ISLAMABAD - Pakistan Poverty Alleviation Fund (PPAF) has won the prestigious CIS Islamic Banking and Finance for being the best contributor to the Islamic Finance Industry in a ceremony held recently in Tashkent, Uzbekistan.
PPAF was selected for successfully implementing the Interest Free Loan Programme across Pakistan. The CIS Islamic Banking and Finance Awards is a signature initiative of Al Huda CIBE aimed to recognize the industry leaders and to promote the concept of sustainable economy. The Awards were presented in 15 categories to international Islamic microfinance institutions, takaful and leasing companies, banks, and individuals for their outstanding services to the Islamic Microfinance Industry.
PPAF’s Interest Free Loan Programme was selected for its extensive outreach and its unique feature of catering to the financial needs of the poor and marginalized communities across Pakistan with women being the major clients.
The design of the loan programme offers acceptability under Islamic Microfinance in areas where religious sentiments are high and conventional microfinance is not welcomed. The loans besides being interest free do not carry any additional charge/ fee i.e. documentation, processing, voluntary, insurance etc. As part of the programme, trainings are organized for the loan recipients for optimum utilization of loans for expansion of their businesses.
Dr. Irfan Yusuf Shami, Ambassador of the Islamic Republic of Pakistan to Uzbekistan, as the Chief Guest, inaugurated the forum. He spoke of Islamic finance being the need of the time and Central Asia’s need to observe the potential of Islamic banking and finance and the value it can bring to international banking and finance. The ambassador said that investing in Islamic 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 global opportunities for Uzbekistan. Dr. Shami also said that he vigorously endorsed Pakistan’s ambassadorial role in promoting meaningful contributions to the advancement of Islamic finance at all levels, paving the way towards a better community and making a difference in the world.