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Press Release
AlHuda Developed the Capacity of Central Bank of Somalia for Islamic Microfinance
Program held in Mogadishu Somalia, Governor Central Bank appreciated the efforts of AlHuda CIBE
(Lahore) A 3 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 Shariah 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% 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.

About AlHuda CIBEL: AlHuda Center of Islamic Banking and Islamic Economics (CIBE) is a well recognized name in Islamic banking and finance industry for research, advisory and Advisory over the last ten years. The prime goal has always been to remain stick to the commitments and provide state-of-the-art Advisory Consultancy and Education through various well recognized modes viz. Campus programs, Distance learning programs, Trainings Workshops, Awareness Programs and Islamic Microfinance Products Development all side by side through our distinguished and generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serve the community as a unique institution providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 25+ Countries for the development of Islamic Banking and Finance

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