AlHuda Developed The Capacity Of Central Bank of Somalia For Islamic Microfinance

A three days comprehensive Capacity building program of Islamic Microfinance was held on demand of Central Bank of Somalia for the development of Islamic methodology to fight against the poverty in the under developed African country.

This workshop was held in the second week of November at the premises of Central Bank of Somalia in Mogadishu – Somalia, which was held by SESRIC – OIC with the association of AlHuda Centre of Islamic Banking and Economics (CIBE). In this, AlHuda CIBE provided capacity building services on Islamic Microfinance, and shared their research work and specific modules related to it. Many high officials of Central Bank of Somalia and other stake holders participated in this program, Mr. Abdul Samad member Shari’ah Board gave detailed presentations on Islamic Microfinance and other allied issues.

Muahmmad Zuabir Mughal, Chief Executive Officer, AlHuda CIBE said that this is an honor for AlHuda CIBE to provide state of the art capacity building programs of Islamic finance for the Central Bank of Iraq and Central Bank of Somalia in connection to our working relationship with SESRIC-OIC. The purpose of this workshop was to establish and promote Islamic banking and finance in those countries to fight against the hurdles in the way of development and prosperity.

He further added that keeping into concentration, 99.8 per cent Muslim population and increasing poverty over there, Islamic microfinance is unavoidable. With this structure, the citizens of Somalia can benefit from the products and services in relevance with their religion and customs. He said that the capacity building of central bank of Somalia is the first step in this connection.

AlHuda CIBE will continue offering its services for other players of the industry for the Islamic microfinance product development and research. Looking at the fast growing market of Islamic microfinance in Somalia is evidence that Somalia will take benefit from Islamic microfinance and cut down the rapid growing poverty in the country.

Mr. Bashir Cisse, Governor, Central Bank of Somalia and Prof. Abdulahi Afrah, President, Somalia Reconstruction and Development Bank appreciated the efforts of AlHuda CIBE and SESRIC OIC for the promotion of Islamic Microfinance. They said that we will be able to work for the poverty alleviation by applying Islamic microfinance in the country.

Originally published on www.cpifinancial.net