Brigadier Ahmad Raza Siddique COO, FIEDMC Amir Saleemi Head of Marketing and Sales, Syed Zubair Qutab Manager Strategic Planning Halal Research Council and the Board Members of FIEDMC and a number of industrialists attended the ceremony. Under the MOU, Halal Research Counicl will provide guidance regarding technical, halal certification, training and international communication to the M3 Halal Industrial Estate in Faisalabad.
While addressing, Khawaja Asim Khurheed Chairman FIEDMC declared the MOU as an important breakthrough for the Halal Industrial Park. He officially annouced the M3 Halal Industrial Park in Pakistan situated at M3 motorway. This developed Industrial Estate has facilities of modern roads, Power stations, modern Sewearge system, Fire brigade, Run way, Helipad, Labour colony etc. Furthermore, he stated that Halal Industrial Park will help Pakistan’s Food, Livestock and Meat market to flourish and will also provide with good export market.
Mr. Hamid Yaqoob Sheikh (Secretry Livestock and Dairy Development) said that Halal Park has given a value addiation to the Pakistan’s Halal Meat. He further added that Govt. of Punjab is continously working for the developemnt of Halal Industry and in this regard a brief action plan is in process.
While adressing at the occassion, Muhammad Zubair Mughal Chief Executive Officer Halal Research Council stated that Halal edible products are gaining popularity rapidly. The market for Halal food is not only limited to 1.9 Billion Muslims but it is also liked by the Non-Muslims who believed Halal Food as hygenic, pure and a best food product. He enlightened the importance of Pakistan’s First Halal Park by giving the brief analysis of Halal Parks of Malaysis, Yamin, Middle-East, U.K. and Russia. He argued that geographically it is located at key strategic location and from here we can easliy export Halal Products to Middle East, Africa, Far East and Europe. This will help to flourish the Industrail sector of Pakistan and thereby decresing the Trade defict of country. |
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| Islamic Microfinance Network ( IMFN ) now unlock for membership worldwide |
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| July 25, 2011 |
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Islamic Microfinance sector is currently progress aggressively by addressing of deficiencies and challenges faced by the traditional Microfinance industry, right now near about 300 Islamic Microfinance Institutions are operating around the globe effectively, due to tremendous performance of Islamic Microfinance Institutions, now conventional Microfinance Institutions are opting Islamic system for poverty alleviation at large.
For addressing all the challenges and opportunities Islamic Microfinance, Islamic Microfinance Islamic Microfinance Network (IMFN) has launched in 2010 with the aim to provide a unique and common platform for National and international Islamic microfinance institutions (MFIs). The activities of IMFN includes coordinate the efforts of its members in jointly addressing poverty alleviation, establishing best practices in Islamic microfinance, developing guidelines and the implementation that comply with Shariah law.
Now the membership is being opened for nationally and internationally organization who are serving in the sector of Islamic Microfinance. The membership is available who are practicing Islamic Microfinance in their operations as Permanent members while other conventional Microfinance Institutions are also welcome as observers members, so that they enable to learn about Islamic Microfinance System. It is not only for the institutions while the academician and Advisor also becomes the member of this network.
Zubair Mughal – Chief Executive Officer , Islamic Microfinance Network ( IMFN) said that it is common responsibility of the industry stakeholders to address the things at one platform for brush up and standardization with the objective toward poverty alleviation, he also said that Almost 17,000 million people live below the poverty line in the world of which 44% live in the Muslim majority countries which become the prime reason behind Islamic Microfinance. At the moment 300 Islamic Microfinance Institutions in 32 countries including: Indonesia, Kenya, Afghanistan, Bangladesh, Sri Lanka, Yemen, Egypt, Sudan, Tanzania, Mauritius, South Africa, Malaysia and Pakistan are working on Poverty alleviation. Due to its more productive role, Islamic Microfinance is gaining popularity in those countries where Muslims are in minorities. |
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| Islamic Microfinance can work with all the Microfinance Models of the world: |
| Zubair Mughal |
| June 30, 2011 |
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An International Seminar on Financial Inclusion for Central Asia, the Caucasus, and South Asia organized by Asian Development Bank Institute-Japan, APEC Business Advisory Council -China, & Asia-Pacific Finance and Development Center from 12th – 14th July, 11, concluded days today in Urumqi, Peoples Republic of China. Delegate from China, Japan, Pakistan, Bangladesh, India, Malaysia, Singapore, Kazakhstan, Uzbekistan, Tajikistan, Georgia, New Zeeland, Romania, Kyrgyz, UK and Afghanistan are participating in this Seminar, wherein Current State of Financial Inclusion Developing in Asia, Rural Finance in PR China, Key Regulatory Issues in Promoting Financial Inclusion, Evolution of Microfinance Institutions towards Financial Self-Sustainability through Innovation, Service Diversification and Islamic Microfinance were discussed in details.
The third day was allocated to Islamic Microfinance and Zubair Mughal – Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics Pakistan gave the Key Note speech on Islamic Microfinance, said that Islam has given the best system for poverty alleviation and both Muslims and non-Muslims can benefit from it. He emphasized that the people from Central Asia, the Caucasus, and South Asia can equally get benefit from Islamic principles of Microfinance. He said the out of the total population of 1.7 billion about 562 million are Muslims in these regions, which becomes important for financial inclusion through this system. Islamic Microfinance is compatible to work with any model of Microfinance and it has the alternative to all the products of Conventional system.
Mr. Mughal further said that in the wake of the current financial crisis all around the globe, the Islamic Microfinance has gained even more importance due to its transparency and sustainability. He also discussed the poverty issues of Central Asia, the Caucasus, and South Asia separately so that Islamic Microfinance becomes an effective tool for poverty alleviation in these areas. Mr. Zubair Mughal offered his services from AlHuda-Centre of Islamic Banking and Economics who have also set up a Help Desk for Advisory, Trainings and Capacity Building for Microfinance Institutions. We provide complete solutions in Islamic Microfinance for poverty alleviation are practiced effectively. |
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| Islamic Microfinance only Solution to Worldwide Poverty Alleviation |
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| International Microfinance Experts gathering on June 13 in Islamabad |
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| June 30, 2011 |
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Poverty Alleviation has become a world phenomenon which has led to invent various methods to mitigate it. Mutual funding model, sometimes scholarly views of Dr. Yunus and technology/mobile banking are adopted to cut it down. Therefore latest research has proved that Islamic microfinance has all the substitutions to cut down the worldwide poverty. The subject matter is focused upon in “International Conference on Islamic Microfinance” that’s going to be the largest event in the history of Islamic microfinance - is planned on June 13, 2011 in Islamabad. Varied models of Islamic microfinance, Shariah issues, Zuqat, Dard-e-Husna and Waqf model to decrease poverty, usage of technology and the implementation of Islamic microfinance in flood hit areas will be the hot topics to discuss in this mega event.
