By Etuka Sunday
AlHuda–Centre of Excellence in Islamic Microfinance (CEIMF) has assured its target audience of better deal especially in the area of poverty alleviation.
Its Chief Executive Officer, Muhammad Zubair Mughal in a statement said, “it is widely accepted that micro and Rural finance is the most effective tool for alleviation of poverty and uplift the living standards of poor through real economic activities in society, but as per market studies conventional micro financial system could not serve the potentially as should expectation due to the few deficiencies. So, it is an immediate need to develop substitute financial products for microfinance institutions.
“During the latest research on Microfinance sector, it is evaluated that Islamic financial system provides the best solutions for Poverty alleviation and economic sustainability, it is not only providing opportunity to utilized a sustainable system but also offer good rate of return, ideal performance and Impact compare to conventional microfinance system.”
According to Mughal, AlHuda CEIMF is a well-established name, working for Advisory, Consultancy, Islamic Micro and Rural Finance Products Development and Shariah Certification, which will provide an easy mechanism of Islamic Microfinance operations within existing portfolios.”