AlHuda Centre of Islamic Banking and Economics (CIBE), an organization that promotes Islamic banking and finance through research and advisory services, recently signed a memorandum of understanding (MoU) with Naziran Yousaf Memorial Trust (NAYMET) Islamic Microfinance, a Pakistani nonprofit organization, to develop NAYMET’s Islamic microfinance products. AlHuda CIBE will also provide accounting and auditing services, staff training and supervision relating to compliance with Islamic (Shariah) laws. The Shariah prohibits interest payments and fees, so Islamic banking is centered instead on the concept of joint venture and profit sharing. In addition to Pakistan, Islamic microfinance is emerging in other Muslim countries such as Bangladesh, Lebanon, Syria, Malaysia and Indonesia. NAYMET reported current assets of PKR 4.4 million as of June 30, 2010 [1].
By Julie Moksim, Research Associate
About AlHuda Centre of Islamic Banking and Economics (CIBE): AlHuda CIBE provides advisory services and training to promote financial products and services that uphold Islamic laws, also known as the Shariah. Established in Pakistan, the organization offers services that include education and training, consulting and research (market studies, feasibility reports, surveys) as well as several publications. AlHuda CIBE created a nonprofit organization known as the Islamic Microfinance Network (IMFN) in 2009 to develop and promote the Islamic microfinance industry. IMFN’s mission is to increase public awareness of Islamic financial systems as well as develop financial products that are compliant with Shariah laws. Financial information for AlHuda CIBE is not available.
About Naziran Yousaf Memorial Trust (NAYMET) Islamic Microfinance: NAYMET is a nonprofit, nongovernmental and nonpolitical organization established in Pakistan in 2004. NAYMET’s mission is to improve the economic status of under-served communities in urban and semi-urban areas of Pakistan. The organization’s programs include women’s empowerment and development, health, Islamic education and microcredit and enterprise development. NAYMET provides both group and individual loans in the following sectors: livestock, agriculture, commerce and trade, tailoring and handicrafts. In addition to Islamic enterprise loans, NAYMET provides loans for marriage, house renovation, social development and technical training. NAYMET reported current assets of PKR 4.4 million as of June 30, 2010.
[1] AlHuda Centre of Islamic Banking and Economics (CIBE) Press Release: “AlHuda CIBE and NAYMET Islamic Microfinance Sign MoU to Set up Islamic Microfinance Products”, http://www.alhudacibe.com/pressreleases.php
MicroCapital’s Microfinance Universe Profile: AlHuda Centre of Islamic Banking and Economics (CIBE)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AlHuda+CIBE
MicroCapital’s Microfinance Universe Profile: Naziran Yousaf Memorial Trust (NAYMET) Islamic Microfinance
MicroCapital.org Article, November 29, 2010: Microfinance Dominates Shariah Lending in Indonesia, Commercial Banks Take Notice,https://www.microcapital.org/microcapital-brief-shariah-microfinance-invokes-expansion-of-indonesian-banks/#more-8312
Browse the MicroCapital Universe and add your entry to the wiki at:
https://www.microcapital.org/microfinanceuniverse/
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