There are big opportunities to promote Islamic finance in Tunisia which can be the global hub of Islamic Finance for French speaking countries, said by Muhammad Zubair Mughal, Chief Executive Officer - AlHuda Centre of Islamic Banking and Economics (CIBE) in an international conference on “Finance and Enterprise” jointly organized by World Bank, International Monetary Fund (IMF), International Finance Corporation (IFC) and European Bank for Reconstruction and Development in Sousse – Tunisia, which was attended by the Prime Minister of Tunisia including many government ministers, heads and senior delegates from Central Banks, World Bank, IMF, IFC, European Bank and other dignitaries from different international organizations.

1. CENTRE OF ISLAMIC
BANKING & ECONOMICS
Press Release
Tunisia has big potential for Islamic Finance: Zubair Mughal
Tunisia would be the global hub of Islamic Finance for French speaking countries
16th December, 13
There are big opportunities to promote Islamic finance in Tunisia which can be the global hub of Islamic
Finance for French speaking countries, said by Muhammad Zubair Mughal, Chief Executive Officer AlHuda Centre of Islamic Banking and Economics (CIBE) in an international conference on “Finance and
Enterprise” jointly organized by World Bank, International Monetary Fund (IMF), International Finance
Corporation (IFC) and European Bank for Reconstruction and Development in Sousse – Tunisia, which
was attended by the Prime Minister of Tunisia including many government ministers, heads and senior
delegates from Central Banks, World Bank, IMF, IFC, European Bank and other dignitaries from different
international organizations.
Muhammad Zubair Mughal, being the guest of honor, during his address he stated that international
financial crisis can be addressed in a better way through Islamic Finance and such financial crisis could
have not been happened if Islamic financial system was followed and implemented at that time, he said
Head Office: 160 - B Ahmad Block,
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2. CENTRE OF ISLAMIC
BANKING & ECONOMICS
there are about 2000 Islamic Financial Institutions working globally as Islamic Banks, Takaful ( Islamic
Insurance), Sukuk ( Islamic Bonds), Islamic Fund and Islamic Microfinance institutions etc in more than
100 countries and fortunately no Islamic Financial institution was effected by such global financial crisis
which ensures the strength and rationality behind the Islamic financial system. He also added that
international institutions such as Islamic Development Bank (IDB), Accounting and Auditing Organization
of Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB) and International Islamic
Liquidity Management (IILM) are dedicatedly working for Islamic finance around the globe which will
further promote and strengthen the Islamic finance in future globally. He, responding to a question
related to the relationship between religion and Islamic finance in question answer session, said that
Islamic banking and finance is a name of a system not religion so all other religions can get benefit from
it and that is why Islamic banking and finance is growing in the western world while non Muslims are
utilizing the Islamic financial products, considerably, to fulfill their business, personal and financial needs
as in only America which has more than 20 Islamic financial institutions are working, which are actively
providing the Islamic financial services to fulfill the financial needs of Muslims and non-Muslims equally.
During his stay in Tunisia, he met with Dr. Amel Amri, President – Tunisian Association for Islamic
Finance (TAIF), Dr. Raza, President – Islamic Economic Association Tunisia and heads of some other
Islamic financial institutions. He said that Tunisia has a good recognition in Islamic financial industry
having 2 full-fledged Islamic banks, Takaful companies, universities with having Islamic finance program,
Sukuk Laws and some other similar institutions which are indicating the best future of Islamic finance in
Tunisia but he, realizing the need of Islamic microfinance, said that Islamic microfinance is missing
component of Islamic finance in Tunisia while socioeconomic development and poverty reduction can
be done in better way through Islamic microfinance in Tunisia#
Head Office: 160 - B Ahmad Block,
New Garden Town Lahore, Pakistan.
Ph: +92-42-35913096-8
Fax: +92 -42-35913056
E-mail: info@alhudacibe.com
Website: www.alhudacibe.com