Pakistan: AlHudaCIBE and ASASAH sign MoU to Flourish Islamic Microfinance Products

Dec 2009
Pakistan, December, 22 2009 - AlHuda CIBE (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, Alhuda CIBE 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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