Islamic Microfinance Network (IMFN), a Pakistan-based nonprofit organization that aims to promote Islamic microfinance worldwide, recently announced the opening of its membership to both national and international organizations that work in Islamic microfinance [1]. Institutions practicing Islamic microfinance can now become “Permanent Members” of IMFN while conventional microfinance institutions can become “Observer Members,” to “learn more about Islamic microfinance.” The permanent membership is also open to academicians and advisors working in the area of Islamic microfinance.
According to the IMFN website, the organization was launched in 2009 with the aim to establish best practices in Islamic microfinance, to coordinate the efforts of its members in addressing poverty and to develop products and services that comply with Shariah law. According to IMFN, there are currently 300 Islamic microfinance institutions operating in 32 countries. The CEO of IMFN, Mr Mohammad Zubair Mughal, who is also the CEO of the for-profit Al Huda Center of Islamic Banking and Islamic Economics (CIBE), said that worldwide, “44% of the people living below poverty line live in the Muslim majority countries which [is] the prime reason behind Islamic Microfinance.” Current IMFN membership numbers are not available.
By Nisha Koul, Research Associate
About Islamic Microfinance Network (IMFN): According to its website, the Islamic Microfinance Network (IMFN) was launched in 2009 to integrate Islamic microfinance institutions (MFIs) around the world. Headquartered in Lahore, Pakistan, IMFN plans to establish regional offices in Ghana, Mauritius and the Middle East as of 2011. The network aims to establish best practices in Islamic microfinance, coordinate the efforts of its members in addressing poverty alleviation and develop and implement guidelines that comply with Shariah law. Current IMFN membership numbers are not available.
Sources and Additional Resources:
[1] Press Release, “Islamic Microfinance Network (IMFN) now unlock for membership worldwide,” www.microfinancegateway.org/gm/document-1.9.52333/IMFN.pdf
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, February 1, 2011, “MICROCAPITAL BRIEF: Islamic Microfinance Network (IMFN) Launches in Pakistan, Will Serve Shariah Microlenders Worldwide,” https://www.microcapital.org/microcapital-brief-islamic-microfinance-network-imfn-launches-in-pakistan-will-serve-shariah-microlenders-worldwide/
MicroCapital.org story, May 23, 2011, “MICROCAPITAL BRIEF: Islamic Microfinance Can Spur Development, Argues Khan from Care International UK,” https://www.microcapital.org/microcapital-brief-islamic-microfinance-can-spur-development-argues-khan-from-care-international-uk/
MicroCapital Universe profile: Islamic Microfinance Network (IMFN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Islamic+Microfinance+Network
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