It is to be noted that almost One Billion Seventy Crore (1.7 billion) people are hand to mouth and living lives below the poverty line. Amongst them 44% are residing in Muslim countries and this factor highlights the need of Islamic microfinance in an effective way. Recent surveys and research reports of USAID, CGAP, World Bank, IFC and Frankford Finance School report Islamic microfinance the best substitution for the poverty alleviation. Currently more than 300 Islamic microfinance organizations in Indonesia, Kenya, Afghanistan, Bangladesh, Sri Lanka, Yemen, Egypt, Sudan, Tanzania, Mauritius, South Africa, Malaysia and Pakistan are working to alleviate the poverty. It is a pleasing aspect that this number is rapidly increasing not only in Muslim countries but also in non Muslim countries. To unite all these organizations in one platform, an “Islamic Microfinance Network” has also been formed. The important aspect of this conference is that microfinance model of “Akhuwat Microfinance Pakistan” will be presented as a model which has released more than one Billion PKR funds to the poors.
While discussing the importance of the conference, Mr. Zubair Mughal, Chief Executive officer, AlHuda Centre of Islamic Banking and Economics Pakistan, the organizer of the conference said that Pakistan has a prominent place in the field of Islamic microfinance sector and Pakistan is representing Islamic microfinance as a leader of the industry and to organize this conference also manifests the same cause. He further added that this event will further promote this sector in the world. He said that there will be a separate session for the contribution of Islamic microfinance for the relief work in flood hit areas. |
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| AlHuda-CIBE to organize an International Conference on Islamic Banking in Mauritius |
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| Purpose of this Conference is to promote globally the Pakistan’s flagship in Islamic Banking |
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| February 24, 2011 |
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(Lahore): A two days International Conference on Islamic banking will be inaugurated on April 05, 2011 in Mauritius wherein researchers, economists, sharia’a scholars, banking and finance experts will share their views and experiences with the participants. This conference is aimed at promotion of Islamic Banking and to create awareness in current innovations in Islamic finance in Mauritius.
Out of the total of 1.3million population, this beautiful African Island has 18% Muslim population Due to the friendly taxation system, effective and efficient financial regulations, Mauritius is an ideal place for investment in Islamic finance for International Islamic Financial Institutions. As per the World Bank report of 2008, Mauritius stands at the top in African countries with respect to the business opportunities.
A full-fledged Islamic Bank is expected to be set-up in Mauritius this year. HSBC, Tata Fund, Albaraka Multipurpose Society and Insurance Company have already introduced Islamic financial products which are being adopted by the community.
The organizer of this conference, Mr Zubair Mughal Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics ( CIBE) while explaining the objectives of this conference said: This conference will enhance the flagship of Pakistan’s Islamic Finance industry to be introduced to the world through their Islamic Finance professionals. He declared that the Pakistan’s Islamic finance professionals are respected across the globe for their quality services as they are serving in Europe, Middle East, America and Africa.
Mr Zubair further said that AlHuda-CIBE has the plan to organize more such conferences in Afghanistan, Kazakhstan, Sri Lanka, Kenya and South Africa in addition to Mauritius. |
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| AlHuda CIBE and Naymet Islamic Microfinance Sign MoU to Set up Islamic Microfinance Products |
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| AlHuda-Centre of Islamic Banking and Economics will develop Islamic Microfinance Products for Naymet Microfinance according to the MoU |
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| 10th December, 2010 |
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(Lahore):
AlHuda centre of Islamic Banking & Economics (CIBE) signs MoU with Naymet Islamic Microfinance to render its services for Islamic Microfinance product development that is a step forward for the poverty reduction in Pakistan that is also rightly in line with Islamic regulations. Under this prestigious agreement, AlHuda CIBE will operate manuals of Islamic financial products and will also provide accounting and auditing measures, Shariah supervision, and help training out its staff members. AlHuda CIBE will also facilitate Naymet Islamic Microfinance in advisory for Shariah complaint I.T solutions.
Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that Alhuda Centre of Islamic Banking and Economics is very eager to develop Islamic Microfinance products and this firmness to the objective will deftly help AlHuda CIBE to make develop microfinance products for Neymet. He added that Islamic microfinance is not only developing within Pakistan but Bangladesh, Lebanon, Syria, Malaysia, Indonesia South Africa and other countries are also benefiting from the products of Islamic microfinance.
Mr. Shahid I. Mohammad, President, Naymet Islamic Microfinance, in his speech declares that it’s our privilege to establish a working relation with AlHuda CIBE. Islamic microfinance products will be very beneficial in developing Shariah complaints industry. It will be a step forward to flourish a web of Islamic microfinance products network in Pakistan that will be very poverty alleviation and uplifting the economy of the country. This agreement is an exemplary MoU in Islamic Microfinance product Development and a unique effort in itself. Mr. Amer Yousaf, Director Operations, Naymet Islamic Microfinance says that this agreement will surely help in poverty alleviation in Pakistan. He further said that it is a milestone in the field of Islamic Microfinance through which the fruits of Islamic banking will easily reach the lower level inhabitants of Pakistan. It will further enable small loan holders to get rid of loads in order to flourish small businesses throughout Pakistan.
Therefore, this MoU will help forming an exemplary effort to strengthen the roots of Islamic microfinance in Pakistan. It will be a step forward to flourish Islamic Microfinance products network in Pakistan that will be very beneficial in poverty alleviation and uplifting the economy of the country. |
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| Islamic Banking Should Replace Interest based Banking |
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| Muhammad Zubair Mughal, CEO, AlHuda CIBE
Resolution to Eliminate Commodity Murabbah from Islamic Banking sector Passes at the End of the Conference
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| 4th Nov, 2010 |
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(Lahore): The ending ceremony of 3 days “4th International Conference on Islamic Banking and Takaful was held today at Country Club, Royal Palm Hotel Lahore. Numerous delegates from Islamic banking, Takaful companies, Islamic funds, industrialists, businessmen took part in the ceremony. Yaseen Anwar, Deputy Governor – Banking, State Bank of Pakistan inaugurated the conference on 2nd November, 2010 at Expo Centre, Lahore. Delegates from over 24 counties attended this international conference that was the first ever mega conference organized on the topic of Islamic banking and Takaful.
Talking to the closing ceremony, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics, government should give the timeframe to ban the conventional banking to implement Riba free banking structure in Pakistan. He said that there are various exemplary countries where Islamic banking is well implemented fulfilling the latest demands of the industry. Islamic banking can also be given protection under the resolution of Pakistan. He further added that it is not difficult to implement Islamic banking in Pakistan it’s very easy to convert 13 conventional banks already working as Islamic banking windows into full Islamic banks. He said that Islamic banks are untouched by the world economic crunch that has grasped thousands of conventional banks so it is the evidence that Islamic banking system is far sound and secured as compare to conventional banking.
At the end of the conference, a few resolutions were also passed fro the promotion of Islamic banking and finance and planning for the awareness of Islamic banking, development of linkages between Islamic banks and financial institutions and the resolutions for ending commodity Murabbah and immediate ban on non islamic items were included in them.
