This entry passed through the Full-Text RSS service - if this is your content and you're reading it on someone else's site, please read the FAQ at http://ift.tt/jcXqJW.
Wednesday 04 Nov 2015 - 11:47 Makkah mean time-22-1-1437
Kuala Lumpur (IINA) - Malaysia's Prime Minister Najib Razak inaugurated here on Tuesday the 11th World Islamic Economic Forum (WIEF).
The forum, themed "Building Resilience for Equitable Growth", has brought together under one roof more than 20 heads of state along with dignitaries, ministers, and a large number of participants.
President of the Islamic Development Bank (IDB) Group Dr. Ahmad Muhammad Ali delivered keynote speech in which he called for innovative solutions to strengthen the role of Islamic financing in developing the small and medium enterprises sectors. He also stressed the IDB's readiness to make more efforts and cooperation with specialists and stakeholders to further promote and develop Islamic financing through working on the establishment and support of the Islamic financial institutions, developing the microfinance institutions and the awareness levels regarding Islamic finance.
Ali also called for a stronger partnership between governments, the private sector and multilateral development banks in order to contribute with Islamic financing towards stabilizing the global financial system. He pointed out that funding this project is one of the most important objectives of Islamic finance, as it represents a significant source of financing small and medium enterprises, which provide ample opportunities for entrepreneurship, create jobs and generates income. He added that the Sukuk industry's growth stands as a clear evidence that Islamic financing will play a fundamental role in supporting large infrastructure development projects.
IDB's President called on the forum to cooperate with the newly established Global Forum for small and medium enterprises to face the challenges against those enterprises in the OIC member states. He also called for the development of innovative products and mechanisms in Islamic financing in order to develop the small and medium enterprises sector.
Ali suggested forming a working group that consists of OIC subsidiary and specialized organs and specialized forums such as the WIEF to study the role of Islamic finance in supporting small and medium enterprises and strengthening that role through research and exchange of experiences. He stressed that the IDB is also ready to cooperate in providing solutions in those areas, particularly in regard to the regulations and the framework required in the legal, legislative and supervisory fields.
It is noteworthy that the IDB President addressed a number of major challenges facing the Islamic nation in his speech, and proposed the composition of a forum of experts to provide innovative ideas and advice on ways to address these major challenges to the OIC institutions.
Meanwhile, a memorandum of understanding (MoU) was signed between the IDB and the Malaysian Islamic Economic Development Foundation that aims at strengthening the cooperation between the two institutions. The signing ceremony was attended by Malaysian Prime Minister Najib Razak.
In a related context, IDB's President met on the sidelines of the WIEF with the head of the Presidential Office of the Republic of Bosnia and Herzegovina and the governor of the Korean Gangwon province. They reviewed during the meeting the bank's programs in both countries as a part of the IDB's objectives framework that include promoting economic and social development for Muslim communities in non-OIC member states.
AG/IINA
|
No comments:
Post a Comment