Industry news |
| Al-Huda, Asasah Partner to Promote Islamic Microfinance in Pakistan |
The Al-Huda Centre of Islamic Banking and Economics (CIBE) has partnered with Asasah to help reduce poverty in Pakistan by providing its services in Islamic microfinance product development. Al-Huda will design manuals describing Islamic financial products, provide accounting and auditing treatments, Shariah supervision, and help train staff members. Al-Huda will also help Asasah develop Shariah compliant IT solutions.
Al-Huda and Asasah plan to open Pakistan’s first shariah compliant branch by March 1, 2010. Asasah also expects to make all of its 27 branches shariah compliant in the future.
Source: Al-Bawaba Reporters