Conference was organized by AlHuda Centre of Islamic banking and Economics wherein speakers and delegates from USA, Malaysia, Indonesia, Mauritius, South Africa and Kenya participated in it. Conference was continued for 3 days in which first day covered the topics such as Shariah issues and its methodology, Takaful, Islamic brokerage, Halal Industry and 2nd and 3rd day covered the topics as Islamic microfinance and Shariah Standardization. AlHuda Centre of Islamic Banking and Economic will continue the chain of international conferences in future for the promotion of Islamic banking and finance in Pakistan and rest of the world. |
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| Islamic Banking Assets will exceed 1.3 Trillion Dollars Soon in over the World |
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| International conference on Islamic Banking and Takaful held today (November 2nd, 2010 ) at Expo Centre Lahore. Delegates from all over the World participated in this mega international event |
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| November 2nd, 2010 |
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(Lahore): International Conference on Islamic Banking and Takaful was ended today at Expo Centre Lahore that was inaugurated by Deputy Governor - Banking, State Bank of Pakistan. While opening the conference, Deputy Governor Banking, State Bank of Pakistan said that Islamic Banking is rapidly taking its roots all over the World. It’s noteworthy to note that the assets of Islamic banking will exceed 1.3 Trillion Dollars soon and there are more than 1100 Islamic financial institutions operating all over the world. He further emphasized upon the growth and development of Islamic microfinance and housing sector in Pakistan. The year on year deposit growth has also been an impressive 39% and the share of assets and deposits of Islamic Banking have increased to 6.1 and 6.4 percent respectively in Pakistan. In addition, Islamic banking branch network has increased to 667 branches and sub-braches now spread across the entire country.
Conference was organized by Alhuda Centre of Islamic Banking and Economics, wherein speakers and delegates from 24 countries participated in this mega event that include USA, Malaysia, Indonesia, South Africa, Mauritius and Kenya. They presented their research based speeches and presentations on Islamic banking and finance. The conference will continue for three days. First day covered the topics of Islamic Banking and its Shariah issues, Shariah methodology, Takaful, Islamic Brokerage, Halal Industry and Islamic funds. Second and third day will include Islamic Microfinance and Shariah standards.
In the first day of the event, national and international speakers participated in this conference including Mr. Pervez Said - CEO Dawood Islamic Bank, Mr Salim Ullah - Head of Islamic Banking, State Bank of Pakistan, Justice Khalil-ur-Rehman, P. Ahmed - CEO PakQatar Family Takaful, Mr. Alberto - CEO Shirkah Finance, Switzerland, Professor Khawajah Amjed Saeed - Principal Haley College of Banking and Financ), Nadeem Feroz - Professor, The University of Montclair USA, Dr. Muhammad Qaseem - Shariah Advisor, Dubai Islamic Bank, Qazi Abdul Samad - Shariah Advisor, Bank of Khayber, Mufti Ehsan Waquar - Shariah Advisor, UBL, Captain Jamil Ahmed - CEO, Universally Insurance , Azeem Pirani - Regional Head FWU AG Switzerland, Mr. Asim Khan - Executive Director, Dar Al Istithmar UK, Shahid Muhammad - CEO Naymet Islamic Microfinance, Dr. Amjad Saqib - Executive Directory Akhuwat, Br. Rafick Nabi Mohamod -Founder Albarakah Multipurpose Cooperative Society, Mauritius, Khalid Waheed - CEO, Hum Securities, Nasre Nasser Eddien - Path Solutions Kuwait and Muhammad Aslam - Head of Islamic Banking, HBL.
Talking to the audience, Mr. Muhammad Zubair Mughal, CEO AlHuda Centre of Islamic Banking and Economics said that the purpose of organizing this conference is to highlight the image of Islamic banking and finance all over the world so that Islamic Banking of Pakistan could convey its Shariah standardization all over the World. He further added that AlHuda Centre of Islamic Banking and Economics aims to organize international conferences in South Africa, Mauritius, Kazakhstan, Afghanistan, Kenya and UAE in the year 2010. The upcoming event is titled as “International Conference of Islamic Banking and Finance” in Mauritius |
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| Pakistan Will Host World Largest Conference on Islamic Banking |
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| Conference is Scheduled on November 02, 2010 at Expo Centre, Lahore Wherein Delegates from 24 Countries Will Share the Knowledge and Latest Research on Islamic Banking and Finance |
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| Oct 20, 2010 |
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(Lahore): World’s largest International Conference and Exhibition on Islamic banking will be held on November 02, 2010 at Expo Centre Lahore, Pakistan wherein the speakers from Malaysia, United Arab Emirates, Kuwait, Mauritius, USA, Indonesia, Switzerland and UK will grace the occasion by sharing their valuable knowledge on Islamic banking and finance. More than 2000 participants will join in this mega event ever organized in the history of Pakistan. International collaboration of Islamic banking industry, development of Islamic banking and finance, Shariah standardization, growth and progress of Islamic banking in non Muslim countries, and growing trend of the adoption of Islamic banking and finance after the failure of conventional banking in all over the world, Takaful, Sukuk and Islamic microfinance will be the topics of speeches and discussion in this international conference. It will also include the discussions on the post flood circumstances in most parts of Pakistan and how the Islamic finance can be a better help for the flood victims in overcoming this frightful condition. After this mega conference, Post Event Training workshops on Islamic Microfinance and Shariah Standards of Islamic Banking are also arranged to facilitate the bankers and individuals to penetrate the knowledge of Islamic banking and finance in a better way in order to move into this growing industry with the accurate equipped knowledge.
However, it is an acknowledgeable fact that Islamic banking and finance is rapidly taking its roots not only in Islamic countries but also in Europe and America. Muslims and non Muslims of those countries are equally attracted by the benefits of Islamic finance and they are taking the edge of Islamic banking and finance in catering their banking and financial needs. It’s appreciable that the assets of Islamic banking have crossed 1 trillion dollars and one of its major factors is the ongoing financial crunch of conventional banking and finance. The foremost reason of current Islamic banking trend is that there are not any faults in Islamic banking which could be the reason of its failure in the long run.
Conference organizer, Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics said that this is an honor for Pakistan to host such a momentous conference on Islamic banking and finance wherein the well-known scholars and researchers from across the globe are participating. He further added that it is not wrong to say that the image of Pakistan in international Islamic banking industry is note worthy and Pakistan is rendering the services for the development of Shariah complaint banking all over the world. He said that the man power of Pakistani Islamic banking and finance is offering technical and Shariah support to the Islamic banking industry of Europe, America and Middle East. He told that a unanimous note from the participant countries will be released by the end of this mega international conference that will prove to be a mile stone in Islamic banking and finance industry. |
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Islamic Banking Regulation will Implement within Next Two Months in Afghanistan:
H.E. Abdul Qadir Fitrat, Governor, Central Bank Afghanistan
8th June, 2010
Kabul (Press Release) International Conference on Prospects of Islamic Banking and Finance in Afghanistan organized by AlHuda CIBE, Pakistan ends at Intercontinental Hotel Kabul-Afghanistan. H.E. Abdul Qadir Fitrat, Governor, Central Bank Afghanistan, Finance Minister, Minster of Haj and Awqaf, Heads of all banks, Insurance companies, Microfinance companies, government officials and employees of the finance companies of Afghanistan gave privilege by participating in the conference. Speakers and research scholars from Malaysia, Saudi Arabia, Sudan, Poland, UAE, Canada, UK, Kuwait, Afghanistan and Pakistan shared their scholarly knowledge who delivered erudite speeches and research dialogues in the conference.
