ISLAMABAD – Pakistan Poverty Alleviation Fund (PPAF) has won theprestigious CIS Islamic Banking and Finance for being the best contributorto the Islamic Finance Industry in a ceremony held recently in Tashkent,Uzbekistan.
PPAF was selected for successfully implementing the Interest Free LoanProgramme across Pakistan. The CIS Islamic Banking and Finance Awards is asignature initiative of Al Huda CIBE aimed to recognize the industryleaders and to promote the concept of sustainable economy. The Awards werepresented in 15 categories to international Islamic microfinanceinstitutions, takaful and leasing companies, banks, and individuals fortheir outstanding services to the Islamic Microfinance Industry.
PPAF’s Interest Free Loan Programme was selected for its extensive outreachand its unique feature of catering to the financial needs of the poor andmarginalized communities across Pakistan with women being the majorclients.
The design of the loan programme offers acceptability under IslamicMicrofinance in areas where religious sentiments are high and conventionalmicrofinance is not welcomed. The loans besides being interest free do notcarry any additional charge/ fee i.e. documentation, processing, voluntary,insurance etc. As part of the programme, trainings are organized for theloan recipients for optimum utilization of loans for expansion of theirbusinesses.
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Dr. Irfan Yusuf Shami, Ambassador of the Islamic Republic of Pakistan toUzbekistan, as the Chief Guest, inaugurated the forum. He spoke of Islamicfinance being the need of the time and Central Asia’s need to observe thepotential of Islamic banking and finance and the value it can bring tointernational banking and finance. The ambassador said that investing inIslamic banking and finance will lead to greater foreign investments,promising enhanced global connectivity, improved job creation,socio-economic development, and poverty alleviation.
This transcending Islamic financial sector may also create genuine globalopportunities for Uzbekistan. Dr. Shami also said that he vigorouslyendorsed Pakistan’s ambassadorial role in promoting meaningfulcontributions to the advancement of Islamic finance at all levels, pavingthe way towards a better community and making a difference in the world.
