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CENTRE OF ISLAMIC BANKING
& ECONOMICS
Press ReleaseAlHuda CIBE will conduct a research study for
Islamic Microfinance in Azerbaijan
Agreement signed between AlHuda Pakistan and Vision Fund
AzerCredit Azerbaijan in
Baku
28th January, 13
(Baku- Azerbaijan) An agreement for the advancement of Islamic
microfinance was signed between AlHuda
Centre of Islamic Banking and Economics and Vision Fund
AzerCredit in a splendid ceremony at the capital of
Azerbaijan, Baku. According to the agreement, AlHuda CIBE will
conduct market research in different cities
of Azerbaijan including Baku to formally initiate Islamic
microfinance in Azerbaijan. Mr. Zubair Mughal, Chief
Executive Officer, of AlHuda Centre of Islamic Banking and
Economics and Mr. Sameer Jaffer Ali, Deputy
Chairman Board of Directors, of Vision Fund AzerCredit signed
the agreement.
While addressing the agreement ceremony, Mr. Sameer Jaffer Ali
said that this agreement is a milestone for
the foundation of Islamic microfinance in Azerbaijan. It will
lead to the commencement of micro and SME
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finances based on Islamic principles. He said that Azerbaijan is
a country with 99% Muslim population and its
people have been waiting for Islamic finance for quite a long
time. This agreement is the first step towards
fulfilling their financial needs according to Islamic
principles. He said that through research reports we will
get the realistic and pragmatic information on Islamic finances
requirement in Azerbaijan, keeping in view
public needs and demands, Vision Fund AzerCredit will introduce
Islamic Microfinance products in the
Azerbaijan market.
Muhammad Zubair Mughal, Chief Executive Officer, of AlHuda
Centre of Islamic Banking and Economics,
while addressing the ceremony said that Azerbaijan will prove to
be a good market for Islamic finance
products as there is a high public demands for these products
and it will further increase in the coming days.
He, referring to his research in the different cities of
Azerbaijan (Goycey, Sabirabad, Mislli etc.), said that
there is very high demand of Islamic finances in rural and
semi-urban areas and people were happy and
excited when they learned about Islamic microfinance. Moreover,
he said that legal and revolutionary
amendments are required for the advancement of Islamic finances
in Azerbaijan. Its hoped that in coming
days this issue will be sorted and Islamic retail banking will
start in an effective manner. Approximately 10
Islamic finance institutions, including one government bank, are
providing Islamic finance facilities at
corporate level, which is a luminous illustration of Islamic
banking and finance in Azerbaijan.
It should be noted that AzerCredit is the second largest
microfinance institution in Azerbaijan, which is
providing its services in 18 regions of the country through its
network of 56 branches. AlHuda CIBE is a
Pakistani organization which is performing Islamic finance
research services in difference countries.
Particularly for the progress of Islamic microfinance, it
established a specialized Department, AlHuda Centre
of Excellence in Islamic Microfinance, which is providing its
services for the development of Islamic
Microfinance Globally.
Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8
E-mail:[email protected]
New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website:
www.alhudacibe.com
mailto:[email protected]:[email protected]:[email protected]:[email protected]