In the inaugural speech, H.E. Abdul Qadir Fitrat, Governor, Central Bank Afghanistan said that we are working on implementing the regulation of Islamic banking in Afghanistan very swiftly and we are hoping that will be implemented in the country within next two months which will surely open up new several prospects for the promotion of Islamic banking and finance in Afghanistan in near future. He added that currently 7 banks are offering Islamic banking services through window operations while few banks have submitted their applications for the conversion of their conventional systems into Islamic operative systems. Banks can open Islamic banking stand alone branches Central Bank of Afghanistan is in the process of taking deep analysis of Islamic banking laws of Pakistan, UAE, Indonesia and Malaysia. He praised the regulatory framework of State Bank of Pakistan in this regard. He paid sheer appreciation to the step taken by AlHuda Centre CIBE Pakistan for the promotion of Islamic banking and finance in Afghanistan.
Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE Pakistan said that Afghanistan is a developing market for Islamic banking and finance where the trend of Shairah complaint banking is rapidly ascending. He denoted that Afghanistan is the country of 2 Crore and 90 lacs inhabitants where Muslim population is by and far 99% who are willing to mould their businesses and life styles according to the Islamic principles. But Afghanistan has not been able to achieve the quick and desirable response because of the lack of human resources and technical assistance in the pertinent filed. For fulfilling this lacking, AlHuda CIBE has started its campaign in Afghanistan. He further highlighted that along with Islamic banking and finance potential, Afghanistan does hold the good enough probability for Takaful, Sukuk and Islamic Funds. By releasing Sukuk bonds, Afghanistan can generate financing for road development, infrastructure development, energy development and on many more development projects. He said that Pakistan, Malaysia, UAE, Kuwait and other countries have various options for the development of Islamic financial organizations/institutes in Afghanistan which will further strengthen the Islamic banking and finance industry of Afghanistan.
International Conference on Prospects of Islamic Banking and Finance in Afghanistan at Intercontinental Hotel Kabul-Afghanistan received tremendous applause of Afghanistan government bodies and banking & financial industry in which 26 well-known scholars from 12 countries delivered their speeches and research dialogues. |
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AlHudaCIBE and ASASAH sign MoU to flourish Islamic Microfinance Products
Alhuda-Centre of Islamic Banking and Economics will develop Islamic Microfinance Products for ASASAH according to the MoU for poverty alleviation
16 December,09
AlHudaCIBE (Centre of Islamic Banking and Economics) signs MoU with ASASAH to render its services for Islamic Microfinance Product Development that is a step forward for the poverty reduction in Pakistan rightly in line with the Islamic regulations. Under this prestigious agreement, Alhuda CIBE will operate manuals of Islamic financial products; provide accounting and auditing treatments, Shariah supervision, and will help training out the staff members. AlHudaCIBE will also facilitate ASASAH in advisory for Shriah complaint I.T solutions.
Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlhudaCIBE says that this agreement will surely help in the poverty alleviation in Pakistan. He praised the agreement with ASASAH and said it a milestone in the field of Islamic Microfinance through which the fruits of Islamic banking will easily reach to the lower level inhabitants of Pakistan. It will further enable small loan holders to get rid of the loads in order to flourish small businesses throughout Pakistan. He added that Islamic microfinance is not only developing in Pakistan but also in Bangladesh, Lebanon, Syria, Malaysia, Indonesia, South Africa and other countries are also benefiting from these products.
Ms. Tabinda Jaferry, Chief Executive Officer, ASASAH, in his speech declares that its our privilege to establish a working relation with Alhuda Centre of Islamic Banking and Economics. Islamic Microfinance products will be very beneficial in developing Shariah complaint industry. We are honored to reveal you that we have a mutual commitment to open our first Islamic branch on 1st March 2010. We will also streamline everything to convert our all branches into Shriah compliant branches respectively. She further added that we have got two years’ practical experience of analyzing microfinance products and now we are very much keen to establish sound and effective products to work on the Islamic microfinance lines. ASASAH is working with 27 branches in Pakistan right now and has given loans to around 12,7000 people.
Alhuda Centre of Islamic Banking and Economics is enthusiastic to develop Islamic Microfinance products for ASASAH. It will be a step forward to flourish a web of Islamic Microfinance products’ network in Pakistan that will be very beneficial in poverty alleviation and uplifting the economy of the country. This agreement is an exemplary MoU in Islamic Microfinance Product Development and a unique effort in itself |
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Islamic Banking & Takaful appreciated by the 71% people in Pakistan
It revealed in the 1st national survey on Islamic banking and Takaful conducted in 85 cities of Pakistan.
June 09, 2009
AlHuda Centre of Islamic Banking and Economics ( CIBE ) conducted first national survey on Islamic Banking and Takaful to analyze the trends, problems, opportunities and challenges of Islamic banking and Takaful Industry, this survey was started on15th April and closed on 15th May2009 covering 85 cities including Peshawer, Quetta, Islamabad, Karachi, Lahore, Azad Kashmir and other many small cities of Pakistan, the target audience of survey was chamber of commerce, Business & Trade Associations, Universities and professional institutions like ICMAP, ICAP etc. This is the first ever immense survey in Pakistan for preparing effective strategies concerning trends about Islamic banking and Takaful.
In this survey 71 % participants appreciated Islamic Banking and Takaful
Introduction in the country, 13% called it is same to conventional banking and insurance and 16% did not give opinion due to the ignorance about Islamic banking. 41% admitted that Islamic banking services are available in their region while 59% deny that there is no Islamic financial Institution are working in their respective region. It is also revealed that only 11% are availing Islamic banking benefits and 89 % have their account in conventional banks, when question was asked from the participants to the conventional account holders that “will the incline towards Islamic banks if they offer same facilities with applying shariah rules?” The answer was in yes by 63% and 31 % replied in negative, 6% was neutral. When Islamic banks account holders were asked about product for financing, 38% named Ijarah, 34% Diminishing Musharkah and Murabah and rest notified other products. 68% Islamic banks customers showed their trust on the IT related services of Islamic banks like ATM services, online network, web and mobile banking but 32 % customers asked limited network, when customers asked for the Islamic financial products like IJarah, Musharkah, Murabah, and Mudarbah, 53% clients did not have even basic information.
