President, Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, has said that Islamic banking can promote financial inclusion in the Organisation of Islamic Countries (OIC) member states. Speaking during the 4th World Government Summit 2016 in Dubai, Dr Ali re-affirmed the IDB Group’s readiness to address the challenges facing member countries, particularly in the area of financial inclusion.
He said that the IDB Group would support special strategies to promote financial inclusion, implementing quick-win programs and innovative solutions that enhance socio-economic development, prosperity and well being. Dr. Ali emphasised the importance of the summit, given the crucial development issues it discusses, including fiscal challenges, financial inclusion and partnerships to support sustainable development.
He added that IDB’s successful experience in the field has attracted the attention of international development institutions such as the French Development Agency. The Islamic microfinance programme was launched by IDB Group to offer financing to those who do not have access to banking services. It helps people participate in economic activities that will provide them with decent livelihoods.
The programme has had great success in Sudan and Tunisia. Dr. Ali further affirmed IDB Group’s readiness to replicate successful projects in other countries, to contribute more effectively to future editions of the summit, and to set up an exhibition showcasing success stories for the benefit of the summit’s participants.
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