The Report of
ADFIMI Regional Seminar on
“Islamic Financing Opportunities for Agricultural Sector:
Role of Islamic Microfinance and Fintech”
Almaty, Kazakhstan on 18-19 September 2017
Co-Sponsored by Islamic Development Bank
Supported by Agrarian Credit Corporation & Fund for Financial Support of Agriculture
Islamic Micro and Agricultural Finance is an emerging industry around the globe and a recognized tool of financial inclusion and social development. Its importance becomes more when we link it with the financial technology. So there is an immediate need to educate, train and conduct market study and awareness campaigns on this subject. This is to provide edification and training to Microfinance Institutions (MFIs) with an additional opportunity for their educational uplift under Islamic financial system.
The seminar was meant to expose the attendees to this fast-growing and exciting intersection between technology and finance while emphasizing on the role of Islamic Microfinance. It introduced the participants to the concept of Islamic Microfinance and Microtakaful which essentially deal with the developmental needs of the unbankable members of the society; particularly their financial needs and those related to social security. The seminar addressed these needs comparatively from the conventional and Islamic perspectives and enriched by discussions on Fintech and Islamic Microfinance issues related to contemporary business practices and cases.
The seminar also enhanced the capabilities of the participants holding various positions particularly in the banking and finance sectors, and equipped them with the necessary tools of Islamic social financing. The seminar was organized especially for the benefit of Central Asian Region.
There was a slight change in the meeting since Mr. Muhammad Zubair, seminar manager, faced some visa issuance problems and arrived in Almaty a bit late than scheduled. So accordingly, the first session of the seminar was delivered by Mr. Ashat Nurmashev, Director, Sadaka Project. The remaining sessions took place in accordance with the schedule given in the flyer.
The opening remarks were made by Mr. Narmukhan Sarybaev, CEO and Chairman of Agrarian Credit Corporation (ACC) and Mr. Murat Iskakov, Managing Director or Fund for Financial Support of Agriculture (FFSA) Kazakhstan. They were followed by Mr. Nuri Birtek, Secretary General who thanked Islamic Development Bank for their sponsorship, ACC and FFSA for supporting the seminar, Mr. Muhammad Zubair and and the participants for their attendance.
After welcoming remarks, Mr. Turgut Boz, CEO of Turkish Economy Bank took to the stage after his introduction to the audience, for the keynote address. Mr. Boz was invited to deliver a speech by ACC upon concurrence with ADFIMI and the seminar director. He discussed how Turkish Economy Bank finances agricultural projects and activities carried out by their bank to help in the development of Agricultural sector of Turkey.
A ceremony of the signing of MoU (Memorandum of Agreement) took place after his keynote address, between Turkish Economy Bank and Agrarian Credit Corporation, for the share and transfer of knowledge between the two institutions in Agriculture Finance.
The ceremony was followed by Session 1 in which Mr. Ashat Nurmashev, Director, Sadaka Project Kazakhstan, took the floor and proceeded made his presentation in Russian Language which was translated by Mr. Kanat Dussanov. He presented the Islamic Microfinance practice of Sadaka Fund in Kazakhstan.
A group photo was taken after Session 1, during the coffee break. Mr. Muhammad Zubair, seminar manager, joined the seminar after the coffee break and conducted the seminar as scheduled.
A small quiz was conducted by the seminar manager, Mr. Muhammad Zubair, in the closing session of the seminar, which was followed by a certificate distribution ceremony. Mr. Nuri Birtek, Secretary General made the closing remarks on behalf of ADFIMI and thanked all the contributors who made this seminar a success. The seminar concluded as scheduled.
There were 25 participants present.