Mr. Zubair Mughal (CEO) AlHuda CIBE highlighted the needs and objectives of this survey that this national campaign is for the promotion of Islamic banking and Takaful and to study social trends and to give exposure about logical awareness of Islamic banking and Takaful by holding 250 programs in 85 cities of Pakistan. |
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Countrywide Awareness Road Show on Islamic Banking and Takaful
March 25, 2009
AlHuda-CIBE is organizing a national Road Show by conducting over 300 awareness interactive programs in Islamic Banking and Takaful, covering 100 cities throughout Pakistan starting on 25th March, 2009 from Khyber spread over a whole month to be concluded in Karachi on April 25th 2009. The prime objective of this program is to promote logical awareness in Islamic Banking and Takaful to the businessmen and industrialists.
This caravan of Islamic Financial Road Show will include 35 chambers of commerce and industry, over 40 private and public sector universities, 20 press clubs, over 25 trade and business associations and over 200 public awareness meetings at different Islamic Banking Branches of the Islamic Banks. In addition five hundred thousand information leaflets on basic learning in Islamic finance and Takaful will be distributed to the participants of all the programs and indirectly almost five million people will be attached in this program.
The road show will include a fleet of vehicles and passing through NWFP, Federal Capital, AJ&K, Punjab and Sindh provinces. The Road show will complete its journey on April 25, 2009 in a very special convention at Karachi. The road show will also distribute memorial shields to 300 prominent Islamic Bankers and 200 corporate clients of Islamic Banking and Takaful to acknowledge of their services to the cause of Islamic banking and finance.
Mr. Zubair Mughal, the chief executive of AlHuda-CIBE has claimed that this road show will become a strong and long term link between Businesses, students, scholars, Islamic financial institutions and the general public which will lead towards elimination of misconceptions regarding Islamic banking and Takaful. Another special aspect of this road show is that over 20 programs in this process have been organized at different Press clubs and Media centers, so that special feature of Islamic banking and Takaful are brought to the journalists community for the first time at their doorstep which will ultimately promote general awareness on the subject in a more convenient way.
All the prominent Chamber of Commerce and Universities i-e Sarahad Chamber, Karachi Chamber, Rawalpindi Chamber, Lahore Chamber, Abbotabad Chamber, Gujrat Chamber, Gujranwala Chamber, Faisalabad Chamber, Sahiwal Chamber, Multan Chamber, Bahawalpur Chamber, Rahimyar Khan Chamber, Sukkur Chamber, Hyderabad Chamber etc and Punjab University, Sarhad University, City university, Gift University, International Islamic University, Riphah University, Karachi University, Behria University, Bahudin Zakriya University, Superior University, UMT, Sind University and other Universities and Chamber of Commerce’s are participating in said Road show. |
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Islamic Housing Finance and Real Estate Investment Trust can solve the housing problems of Pakistan
Said by Mr. Zubair Mughal CEO
Al-Huda Centre of Islamic Banking and Economics
November 14, 2008
We are organizing a workshop in Avari Hotel Karachi on Islamic Housing Finance and Real Estate Investment Trust (REITs).In that we will introduce Islamic Financial products and (REITs) for housing sector of Pakistan. The same has played a very pivotal role in U.A.E., Bahrain, Malaysia and many other Islamic countries. This research oriented workshop will continue for two days, In that very prominent Islamic Research scholars will deliver their research lectures. Among the participants the main figures are Mr. Mahmood Shafqat Senior Joint Director SBP, Mr. Muhammad Shoaib MD HMB, Mr. Imtiaz Haider Group Head Corporate Finance AKD Capital, Mr. Hamad Rasool Director WAPDA Sukuk and Mr. Mujeeb Baig Head of Research Dawood Islamic Bank.
While delivering the details of work shop Mr. Zubair Mughal CEO of Al-Huda Centre of Islamic Banking and Economics said this work shop will strengthen Housing Finance in the country and financial institutions will find new products. This will be helpful for the Government to improve housing sector. In the workshop the rules of Diminishing Musharka, Ijarah, Istasna, Micro Islamic Housing Finance, and Islamic (REITs) will discuss and the their role in Real Estate will be discussed.He further narrates that in Middle east, Malaysia, Bahrain and Kingdom of Saudi Arabia are using Sukuk and Islamic (REITs) and it’s a success story in these countries. Pakistan can also achieve its goals and made a lot of progress in the housing sector. Islamic Housing Finance products will end the exploitation of the big guns of the housing sector, low and middle income groups of the society will benefit from these products. |
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INAUGURATION OF INTERNATIONAL WORKSHOP ON ISLAMIC AGRICULTURE FINANCE
Green revolution can be possible through Islamic Agricultural Finance: Zubair Mughal
October 21, 2008
( Lahore ) Al-Huda Center for Islamic Banking & Economics organized an international workshop on Islamic Agricultural Finance in Avari Hotel, Lahore. In the workshop participants introduced Islamic Financial products for agricultural sector. The key purpose for such products is to pay attention on agriculture sector by the Islamic Banks and other Islamic financial institutions. Workshop was inaugurated by Mr. Tauqeer Ahmed Fayee Central Additional Secretary for Agriculture. In his inauguration speech, he welcomes the Islamic Financial Products for Agricultural sector in Pakistan. According to Mr. Tauqeer these products were much awaited by the people related to the agricultural sector.
While addressing to the workshop, Mr. Zubair Mughal CEO of Al-Huda Center for Islamic Banking & Economics said, it is necessary for the growing network of Islamic Banking to cater the rural areas of the country for their financial services. So the agricultural sector can avail the Islamic Financial Products for green revolution in the country. He Introduced the salient features of Islamic Financial Products. He said these products can be design on the term basis of finance between the farmers and the financial institutions.
He said “BAI MURABAHA” can be used for purchase of seeds, fertilizers and pesticides. “IJARAH” can be used for purchase of Tractors, Harvesters and for agricultural equipments. “MUSHARKA” can be used for purchase of seeds, fertilizers and pesticides along with the needs for irrigation, storage and marketing of the agricultural commodities.
Islamic “SUKUK” bonds should introduce for corporate forming.
“Muzara Sukuk” is based on the share in the agricultural commodity. “Musaka Sukook” is mend for irrigation”Mogharsa Sukuk” is agricultural partnership and “Istaghna Salam Sukook”.
In the workshop Livestock Takaful and Crop Takaful had also been discussed.The other participants of the workshop were Mr. Khaliq-Uz-Zaman Head of Islamic Bnaking International Islamic University Islamabad, Mr. Hamad Rasool Director Fiance, WAPDA, Mr. Farooq Ahmed Tung Head of Agricultural Askari Bank and some other distinguished persons. |
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| AlHuda CIBE Join Hands with 10 Int’l Institutions for promoting Islamic Banking awareness. |
(Lahore 13th Sep, 07).AlHuda Centre of Islamic Banking & Economics (CIBE) has joined hands with ten (10) International Islamic Banking research & development institutions for the promoting training, development and awareness of Islamic Banking, Finance and Takaful around the globe. Zubair Mughal CEO AlHuda disclosed that these institutions include, Globpro – Malaysia, Avail Corp – Singapore, Islamic Science University – Malaysia, IIFM – Bahrain, Nexxus – U.K, ISNA – Canada, IIR ME – U.A.E, Marcus Event – Malaysia, IBC Gulf – U.A.E and Musbiz – Russia.
