The Islamic Research and Training Institute (IRTI) and Ibn Sina University of Sudan have organized a thematic workshop on the potential of Islamic finance in promoting financial inclusion and poverty alleviation in member countries of the Islamic Development Bank (IsDB). The workshop was inaugurated by the Chancellor of Ibn Sina University, Prof. Nasr El-Din Ahmed Mahmoud, and had participants from the Central Bank of Sudan as well as other government and private entities.
Under the theme “Role of Islamic Financial Inclusion in Achieving Sustained Economic Growth and Poverty Alleviation in IsDB Member Countries,” the workshop was held in Khartoum, Sudan from 25-26 November 2018.
The main objective was to discuss ways of achieving Islamic financial inclusion for women empowerment, youth development, sustainable economic growth, poverty alleviation, and agricultural development, as well as the impact of digital services on Islamic financial inclusion.
Financial inclusion refers to ensuring that all households and businesses, regardless of levels of income, are able to access and use appropriate financial services that they need. Islamic financial inclusion goes further to encompass enhanced access to savings and risk mitigation products, and a well-functioning financial infrastructure that allows the disadvantaged to be socially included so that they are able to engage more actively in the economy.
The workshop recommended speeding up the design and implementation of financial inclusion strategies in member countries. It also recommended introducing diversified financial products and institutions for each specific economic sector for greater impact. Furthermore, the workshop recommended for a financial literacy strategy and the design of an Islamic Financial Inclusion Toolkit to help IsDB member countries realize their financial inclusion objectives. The workshop was attended by officials from government agencies, Islamic banks, microfinance financial institutions, Diwan Al-Zakat of Sudan, universities and other relevant institutions.
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