JAKARTA, INDONESIA | NOVEMBER 23, 2011
Exploring Developing the potential of Islamic Finance through the D-8 Islamic Microfinance Workshop
The Islamic Banking Department of Bank of Indonesia and BRI Syariah as co-hosts organized the D-8 Workshop on the Role of Islamic Microfinance in Economic Prosperity and Community Empowerment from 11-13 November 2011
The Deputy Governor of Bank Indonesia, Halim Alamsyah, opened the “D-8 Islamic Microfinance Workshop”, which is also the 2nd D-8 Working Group on Development of the Islamic Financial Services Industry, on Friday 11th November 2011 in Jakarta. Bank Indonesia (BI) is hosting the workshop in conjunction with Developing Eight (D-8) member countries, the Ministry of Foreign Affairs and the Islamic banking arm of BRI. The meeting is themed “The Role of Islamic Microfinance in Economic Prosperity and Community Empowerment”, which incorporates a number of issues relating to policy, the concept and best practices of Islamic microfinance in Indonesia as well as other Developing Eight member countries, and will be held from 11th – 13th November 2011.
The workshop was held in anticipation of the rapid Islamic financial development experienced over the past few years as well as to further explore and develop Islamic financial potential (particularly Islamic microfinance) in D-8 member countries, of which the majority are Moslem. Brisk Islamic financial development has piqued the interest of global financial organisations and countries around the world in terms of raising the position of Islamic finance on the international financial landscape. In fact, The World Bank Group has formally recognised Islamic financing, which has been set as a priority area in its financial sector program.
“Islamic microfinance still represents a small portion of Islamic finance as a whole, however, rapid development has been witnessed in the past few years in terms of service and nurturing community empowerment through Islamic financial activities and transactions in order to achieve public welfare goals”, explained Halim Alamsyah in his opening speech.
This activity is part of the program to boost the capacity of human resources aimed at: (i) supporting the campaign for economic prosperity and community empowerment, particularly in D-8 member countries; (ii) assisting D-8 member countries to develop sustainable Islamic microfinance programs; (iii) enhancing the expertise, skills and capacity of policymakers and practitioners of Islamic microfinance in D-8 member countries; (iv) providing a medium for D-8 member countries to share their experiences on Islamic microfinance; and (v) raising participant awareness regarding the importance of establishing a network among D-8 member countries to develop an Islamic microfinance system as one way to ameliorate public welfare.
A range of views from the relevant authorities as well as Islamic microfinance market players, both banks and non-banks, will be expressed covering the full gamut of policy, the concept, role and best-practices as well as the views of the universities as centres of excellence, in order to prepare and develop the concepts necessary, including the appropriate training of human resources to fill positions in this field. The issues to be discussed include (i) regulatory authority perspectives of Islamic microfinance development; (ii) practices of Islamic microfinance (banks and non-banks) in supporting small enterprises and/or community empowerment; (iii) role of Islamic Commercial Banks in supporting Islamic microfinance; and (iv) Islamic microfinance concept and education development.
Source: Bank Indonesia
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