He explained the benefit of such agreements that will brings in Research, Development and experiences as a great value addition to Pakistani Islamic Banking sector. Many institutions from them have shown their interest coming to the Pakistani Market in the area of Product development, Training & Research of Islamic Banking which will be the support to improve Islamic Banking Services with equilibrium to international standards in Pakistan. He further emphasized the need of more products and diversification from Islamic Banks in Pakistan
He figure out the latest development of Islamic Banking in Pakistan , he said there are total 172 Islamic Banking branches working right now with the total deposit of 93 Billion and Assets 136 Billion in 25 cities. In which Meezan Bank have 69 Branches, AlBaraka Bank 11, BankIslami 13, Dubai Islami 15, Emirates Global 6, First Dawood 1, MCB 6, BOK 5, AlFalah 23, Habib Metropolitan 4, Standard Chartered 3, Bank Al Habib 3, HBL 1, Soneri 2, ABN Amro 3, Askari 6, NBP 1, UBL 1. He indicate that Ijarah & Murabahah covers 70% share of Islamic Banking in Pakistan, while Diminishing Musharaka have 17%, Istisna 1%, Salam 1%, Musharakah 1% and others 10%.
He said, AlHuda’s Islamic Banking awareness services are going popularity not only in Pakistan but also in Middle East, Far East and Europe where the major market players are located. He disclosed that AlHuda CIBE is participating as communicator Partner in up coming Islamic Banking Events in Switzerland, Singapore, Malaysia, India & South Africa in this Year. |
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| AlHuda CIBE Organized Specialized Workshop on Takaful at Avari Hotel Lahore |
The concluding ceremony of two day specialized workshop on Takaful ( Islamic Insurance ) held at Avari Hotel, Lahore, organized by AlHuda Centre of Islamic Banking and Islamic Economics (AlHuda-CIBE) on 11th August , 2007. A considerable amount of representatives from Takaful & Islamic Banking, Finance , accountant & Insurance professional attended the Workshop with enthusiasm. The purpose of this Specialized Workshop is to promote Takaful in the region and provide technical Skills to the insurance and Finance professional about the operational & Sharia mechanism of Takaful .
Workshop was inaugurated by Prof. Dr. Khawaja Amjad Saeed, Principal Hailly Collage of Banking and Finance, Punjab University. Many research oriented technical papers were presented on the topic by Prominent Takaful & Islamic Banking professionals and Finance Experts - Capt. M. Jamil Akhtar – CEO Takaful Pakistan, Prof. Dr. Khawaja Amjad Saeed, Principal Hailly Collage of Banking and Finance, Punjab University, Hamad Rasool – Director, WAPDA Sukuk Company, Mazhar Ali Bokhari – Head International Banking, Gulf African Islamic Bank – Kenya, Rizwan Ata – Regional Manager Meezan Bank, Mohammad Sohail Siddiqi – Country Head Consumer Banking AlBaraka Islamic Bank, Azeem Pirani - Head of Marketing Pak Qatar Family Takaful, Shoaib Soofi, Head of actury Ministry of Finance, Abdul Wadood, eminent Islamic Economics scholar and Zubair Mughal CEO AlHuda Centre of Islamic Banking led the workshop.
Capt. M. Jamil Akhtar – CEO Takaful Pakistan, while talking to the opening ceremony of the Al-Huda Workshop said that te quickly expanding Takaful network is the evidence of its bright future. It has also attracted Foreign Direct Investment (FDI) into Pakistan as more companies are contemplating to open their networks in Pakistan.
Ali Bokhari – Head International Banking, Gulf African Islamic Bank said that Takaful is not confined to Pakistan only, ratherit is expanding worldwide including African countries. Dr. Khawaja Amjad Saeed, Principal Hailly Collage said that Punjab University is in the process of Training Insurance professionals in order to meet the dire need of human resources in this area.
Azeem Pirani in his technical paper emphasized on the benefits of Takaful and said that Pak Qatar Takaful Co is the first Takaful Company in Pakistan offering Life Takaful.
Mr. Shoaib Soofi highlited the efforts by Government of Pakistan and SECP in developing the regulatory environment and Regulations. Mr Hamad Rasool explained the Opportunities and gaps for the bright future of Takaful business in Pakistan. Mr Hamad Rasool also explained the role of Takaful as a support servise to Islamic Banking and Finance in Pakistan.
Zubair Mughal CEO AlHuda Centre of Islamic Banking explained the Takaful Models in practice. He said that Wakalah- Waqaf Model is more effective than Mudaraba and other Models working in many other countries |
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| AlHuda CIBE will provide Training to Bangladeshi and Mauritius Banks |
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( 25 February 2007)
The concluding ceremony of two day specialized workshop on Islamic Banking held at Silver Sand hotel Multan, organized by AlHuda Centre of Islamic Banking and Islamic Economics (AlHuda-CIBE) on 25th February , 2007. The purpose of this Specialized Workshop is to promote Islamic Banking in the region and provide technical Skills to the Bankers and Finance professional about the Islamic Banking.
Workshop was inaugurated by Mr. Zubair Mughal CEO AlHuda-CIBE. Many research oriented technical papers were presented on the topics of Murabaha, Ijarah, Mudharaba, Musharaka, Diminishing Musharaka, Takaful (Islamic Insurance) and Sukuk (Islamic Bond) by Prominent Bankers and Finance Experts - Mr. Iftikhar Baig, Sharia Advisor Prime Bank, Mr. Hamad Rasool – Director, WAPDA First Sukuk Company Ltd, Mr. Sibghat Ullah Ehsan – Assistant Director - SECP, Wasf Ali Baber – Manager Corporate Meezan Bank Limited and Zubair Mughal CEO AlHuda led the workshop.
Speaking at the Workshop Mr. Hamad Rasool- Director Wapda First Sukuk Company Ltd. said that it is a research based Workshop to promote the acceleration of Islamic Banking and Investments in the masses. He also mentioned that in the International market, a number of Sukuks have been issued by prominent Groups and Govt. authorities to fulfillment their financing need. such as BMA Behrain, Emaar Properties , Aldar-UAE, Amlaak etc and there is a huge potential for such issues in Pakistani Financial markets because of the natural interest of masses in this area only if the general public is made better aware of the clear concepts on Islamic Banking. He also appreciated the roll of SBP-Islamic Banking Department for development of Islamic Financial Industry in Pakistan.
