(Lahore) Baittul Maal wa Tamwil (BMT) Microfinance system which is being working in Indonesia should be introduced all-around the globe as a best system to eliminate poverty which will boost-up Islamic Microfinance industry worldwide, These thoughts were expressed by Chief Executive Officer of Al-Huda Center of Islamic Banking and Economics Mr. Muhammad Zubair Mughal in his address in an International conference for “ Empowering SMEs for Financial Inclusion and Growth” held at Jakarta – Indonesia, which was organized by a well known financial institution “Sampoerna Group” of Indonesia in which large number of professionals related to Microfinance, SME, Banking and other Financial institutions participated.

1. CENTRE OF ISLAMIC BANKING
& ECONOMICS
Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.com
New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com
Press Release
Indonesia’s BMT Microfinance system should be introduced Globally: Zubair Mughal
In Indonesia 5,500 BMT’s are struggling under Islamic Microfinance to eliminate poverty
8th
July, 2013
(Lahore) Baittul Maal wa Tamwil (BMT) Microfinance system which is being working in Indonesia should
be introduced all-around the globe as a best system to eliminate poverty which will boost-up Islamic
Microfinance industry worldwide, These thoughts were expressed by Chief Executive Officer of Al-Huda
Center of Islamic Banking and Economics Mr. Muhammad Zubair Mughal in his address in an
International conference for “ Empowering SMEs for Financial Inclusion and Growth” held at Jakarta –
Indonesia, which was organized by a well known financial institution “Sampoerna Group” of Indonesia in
which large number of professionals related to Microfinance, SME, Banking and other Financial
institutions participated.

2. CENTRE OF ISLAMIC BANKING
& ECONOMICS
Head Office: 192- Ahmad Block, Ph: +92-42-35913096-8 E-mail: info@alhudacibe.com
New Garden Town Lahore, Pakistan. Fax: +92 -42-35913056 Website: www.alhudacibe.com
During his address Mr. Muhammad Zubair Mughal Said that, Islamic financial industry of Indonesia with
having 11 complete Islamic Banks, 24 Islamic windows, 43 Takaful Institutions, 16 Islamic Finance
companies and more than 5,500 BMT’s holds a remarkable position in the world. He said, BMT’s in the
world. He said, BMT’s in Indonesia has played an important role for the alleviation of poverty from
country by adapting methods of Islamic Microfinance system, which is a clear example of success of this
system But unfortunately, BMT’s methods are being limited to Indonesia only, but it is the need of the
time that this system should be introduced in other countries of world along with Indonesia which will
help in introducing Islamic Microfinance system in other countries of world and new Islamic
Microfinance methods of BMT will be available along with Murabaha, Salam, Mudarabah, Qarz-e-Hasna
and Waqf to Islamic Microfinance Institutes.
He further added that, to involve poor in financial inclusion Islamic Microfinance is very important along
with branchless banking, Product innovation and financial literacy etc
Because in Muslim communities major reason of poverty is to avoid interest based Microfinance and in
order to bring Muslims in financial inclusion then such a Islamic Microfinance system need to be
introduced which will be according to the Muslims religious and economic principles otherwise poverty
will increase due to financial excluding of Muslims, which can be estimated from present facts and
figures that half of world’s poverty lies in Muslim countries.
He further added, to gather Islamic Microfinance institutions and professional of the world on single
plate form, the Global Islamic Microfinance Forum is going to be held on October 16, 2013 in Dubai, to
compile the strategy to strengthen Islamic Microfinance industry#