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AFD in the Palestinian Territories
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Conference on Islamic microfinance in Jeddah, co-organized with Islamic Development Bank, on 30 April and 1 June
AFD and the Islamic Development Bank have co-organized an international conference on Islamic microfinance in Jeddah (Saudi Arabia) with CGAP (microfinance network led by the World Bank). This conference gathered major players in Islamic microfinance and provided the opportunity to review the practices and products of this financing method which is experiencing rapid development.
A rapidly developing method to finance the economy
The work of the conference reviewed the practices, products and volumes of this financing method, which is experiencing rapid development with a billion dollar turnover and an annual growth rate of 30%. It also highlighted the results of a study jointly led by CGAP and AFD.
This conference was organized in the context of the partnership agreement signed last January between AFD and the Islamic Development Bank (IsDB).
The exchanges were rich and lively and brought to light the strengths and weaknesses of these tools, which are increasingly requested in a number of countries where AFD operates. They also more clearly identified the needs of beneficiaries, financial institutions and central banks, which play an essential role in terms of the regulatory framework and regulation.
A whole host of innovative experiences in the field
Several observations were made: the existence of a strong demand for this type of financial product, particularly from the poorest; the proliferation of innovative experiences in the field, which are often poorly identified; the need to launch benchmarking exercises in order to build technical, financial and institutional references.
A knowledge platform on the Internet
It was agreed that the various donors and institutions concerned, including IsDB and AFD, will support this process by promoting the implementation of information and exchange tools, such as a knowledge platform backed up by a dedicated website, and by holding an annual conference. An invitation was launched for the next one to be held at AFD’s headquarters in Paris.
Bilateral talks were held between AFD’s Chief Executive Officer, Dov Zerah, and the President of IsDB, Mr. Ali, on the sidelines of this conference, and meetings between the respective operational departments defined practical ways of implementing the agreement, notably the possibility of staff exchanges and the first cofinancing operations in the Mediterranean.
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