The participants from Meezan Bank, , Bank AlFalah Limited – Islamic Banking, National Bank of Pakistan, Asian Housing Finance, MCB Bank, Prime Commercial Bank Ltd., Askari Bank, KPD and other prominent Financial organizations valued the workshop for the professional development. Zubair Mughal CEO AlHuda disclosed that AlHuda CIBE has signed MOUs with Bangladesh and Mauritius Banks to provide intensive Islamic Banking Training to their staff. AlHuda CIBE will organize another training workshop in Multan in May, 2007 for the benefit of Local Bankers and Finance professionals. |
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| Alhuda CIBE gives presentation to Zaighum Rizvi and his Management on performance of Sukuk in Housing Sector. |
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Zubair Mughal CEO of AlHuda Centre of Islamic Banking and Economics deliver a detailed presentation to the Chairmen and Managing Director of HBFC- Mr. Zaighum Rizvi and his management on Operation and Performance of Sukuk in Housing finance industry on Febuaray 09, 2007 at HBFC Head office Karachi.
On the occasion Zubair Mughal Said AlHuda CIBE is a well established name in the Islamic financial market working for Training, Awareness and Financial products development of Islamic Baking and Finance. We also work for the development Islamic housing finance in the country. And the basic aim of this presentation is to promote the housing finance industry through Islamic way.
Presentation consisted with research work of AlHuda CIBE on Islamic Housing Finance Specially regarding Sukuk - its structuring, operation and performance in housing finance industry, with the case study of Emaar, Amlaak – U.A.E , Zam Zam Tower– Saudia Arbia and Malaysian Sukuk in the housing finance sectors. He also mentioned that Alhuda CIBE is organizing a two days specialized workshop on Islamic Housing Finance on 12-13 March – 2007 at Safari Club, Behria Town – Rawalpindi. Presentation was highly appreciated by HBFC |
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| 2 Days Training Session for Sukuk on 23 – 24 January at PC Hotel Lahore. |
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23rd January, 2007
The concluding ceremony of two day specialized workshop on Islamic Investment & Sukuk ( Islamic Bond) held at PC hotel Lahore on 23rd January, 2007, The Workshop organized by AlHuda Centre of Islamic Banking and Islamic Economics.The purpose of this Specialized Workshop is to promote Islamic Investment and Sukuk in the area,. Sukuk(Islamic Bond) is a emerging market which can go a long way in Pakistan.
Workshop inaugurated by Mr. Imtiaz Anjum Ch. Member Finance WAPDA, who is also the CEO of WAPDA First Sukuk Company Ltd. There are many researches oriented technical papers were presented by Prominent Bankers and Finance Expert. Mr. Mujeeb Baig, Head of Products Development & Research - First Dawood Islamic Bank, Mr. Hammad Rasool – Director, WAPDA First Sukuk Company Ltd, Mr. Abdul Wadood Khan – A research scholar on Islamic Economics, Mr. Sohail Yaqoob, Head of Marketing – AlMeezan Investment Limited, Dr. Shahid A. Zia – Head of Training, Lahore Stock Exchange , Dr. Muhammad Qaseem – Sharia Advisor Dubai Islamic Bank Pakistan Limited, Mr. Tanwir Haral – Regional Manager Arif Habib Investment and Zubair Mughal Director AlHuda lead the workshop.
Speaking about the Workshop Director AlHuda Zubair Mughal Said, that it is a research based Workshop to promote and accelerate Islamic Investment He also mention that in the International market number of Sukuk has issued by prominent Group and Govt. authority to fulfillment their financing need. such as BMA Behrain, Emaar Properties , Aldar-UAE, Amlaak etc and there is a huge potential in Pakistan in private and public sector. The Workshop attended by representations of Dubai Islamic Bank, AlBaraka Islamic Bank, Meezan Bank, , Trust security, Arif Habib Investment, Lahore stock exchange, Al Meezan Investment, Haleeb Foods , WAPDA, SSGCL, Auto Soft, Prime Commercial Bank Ltd, SKB Group, First Dawood Islamic Bank and other prominent Financial organizations. |
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| Specialized Workshop on Islamic Housing Construction and Housing Finance at Avari Hotel Lahore. |
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A-Huda, Center of Islamic Banking and Islamic Economics have organized a specialized seminar on Islamic Banking Products relating to Housing and Construction Industry. A considerable amount of representatives from Islamic Banking Industry and Housing and Construction Industry attended this course with enthusiasm. The objective of this course was to introduce the Islamic Banking Products like Diminishing Musharaka and Istisna to the Housing and Construction Industry professionals. In this work shop, Mr. Mazhar Ali Bokhari, Head of Islamic Banking Division, Prime Commercial Bank Limited, Mr. Mujeeb BAid, First Dawood Islamic Bank, Mr. Hammad Rasool, Director WAPDA Sukuk Bonds, Mufti Muhammad Iftikhar Baig, Sharia’h Advisor, Prime Islamic Banking Division and Muhammad Tayyab Raza, Manager Product Development, Prime Islamic Banking Division presented their research papers on the topic. The response from the participants was marvelous and all participants from national and international institutions like International Housing Finance, House Building Finance Corporation, Bahria Town, Dubai Islamic Bank, Albaraka Islamic Bank, Habib Metropoliton Bank, Prime Commercial Bank Limited, Askari Commercial Bank Limited and SKB Construction Group.
The work shop was highly appreciated by the Housing and Construction Industry Professionals because of the practical relevance of the workshop according to the current scenarios. A prize distribution ceremony was held at the end of the workshop. Mr. Mazhar Ali Bokhari was the guest of honour of prize distribution ceremony. Mr. Rizwan Atta, Regional Manager, Meezan Bank Limited and Mr. Zaigum Abbas, Director Finance, HBFC were the special guest of the ceremony. Mr. Saeed Sheikh, Chief Financial Officer of SKB and Mr. Tanveer Haral also expressed their views with the participants. Mr. Mazhar Ali Bokhari said that product development is the most critical success factor for the growing Islamic Banking Industry and it is need of hour to develop requisite human resource for the promotion of Islamic Banking Industry.
To conclude the workshop Mr. Zubair Mughal, Director Al-Huda said that the success of this workshop lies with the participants who are devoted to learn and spread Islamic Banking in Pakistan. He also added that there is still lot of potential in the emerging Islamic Banking Industry that need to be explored |
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| Awareness Seminar on Islamic Banking at Sarhad Chamber of Commerce – Peshawar. |
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14 June, 2006
A seminar on Islamic Banking is being held today ( 14 June, 2006). The Seminar will provide guidance to Industrialists and Traders on the subject of Islamic Banking. It will detail ways and means by using which a trader can earn Halal Profit through Islamic Banking. Explaining the basic purpose of Seminar Director Alhuda Zubair Mughal said the Seminar aims are eliminating fears of traders and pave ways to enable businessmen to get rid of Riba. He further said that some quarters were expressing their views in a manner to retain Riba at the core of economy. Alhuda is working to eliminate such views. We are holding a chain of seminars through out the country and this Seminar is part of that chain.
