Poverty Alleviation has become a world phenomenon, which has led to the invention of various methods for its mitigation. Mutual funding model and technology/mobile banking are adopted to cut it down. Therefore latest research has proved that Islamic micro-finance has all the substitutions to cut down world-wide poverty.
The subject matter is focused upon in "International Conference on Islamic Micro-finance" - which is going to be the largest event in the history of Islamic micro-finance - is planned on June 13, 2011 in Islamabad. Varied models of Islamic micro-finance, Shariah issues, Zaqat, Qard-e-Husna and Waqf model to decrease poverty, usage of technology and implementation of Islamic micro-finance in flood-hit areas will be the hot topics to discuss in the mega event.
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 poor. While discussing the importance of the conference, Zubair Mughal, Chief Executive officer, AlHuda Centre of Islamic Banking and Economics Pakistan, organiser of the conference said that Pakistan has a prominent place in the field of Islamic microfinance sector and Pakistan is representing it as a leader of the industry. He added that the 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 relief work in flood-hit areas. It is to be noted that almost one billion seventy crore (1.7 billion) people are living lives below the poverty line. Amongst them, 44 percent 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 is the best substitution for poverty alleviation.-PR