Press Release

AlHuda CIBE and Naymet Islamic Microfinance Sign

MoU to Set up Islamic Microfinance Products
AlHuda-Centre of Islamic Banking and Economics will develop Islamic
Microfinance Products for Naymet Microfinance according to the MoU

10th December,2010
(Lahore) AlHuda centre of Islamic Banking & Economics (CIBE) signs
MoU with Naymet Islamic Microfinance to render its services for Islamic
Microfinance product development that is a step forward for the
poverty reduction in Pakistan that is also rightly in line with Islamic
regulations. Under this prestigious agreement, AlHuda CIBE will
operate manuals of Islamic financial products and will also provide
accounting and auditing measures, Shariah supervision, and help
training out its staff members. AlHuda CIBE will also facilitate Naymet
Islamic Microfinance in advisory for Shariah complaint I.T solutions.

Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE

said that Alhuda Centre of Islamic Banking and Economics is very
eager to develop Islamic Microfinance products and this firmness to
the objective will defitely help AlHuda CIBE to make develop
microfinance products for Neymet. He added that Islamic microfinance
is not only developing within Pakistan but Bangladesh, Lebanon, Syria,
Malaysia, Indonesia South Africa and other countries are also
benefiting from the products of Islamic microfinance.

Mr. Shahid I. Mohammad, President, Naymet Islamic Microfinance, in

his speech declares that it’s our privilege to establish a working
relation with AlHuda CIBE. Islamic microfinance products will be very
beneficial in developing Shariah complaints industry. It will be a step
forward to flourish a web of Islamic microfinance products network in
Pakistan that will be very poverty alleviation and uplifting the economy
of the country. This agreement is an exemplary MoU in Islamic
Microfinance product Development and a unique effort in itself. Mr.
Amer Yousaf, Director Operations, Naymet Islamic Microfinance says
that this agreement will surely help in poverty alleviation in Pakistan.
He further said that it is a milestone in the field of Islamic Microfinance
through which the fruits of Islamic banking will easily reach the lower
level inhabitants of Pakistan. It will further enable small loan holders to
get rid of loads in order to flourish small businesses throughout
Pakistan.

Therefore, this MoU will help forming an exemplary effort to strengthen

the roots of Islamic microfinance in Pakistan. It will be a step forward to
flourish Islamic Microfinance products network in Pakistan that will be
very beneficial in poverty alleviation and uplifting the economy of the
country#