Seminar will be chaired by Ghazanfar Bilour President SCCI, while Managing Director of Bank of Khyber Qazi Munir ul Haq will be the Chief Guest. The Bank will Explain their strategy to maximize profits of business class through switch over to Islamic Banking. |
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| Survey result of Islamic Banking and Finance have announced |
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Lahore (16 September, 2006)
AlHuda Centre of Islamic Banking and Islamic Economics arranged a Seminar on Islamic banking especially to celebration 3 years (15 sep,2003 to 15 Sep, 2006) of Islamic Banking department of State Bank of Pakistan on 16th September, 2006 at Pearl Continental Hotel Lahore. The Seminar was attended by prominent personalities of Islamic Banking and they appreciated the efforts of Islamic Banking Department of State Bank of Pakistan in this regard. Addressing the Seminar director AlHuda, Mr. Zubair Mughal explained that Islamic Banking was fast expanding in the country, the ever increasing branches network of Banks in evidence to this. There are 104 branches working at the moment. 56 branches were of the full-fledge Banks, while 41 of conventional Banks Branches of Islamic Banking, 7 more branches will become operative in near future. He, further said that increase of number of Islamic Banks in Pakistan was larger then other Muslim countries. In Malaysia Islamic Banking was in practice in 1983 under their central Bank, Bank Nigara and their share of Market near about 11.6% while for Indonesia for the same period vote was 1.34%. Pakistan has registered a growth of approx 2.4% for 3 years, which is very tremendous. Its speaks for excellent prospects for Islamic Banks in the country. Islamic Banking Department of State Bank of Pakistan has don more then enough and deserves all praise and appreciation.
Mazhar Ali Bokhari, Head of Islamic Banking Division Prime Commercial Bank Limited, while addressing the Seminar said that a full fledged Department of Islamic Banking was active in SBP under supervision of Ulema. He expressed his concern about lack of education on Islamic Banking and lauded efforts of Alhuda which making efforts to fill this gap. Mr. Azhar Khan, Business Development Head-North Corporate Inveswtment of Dubai Islamic Bank, Mr. Liaqat Ali, Corporate Head, Punjab, Saudi Pak Commercial Bank, Mr. Amjad Ali, Zonal Head, Al-Zamin Leasing Corporation and other Senior executive of Islamic Banks also expressed their views on positive role of State Bank of Pakiswtan while addressing the participants. At the end of Seminar Islamic Banking Certificate were distributed to participants of the Specialized Course of Ijarah and Murabahah. |
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| Specialized Workshop on Islamic Banking at Faisalabad. |
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The concluding session of Islamic Banking Course organized by AlHuda Centre of Islamic Banking and Islamic Economics at Faisal Bank, Faisalabad was followed by certificate award ceremony. The chief guest on the occasion was Mr. Mazhar Ali Bokhari, Head of Islamic Banking, Prime Bank. He distributed the Certificate in an impressive ceremony. Addressing the certificate holders Mr. Mazhar Ali Bokhari advised that all Islamic Banks have complete plan of Islamic Banking designed under SBP and Ulema. It was now the responsibility of staff of the banks to understand and implement the same with religions zeal. He said that future of banking was Islamic Banking. He praised the efforts of Alhuda CIBE for promoting SBP & Govt. initiative by spreading awareness about Islamic Banking.
At the end Director’s of Alhuda CIBE Mr. Zubair Mughal and I. A. Farooq gave further details about future training Courses of Islamic Banking by AlHuda to be held at Peshawar and Multan in July 2006. The participants express great satisfaction on the course material and method of workshop and participation of knowledge adopted during the Course. |
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| International Seminar on Islamic Banking and Finance at Aiwan-e-Iqbal , Lahore, organizd by AlHuda CIBE. |
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Alhuda CIBE is organizing an international seminar and exhibition on April 29, 2006 at Aiwan-e-Iqbal. This seminar and exhibition is aimed at sharing knowledge about Islamic Banking and its application. This will motivate people to participate more actively on the Govt. and State Bank’s initiative to gradually transfer Conventional Banking on voluntary Bases. The seminar will help to promote market for Islamic Banks.
At the request of Alhuda CIBE, the International Market of Islamic Banking has confirmed it’s presence. Executive President of Islami Bank, Dacca, Mr.Abdur-Raquib is arriving in Lahore today, while renowned scholar Mr. Abdul Haleem Ismail Zubaidi will also speak in the seminar.
Islamic Banking division’s heads from renowned banks will deliberate various issue of Islamic Banking. |
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| Participants are: |
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Dr. Muhammad Zubair Usmani
Shari’a Advisor - MCB
Topic: Basic Difference between Islamic Banking and Conventional Banking
Mr. Imtiaz Anjum
Member Finance, WAPDA
Topic: WAPDA First Sukuk
Mr. Muhammad Asad
Head of Islamic Banking: Bank of Khyber
Topic: Theme of Islamic Banking
Mr. Mazhar Bukhari
Head of Islamic Banking: Prime Bank
Topic: Current Issues on Islamic Banking
Mr. Ejaz Farooq
Head of Islamic Banking : Bank AlFalah.Limited
Topic: Consumer Finance in Islamic Banking.
Dr. Salman Shah.
Advisor to Prime Minister on Finance, Revenue, Statistics & Economics |
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| Islamic Banking Awareness Seminar at Gujranwala Chamber of Commerce and Industry |
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Lahore. 18-02-2006
A seminar about awareness of Islamic Banking among among members of Gujranwala Chamber of Commerce and Industry was held at Gujranwala by Alhuda Centre of Islamic Banking and Islamic Economics. This was first seminar in the series launched by Alhuda CIBE in their effort to supplement sustain and spread the Govt and SBP initiative to promote Islamic Banking in this part of the country. It is evident that as the message moves along, problem will surface in accordance with varying customers and traditions as also type of business and trade.
Chairman of the Chamber of GCCI Ikhlaq Butt explained that Islamic banking is the area was not growing at a pace desired by local business community. The tree factors brought out were rate of return, inadequacy of information details about banks , not sharing the data.
While Mr Naeem Sarfraz Siddiqui from Meezan Bank provided the fiqhi details on Riba. Chief Guest of the Seminar Mr Amjad Ali, Assistant General Manager Albaraka Islamic Bank outlined the role of the Islamic Banks and some technical details including those about Takaful, The bankers expressed to share all information available to motivate customers to switch over to Islamic Banking.
Dr. Uzair Albazi , Director of ALHUDA dealt in detail the Islmic banking in historic perception. His argument that neither the business methods had changed nor the financing mechanism, rather these had been improved by Islam. He also outlined all the business and financing modes which were also regular part of curriculums being taught by Alhuda in his Courses. I.A Farooq Director Alhuda ( Ex-Banking advisor & director SBP) provided all the details and whole range of the question raised by participants in the light of service provided by ALHUDA. He said Alhuda was a forum established for education and training of Islamic banking as also to provide advisory services. He then responded to the points raised by the President of the chamber. He suggested that the business code provided setting up market communities consisting of bankers, chamber and ulama to improve information sharing and create confidence by opening business results for mutual data sharing. This will also create confidence on rate of return. Once the system was adopted the switch over to Islamic Banking will be faster and confident. At the end of the program President of GCCI Ikhlaq Butt and Chief Guest M. Amjad Ali Distribute sheilds among the participants. |
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