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The 6th Global Islamic Microfinance Forum (GIMF) will convene in Nairobi, Kenya on November 8-9, 2016. Muhammad Zubair Mughal, the CEO of Al-Huda, said the GIMF will explore how new and effective strategies can alleviate poverty. He said the most alarming situation is that major chunk of poverty exist in Muslim countries, as it is considered the number one agenda of "financial inclusion." In these countries a proper platform is needed, valuing their cultural and social values, which is possible only through Islamic Microfinance. Amjad Saqib, Executive Director of Akhuwat declared that Akhuwat has so far distributed almost Rs. 25 billion among 1,323,586 families. He presented the "Qarz-e-Hassan" model as a true model of Islamic Welfare oriented Microfinance system. The Forum will be followed by two days post event workshop, How to Develop, Operate and Sustain Islamic Microfinance Institutions planned for November 10-11, 2016.

Tanzania has big potential for Islamic Finance and could be the Islamic banking hub for east African countries, Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Center of Islamic Banking and Economics said during the concluding ceremony of "African Islamic Banking and Finance Road show". This road show was conducted in 6 African Countries for the Promotion of Islamic Finance on the African continent. He stated that Islamic finance is not only taking root in North African countries e.g. Tunisia, Morocco and Algeria etc, as potential exists in all African countries. Islamic Banking and Finance is growing rapidly in Nigeria, Libya, South Africa, Kenya and Morocco, while Egypt, Sudan, Tanzania, Tunisia have already taken good initiatives in the mentioned field.

Tanzania has big potential for Islamic Finance and could be the Islamic Banking hub for east African countries, Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Center of Islamic Banking and Economics said during the concluding ceremony of "African Islamic Banking and Finance Road show". This road show was conducted in 6 African countries to promote Islamic Finance on the African continent. He stated that Islamic finance is not only taking root in North African countries, as potential exists in all African countries. Islamic Banking and Finance is growing rapidly in Nigeria, Libya, South Africa, Kenya and Morocco, as well as Egypt, Sudan, Tanzania, Tunisia. The total volume of Islamic finance in Africa is an estimated 78 Billion USD, which is less than 5% share of the global Islamic finance industry.

There are big opportunities to promote Islamic finance in Tunisia which can be the global hub of Islamic finance for French speaking countries, said Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics (CIBE) in an international conference on “Finance and Enterprise” in Tunisia. Mughal said international financial crisis can be addressed in a better way through Islamic finance. Tunisia has a good recognition in Islamic financial industry having 2 full-fledged Islamic banks, takaful companies, universities with Islamic finance program, sukuk laws and some other similar institutions which indicate the best future of Islamic finance in Tunisia. However, Islamic microfinance is a missing component of Islamic finance in Tunisia.

Islamic Banking and Finance has been nearly confined to the rich people and as per the ideology of capitalism, the profit urge has captured the Islamic Financial Industry and discriminated the underprivileged people and letting them deprived from Islamic financial services. The commercialism has captured Islamic Finance institutions in such a way that business with and financing to the poor has gone astray from their agenda. The share of Islamic Microfinance is less than 1% from the overall volume of $ 1.3 trillion of Islamic Finance Industry. Islamic Microfinance can be energized by utilizing available charity amount of Islamic Banking and Finance industry to reduce poverty and fuel social development. Islamic Financial Institutions have to execute and promote Islamic Microfinance otherwise there is a definite chance of rumors that Islamic Banking and Finance services are only for rich people.

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.

Islamic microfinance is rapidly gaining acceptance in Muslim and non-Muslim countries due to its success in poverty eradication. According to Muhammad Zubair Mughal, Chief Executive Officer of Pakistan’s AlHuda Centre of Islamic Banking and Economics (CIBE), the Islamic microfinance market has reached USD 1 billion. More than 300 Islamic microfinance institutions are offering their services to 1.6 million clients in almost 32 countries, he added. There is research needed so that new Islamic microfinance products can be introduced. At present, Murabaha alone has 80 percent share of total Islamic microfinance market.

Islamic microfinance can bring people above the poverty line as well as enable self-reliance through a regular source of income. According to Muhammad Zubair Mughal, CEO of AlHuda Centre of Islamic Banking and Economics, adopting Islammmic microfinance can rid Muslim countries of poverty. Non-Muslim countries, however, are currently the leaders in this area. The Centre of Excellence on Islamic Microfinance will start operations simultaneously through its partners offices in other countries in order to contribute to the elimination of poverty through Islamic microfinance.

The Global Islamic Microfinance Forum will be held on 8th to 10th December in the World Trade Centre in Dubai. The purpose of the forum is to porpagate Islamic microfinance across the world and to strengthen the dialogue with international donor and development agencies.

It seems that Islamic Agricultural and Rural Finance can bring the genuine green revolution to an economy. As Islamic Finance has made a lot of progressive research in Agricultural finance bringing a number of pragmatic and useful choices which if enabled can bring revolutionary development to the economy.
Muhammad Zubair Mughal Chief Executive Offier, AlHuda Centre of Islamic Banking and Economics(CIBE), also explained the objectives of a specialized training workshop on Islamic Agricultural and Rural Finance being organized by AlHuda-CIBE on 28th & 29th November 2011 in Islamabad.

Islamic Microfinance Network (IMFN) has been set up to assemble the international Islamic Microfinance organisations on one platform.
The IMFN head office is in Lahore and its regional offices will be in Ghana, Mauritius and Middle East.
The board members of IMFN are Farida Tariq, Chairperson, Amjad Saqib, Vice Chairman, and Muhammad Zubair Mughal, Chief Executive Officer.