Wednesday 01 / May / 2024
Muscat: Financing of small and medium sized Islamic finance institutions to boost growth and employment was discussed at a forum on Tuesday.
International Islamic Economics and Social Investment Forum (Waqf) reviewed at the resort of Shangri-la-Barr Al Jissah, Muscat the stimulation of growth and employment through the financing of small and medium-sized Islamic finance institutions in the era of digital and financial progress, innovation, challenges and opportunities to take advantage of Waqf (endowment) potential.
The forum, which hosted local and international speakers, discussed the best Islamic investment practices that contribute to the economic prosperity and to act as a platform for the dissemination of knowledge and the exchange of information and experiences to be applied in the social and economic agenda for the communities development and to prepare for a new stage in the light of changes in the financial system in the world with the participation of specialised international and regional
institutions.
Sheikh Khalid bin Omar Al Marhoon, Minister of Civil Service sponsored the opening of the forum.
Huthaifa bin Salim Al Ghazali, board chairman of Al Ghazali Investment Company and Chairman of the Forum said that the forum, organised by the company in collaboration with the World Bank, the Islamic Development Bank and the World SME Forum, comes as an annual event to act as a dialogue platform that brings together the concerned professionals and specialists for the dissemination of knowledge culture that keeps abreast of Islamic economics and ‘Waqf’.
He added that the forum seeks to take advantage of local institutions and international experiences in line with the Sultanate’s plans and expectations of the private sector and the requirements of society, especially focusing on the diversification of income sources, which ‘Waqf’ could play a big role in this aspect.
Zamir Iqbal, Head of the World Bank Global Islamic Finance Development Center, Finance and Markets touched on Islamic banking, which focuses on ‘Waqf’, Islamic finance and the development of small and medium enterprises, noting that there is a steady growth in the GCC countries, in the successful projects supported by the Islamic ‘Waqf’, stressing the attention of the World Bank to Islamic finance through the establishment of Islamic finance center in Turkey three years ago.
Dr. Tonc Uyanık, CEO of World SME Forum said that many countries in the world rely on small and medium enterprises in the gross domestic production by more than 50 percent, pointing to some of the challenges facing these institutions, represented in the way to access to markets, finance and necessary expertise and laws and others.
Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) confirmed that ‘al Waqf’ has a major role in Muslim societies development and an economic role in
many areas of development like agricultural development and others, explaining that ‘al waqf’ role should be activated in the development of small and medium enterprises in the education and health and other important areas.
The forum launched the global report of the World Bank and the Islamic Development Bank on Islamic Finance, in addition to signing a memorandum of understanding between al Ghazali Investment Company, the World Bank and the Global SME Forum to provide technical support with respect to ‘Waqf’ projects and social investment.
The Forum included three panel discussions that included several key themes which focused on ‘Waqf’, support small and medium enterprises, the challenges and opportunities to increase ‘Waqf’ funds efficiently, review of modern models of Islamic finance, ‘Waqf’ and the search for alternatives for Islamic finance to small and medium enterprises.
