MICROCAPITAL BRIEF: AlHuda Centre of Islamic Banking and Economics (CIBE) to Provide Training, Capacity Building Services to Organization of Islamic Cooperation (OIC) Member Countries

AlHuda Centre of Islamic Banking and Economics (CIBE), a Pakistan-based NGO that promotes Islamic banking, and the Statistical, Economic and Social Research & Training Centre for Islamic Countries (SESRIC), a subsidiary of the Turkey-based Organization of Islamic Cooperation (OIC), have signed a memorandum of understanding to provide training and capacity building services to the central banks of the 57 member countries of OIC. The main purpose of the program will be to align central banks’ practices with international standards. AlHuda CIBE CEO Muhammad Zubair Mughal stated that the agreement is expected to target banking practices in the area of Islamic microfinance in particular.

AlHuda CIBE is a nonprofit consulting firm that specializes in research and training in the Islamic microfinance industry. According to the principles of Islamic law, or Shariah, Islamic finance does not allow charging interest on loans, instead relying on the sharing of profit and loss. SESRIC is an international organization that acts as the focal point for technical cooperation between the OIC system and UN agencies.

By Juan Blanco, Research Associate

About AlHuda Centre of Islamic Banking and Economics (CIBE)

Located in Pakistan, AlHuda Center of Islamic Banking and Islamic Economics (CIBE) is a nonprofit organization that specializes in research, training and consulting in the Islamic microfinance industry. The organization also provides technical assistance in the area of Shariah law, organizes distance-learning programs and publishes a monthly newsletter on Islamic microfinance. Financial information on AlHuda CIBE is not available.

About Statistical, Economic and Social Research & Training Centre for Islamic Countries (SESRIC)

The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), was founded as a subsidiary of the Turkey-based Organization of Islamic Cooperation (OIC) in 1977. The mandate of SESRIC is threefold: “To organize, process and distribute socio-economic statistics and information for the use of the member countries; to study and assess economic and social developments in OIC member countries to help in the creation of proposals that will contribute in the starting and improvement of co-operation among them; and to organize training programs in different fields designed for the needs of the member countries as well as for the general objectives of OIC.” OIC has 57 member states in Africa and Asia.

About Organization of Islamic Cooperation (OIC)

The Organization of Islamic Cooperation (OIC) (formerly known as the Organization of the Islamic Conference) is an inter-governmental organization based in Saudi Arabia that has membership of 57 states in Africa and Asia. The organization aims to be the collective voice of the Muslim world as well as safeguard and protect the interests of Muslims to promote international peace and harmony. OIC was established in 1969.

Sources and Additional Resources

[1] Organization of Islamic Cooperation, “Press Release: SESRIC- OIC and AlHuda CIBE sign MoU,” April 2, 2014.

MicroCapital Story, January 31, 2013, “AlHuda Center for Islamic Banking and Economics, VisionFund AzerCredit to Conduct Market Research in Advance of Possible Launch of Islamic Microfinance in Azerbaijan,” https://www.microcapital.org/microcapital-brief-alhuda-center-for-islamic-banking-and-economics-visionfund-azercredit-to-conduct-market-research-in-advance-of-possible-launch-of-islamic-microfinance-in-azerbaijan/

MicroCapital Story, July 26, 2012, “AlHuda Centre of Islamic Banking and Economics of Pakistan Creates Centre of Excellence in Islamic Microfinance,” https://www.microcapital.org/microcapital-brief-alhuda-centre-of-islamic-banking-and-economics-of-pakistan-creates-centre-of-excellence-in-islamic-microfinance/

MicroCapital Story, June 18, 2012, “AlHuda CIBE: Supply of Islamic Bankers Falls Short of Demand,” https://www.microcapital.org/microcapital-brief-alhuda-cibe-supply-of-islamic-bankers-falls-short-of-demand/

MicroCapital Story, December 16, 2010, “AlHuda CIBE, NAYMET Sign MoU to Develop Islamic Microfinance Products in Pakistan,” https://www.microcapital.org/microcapital-brief-alhuda-cibe-naymet-sign-mou-to-develop-islamic-microfinance-products-in-pakistan-2/

MicroCapital Universe Profile: AlHuda Centre of Islamic Banking and Economics (CIBE), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AlHuda+Centre+of+Islamic+banking+and+Economics

MicroCapital Universe Profile: Statistical, Economic and Social Research & Training Centre for Islamic Countries (SESRIC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Statistical%2C+Economic+and+Social+Research+and+Training+Centre+for+Islamic+Countries+%28SESRIC%29

MicroCapital Universe Profile: Organization of Islamic Cooperation (OIC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=organization+organization+of+islamic+cooperation+%28oic%29

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