Islamic Microfinance Network (IMFN) has recently launched in Pakistan with the aim to provide a common platform for Islamic microfinance institutions (MFIs) around the world. Headquartered in Lahore, the network is also looking to establish regional offices in Ghana, Mauritius and the Middle East.
The activities of IMFN include coordinating the efforts of its members in jointly addressing poverty alleviation, establishing best practices in Islamic microfinance and developing guidelines for adopting practices that comply with Shariah law.
Mr Zubair Mughal, the chief executive officer of IMFN, stated at a recent event that there are around 14 Islamic microfinance institutions in Pakistan and around 200 Islamic microfinance institutions around the world. He also went on to say that institutions from Jordan, Iraq, Yemen, Ghana, Mauritius and Kazakhstan would be the first to be a part of IMFN [1].
By: Medha Ravi, Research Associate
About Islamic Microfinance Network (IMFN):
Launched in 2010, Islamic Microfinance Network (IMFN) is a platform that aims to integrate Islamic microfinance institutions (MFIs) around the world. Headquartered in Lahore, the network is also looking to establish regional offices in Ghana, Mauritius and the Middle East as of 2011. The network’s role includes facilitating greater integration among its members in areas such as poverty alleviation, compliance with Shariah law and best practices in Islamic microfinance.
[1] Islamic Microfinance Network press release: “Establishment of Islamic Microfinance Network (IMFN) to Help Promoting the Industry”, January 20 2011, http://www.imfn.org/news.php
Source and Resources:
Islamic Microfinance Network press release: “Establishment of Islamic Microfinance Network (IMFN) to Help Promoting the Industry”, January 20 2011, http://www.imfn.org/news.php
MicroCapital.org story, December 16, 2010: “MICROCAPITAL BRIEF: 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.org story, November 29, 2010: “MICROCAPITAL BRIEF: Microfinance Dominates Shariah Lending in Indonesia, Commercial Banks Take Notice”, https://www.microcapital.org/microcapital-brief-shariah-microfinance-invokes-expansion-of-indonesian-banks/
MicroCapital’s Microfinance Universe profile: Islamic Microfinance Network (IMFN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Islamic+Microfinance+Network
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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