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Islamic microfinance market reaches USD 1 bln

Wednesday 17 April 2013 06:37 CET | News

Islamic microfinance market has reached USD 1 billion, according to estimates by Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE).

Currently more than 300 Islamic microfinance institutions are offering their services to 1.6 million clients in almost 32 countries.

In order to further strengthen Islamic microfinance, AlHuda CIBE has established an international division named “Centre of Excellence in Islamic Microfinance (CEIMF). Its main objective is to provide the Advisory & Consultancy to Microfinance Institutions so that conventional microfinance institutions can be transformed into Islamic microfinance institution and along with this new Islamic Microfinance Institutes can be established. In this regard, Centre of Excellence in Islamic Microfinance is offering its services in Azerbaijan, Yemen, Afghanistan, Pakistan, Mauritius, Indonesia, Kazakhstan and other countries.
 


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Keywords: payments , islamic microfinance, UAE
Categories: Payments & Commerce
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