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Islamic Microfinance Model to help alleviate poverty

From Associated Press of Pakistan

Speakers at a seminar here called for following interest free Islamic microfinance model in order to eliminate poverty from the country. The seminar was organized on Monday by Al-Huda Centre of Islamic Banking & Economics (CIBE) and AKHUWAT.

The aim of the seminar was to choke out the plan of poverty alleviation on national and international scale to lessen poverty, social welfare and to tackle other problems pertaining to it.

Delegates from Malaysia, Yemen, Kazakhstan, Indonesia, Mauritius and other countries participated in the event who spoke on various topics of Islamic microfinance i.e. methodology of poverty reduction, Zakat, Shariah implications, Dard-e-Hasna, Waqf models, latest trends of Islamic microfinance, technological application of poverty alleviation and usage of Islamic microfinance in non muslim societies.

Speakers said poverty has risen as one of the most crucial problems of the decade hitching fastest development of the countries on national and international level.

Islam is the only religion that takes the responsibility of poverty alleviation as one of its main obligations. Zakat, Ushar, Waqaf, Fitrana, Qard-e-Hasna, Murabaha, Ijarah, Musharaka etc have the qualities to sustain society from the plague of poverty.
“This was the major reason of worldwide recognition of Islamic microfinance as a sustainable source of lessening poverty from the society.

It is a pleasurable factor that more than 2 million beneficiaries are taking the edge of Islamic microfinance worldwide”, speakers added.

Speakers said that internationally, microfinance was considered a viable prospective to alleviate poverty but its sustainability was related to high interest rates. “Islamic Microfinance Model like Akhuwat interest-free micro-lending is not less than a miracle as it has proven all the existing viewpoints regarding microfinance wrong by providing interest free funding to the poor”, Athar Axeem Khan, an economist said.

Dr. Amjad Saqib, Executive Director Akhuwat said that so far the organization has provided funding in the shape of Qarz-e-Hasna worth of Rs. 1.1 billion to 94,000 families. He said that the recovery percentage remained 99.85 per cent.


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