IslamicFinance.de

Islamic Finance is an ideal tool of financial inclusion and can address the poverty issues in East Africa effectively, according to Mr. Zubair Mughal, the Chief Executive Officer of AlHuda Center of Islamic Banking and Economics (CIBE). He was addressing a gathering of the banking and financial industry of Tanzania in Dar es Salaam during an Islamic Banking and Finance event. The overall objective of the event was to create awareness, knowledge development and sharing the best practices of Islamic Banking and Finance with local financial market, so that the Tanzanian Islamic financial market could be established with solid footing using Shariah & technical expertise as concrete.

AlHuda Center of Islamic banking and economics (CIBE) Initiated a Islamic Microfinance research study for Yemen Microfinance Network (YMN) in Yemen. This study will be conducted in Yemen's capital Sana'a including Taiz, Adan and Almoukla, so that the Islamic Microfinance products can be examined broadly and further Islamic Microfinance products can be developed with the compatibility of the existing structure. The share of Islamic Microfinance in Yemen's Microfinance sector is approximately 90% and the remaining 10% are also converting their portfolio into Islamic Microfinance. The increased outreach of the Microfinance sector is expected to help eradicate poverty.