Islamic agricultural finance can revolutionise economies
In the wake of the current financial crisis coupled with the global food shortage the need for improving village economy through enhanced output has become a challenge for the planners and other stakeholders.
The importance of livestock and allied sectors cannot be compromised for the Agricultural growth. Islamic Agricultural and Rural Finance can bring the genuine green revolution to an economy. As Islamic Finance has made a lot of progressive research in Agricultural finance bringing a number of pragmatic and useful choices which if implemented can bring revolutionary development to the economy.
This intention was declared by Muhammad Zubair Mughal Chief Executive Offier, AlHuda Centre of Islamic Banking and Economics (CIBE), while explaining the objectives of a specialized training workshop on Islamic Agricultural and Rural Finance being organised by AlHuda-CIBE on 28 and 29 November 2011 in Islamabad. The workshop will be attended by officials from banks and financial institutions, agricultural research development and planning institutions having interest in Islamic finance.
He further emphasised the role of Islamic finance in Agriculture and Rural sector, that it can not only bring new avenues for business for Islamic financial institutions by using innovative products but also the farmers and agro based businesses can benefit from Shari’ah-compliant financing to develop their economy and thereby eliminate the poverty and agricultural funding limitations. Especially the farmers with smaller units of land face difficulty, which can be solved by the planners through this mechanism.