More than 1.5mn loans worth $831mn have been given out in the past seven years, said the Microfinance Investment Support Facility for Afghanistan (MISFA), which was set up by the government in 2003 to coordinate the sector. Thirty years of conflict have shattered Afghanistan’s economy and infrastructure, leaving two-thirds of the roughly 30mn population illiterate and at least a third in dire poverty.
Information Systems specializes in development of software for the financial institutions, offering multi-currency and multi-lingual banking systems with a large variety of modules, based on the latest technologies. We install and support turn-key international Banking Software and Microfinance Software solutions for retail banks, commercial banks, Internet banks and microfinance banks.
2010 Legatum Africa Awards to Recognise and Reward Africa's Entrepreneurial Business Leaders. Awards Ceremony to be Hosted in Accra, Ghana
Swiss group, TEMENOS, has over 300 client names worldwide, has systems live in over 500 client sites, operating in more than 100 countries. Founded in 1993, TEMENOS Group AG is a provider of integrated, modular, core banking systems that provides banks with a single, real-time view of the client across the enterprise. TEMENOS delivers 24/7 functionality to the wholesale, retail and private banking sectors, or partnering with central banks on core system replacement. TEMENOS is established as an international leader in the banking software industry. The company has expertise and commitment in projects. Headquartered in Geneva, Switzerland, the company has 34 offices in 29 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN).
Infosys provides a complete range of IT consulting outsourcing services based on strong domain and business expertise and strategic alliances with leading technology providers. Infosys' service offerings span business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering independent testing and validation services, IT infrastructure services and business process outsourcing (BPO). Infosys is a leading global IT organization with over 40 offices and development centers in India, China, Australia, the Czech Republic, Poland, the UK, Canada and Japan.
TATA Consultancy Services Financial Solutions (TCSFS) is a global and innovative company with a strategic focus on the present and future requirements of financial institutions. TCSFS goal is to enable their clients to meet the business challenges of modern-day banking and to achieve and sustain a competitive edge. TATA Consultancy Services acquired the former TKS Group.
The Ghana Islamic Microfinance www.ghanaislamicmicrofinance an upcoming microfinance institution that seeks to offer ethical micro financing in Ghana, campaign against predatory loans and offer interest free loans for both the Muslim and Non-Muslim community in Ghana have learnt with shock the passing away of Ibrahim Shaributu the brother of the National Chief Imam Sheik Nuhu Shaributu.
CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank have joined forces to challenge the Islamic microfinance industry to develop new ideas for business models.
Poverty certainly emerged as the single most problem that lies at the heart of modern day crisis. It quite recently has assumed alarming proportions. Many efforts were made in the past but they could not wholly succeed. Among significant tools, the microfinance was also used for getting rid of poverty which quite recently plagued the whole world. There is always a room for innovation to be introduced to already existing structures. Though microfinance made some gains in alleviating it but with sufficient services the amount invested lie in the danger of being spent on the items of daily use owing to extreme poverty.
The Governor State Bank Syed Salim Raza said Islamic banking will be launched in microfinance sector.
Sean Moroney, chairman of AITEC Africa, whose core business since 1987 has been focussed on ICT publishing, event management, professional development and training in Africa, spoke to Hilary Okeke on the forthcoming AITEC Banking and Payment Technologies Conference and other issues.
Some progress has already been achieved, and this is encouraging. However, more needs to be done to introduce democratic and secular values into the relationships between men and women. In the absence of these, the concept of gender equality is a mere fantasy.
Pakistan Prime Minister Syed Yusuf Raza Gilani has said that microfinance is an important pillar and integral part of Pakistan’s poverty reduction strategy and the government is making all out efforts to expand its coverage through microfinance banking, microfinance institutions and rural support programme.
Two years after being launched as the first poverty-focused social business in the Arab world, Grameen-Jameel Pan-Arab Microfinance Limited (Grameen-Jameel) is celebrating significant milestones that are helping to transform microfinance’s impact across the Arab World.
A few years ago, Ahmet Bubalku of the Kosovar village of Zabel i Ultë borrowed 3,400 euros, to build up a small farm.
The microfinance institution START, established and funded by Islamic Relief, lent him the money. It enabled Ahmet to buy seeds to grow potatoes, tomatoes and onions and rear chickens and a cow. Ahmet says without this loan he wouldn't be able to feed his three children.
Presenting a paper during Micro-Finance Investors Forum, organized by the Central Bank of Nigeria (CBN), held in Kano, Dogara believes that Islamic Micro-Finance could similarly be an excellent substitute for the conventional micro-finance currently being implemented in the country.
Islamic banking banks have not been affected by the sub prime crisis which has become a world wide crisis. Because they do not allow speculation on money, because they do not give money just on an interest basis, but invest in businesses with a risk sharing program.
Islamic banks are generally doing better in today’s uncertain economic times than their Western colleagues. So our financial institutions have a lot to adopt from Islamic economic system.
The Islamic banking industry today is worth at several hundred billion dollars (estimates vary), and consists of more than 300 financial institutions in the world. It is the product of the collective effort of bankers, economists, and Islamic legal scholars over the past several decades to develop financial solutions that meet the religious requirements of the Muslim society today.
First Global Investments Holdings (FGIH) recently launched its Islamic Microfinance programme which was targeted at alleviating poverty in the suburbs of Colombo.
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