MICROCAPITAL BRIEF: AlHuda, Azerbaijan’s SER Agree to Promote Islamic Finance in the Caucasus

Two NGOs, the Pakistan-based AlHuda Center of Islamic Banking & Economics (CIBE) and Azerbaijan’s Studying of Economic Resources (SER) Public Union recently announced they will collaborate to promote Islamic finance in Azerbaijan and other countries in the Caucasus region. Among their goals are to address issues such as currency devaluation and high levels of non-performing loans. Islamic finance eschews conventional interest payments in lieu of concepts such as the sharing of profit and loss.

AlHuda CIBE is a Pakistan-based organization that works to promote Islamic finance and microfinance around the world. It provides training services on Shariah law with regard to finance and banking, and it hosts the Global Islamic Microfinance Forum annually. It also publishes periodicals on topics such as Islamic finance and halal foods.

SER, which is backed by the government of Azerbaijan, studies strategies for improving financial markets in Azerbaijan. It was founded in 2009.

By Sascha Strobl, Research Associate

Sources and Additional Resources:

AlHuda press release:

AlHuda Center of Islamic Banking & Economics:

Studying of Economic Resources:

MICROFINANCE EVENT: AlHuda Center of Islamic Banking and Economics to Host 5th Global Islamic Microfinance Forum, November 24-25, 2015, Kuala Lumpur, Malaysia

MICROCAPITAL BRIEF: Jordan’s Queen Noor, King Hussein Foundation Launch Sharia-Compliant Microfinance Institution Ethmar

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.

Similar Posts: