Islamic banking is expanding by an increasing number of segments of traditional banking. Microfinancing has become the next area of expansion of Islamic finance.
IDB Vice-President (Operations) Boubacar Sidibe stated that IDB will actively follow up the mandate to expand the Islamic microfinance industry and offered to support innovation and research in the field as a means to fighting poverty in IDB member countries. He urged to create a knowledge platform accessible to everyone.
“We shall attempt to achieve the two goals of financial inclusiveness and capacity building so that users could benefit from the job market and thus be part of the economic mainstream,” he added.
Sudan’s State Minister for Human Resource Development, Mrs. Hiba Mahmoud Sadig Farid was among the panelists who expressed her country’s readiness to share its practical experience in the field as a successful model.
The one day event mainly focused on the challenges ahead of Islamic microfinance namely; standardization, lowering the costs, documenting best practices, better use of technology, as well as trust worthiness scoring, training and capacity building and facilitating the ways for legal, regulatory and supervisory issues.
source: Azerbaijan Business Center