Wed Nov 22 2017, 1:46:42 +03

OIC Secretary General Calls for Revitalizing Islamic Social Finance

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(Jeddah-AlummahWorld, Muharram 14, 1436, 07 Nov 2014) The urgent need to promote Islamic Financial products has once again been emphasized at the Meeting of the Governors of Central Banks and Monetary Authorities of the OIC Member States, which concluded its proceedings in Surabaya, Indonesia on 6 November 2014.

In his message to the Meeting, H.E. Mr. Iyad Ameen Madani, the OIC Secretary General urged all national and regional economic stakeholders to consider the huge potentials of utilizing Islamic financial products for realizing the objectives of fostering economic growth and attaining sustainable socio-economic development in OIC Member States. He also called for the rejuvenation of Islamic social finance (i.e. Zakat and Waqf) for the purpose of mobilizing adequate resources to address the problems of financial exclusion, poverty and unemployment among the vulnerable groups of population in OIC Member States. Based on the deliberations, the Meeting adopted its Final Communique containing a set of recommendations to further increase intra-OIC cooperation in this domain.

Organized by the Bank of Indonesia and the OIC, the Meeting was attended by Governors and Deputy Governors from more than 30 OIC Member States, representatives of the Islamic Development Bank Group and regional and international financial institutions, such as Asian Development Bank, World Bank and International Monetary Fund. The Meeting was held under the theme: “Dealing with Financial Stability Risks: Macro-Prudential Policy and Financial Deepening in Islamic Finance”.