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IsDB – ADFIMI- Bank Al-Maghrib Joint CEO Seminar on Islamic Financial Inclusion: Toubkal, Palmeraie, Marrakech, Morocco, 04 April 2019, 11:00 – 12:30

IsDB – ADFIMI- Bank Al-Maghrib Joint CEO Seminar on Islamic Financial Inclusion: Toubkal, Palmeraie, Marrakech, Morocco, 04 April 2019,  11:00 – 12:30

Financial inclusion is an important thrust in development by ensuring that every economic activity, geographical region and segment of society have access to financial services. Financial inclusion at its most basic level, starts with having a bank account. But it doesn’t stop there.

Financial inclusion has been broadly recognized as critical in reducing poverty and achieving inclusive economic growth. Financial inclusion is not an end in itself, but a means to an end.

Access to accounts and to savings and payment mechanisms increases savings, empowers women, and boosts productive investment and consumption. Access to credit also has positive effects on consumption—as well as on employment status and income and on some aspects of mental health and outlook.

Digitizing payments can play an important part in financial inclusion. Shifting payments such as wages or government transfers from cash into accounts can increase the number of adults with an account. Moving from cash-based to digital payments has many potential benefits, for both senders and receivers. Lending platforms, eliminating intermediary, peer-to-peer lending, equity or loan based crowdfunding are among the fintech instruments contributing to financial inclusion.

Islamic finance addresses the issue of financial inclusion from two directions one through promoting risk-sharing contracts which provide a viable alternative to conventional debt-based financing and the other through specific insturements of redistribution of the wealth among the society, and they complement one another to offer a comprehensive approach to enhance financial inclusion, eradicating poverty, and to build a healthy and vibrant economy.

Policy makers in OIC countries can take several steps to achieve the obiective of enhancing inclusion through Islamic finance. These sleps could include institutionalizing Islam’s redistributive instruments such as zakah, waqf and qard-al—hassan which could play a catalytic role to enhancing access to finance.

DRAFT AGENDA (v.7)

Time

IsDB - ADFIMI – BANK AL-MAGHRIB

 JOINT CEO SEMINAR on ISLAMIC FINANCIAL INCLUSION

 MARRAKECH, MOROCCO

 (4 APRIL 2019, 11.00 – 12.30)

 

 

11.00 - 11.05

 

11.05 - 11.10

 

11.10 – 11.15

Opening Remarks:

- Representative of IsDB (tbi)

-Mr. Metin Özdemir, Chairman, ADFIMI; CEO, Ziraat Participation Bank

-Hakima El Alami, Deputy Director of Payment Systems and Instruments Oversight and Financial Inclusion Department, Bank Al-Maghrib

 

 

 

 

 

 

 

 

 

 

11.15 - 12.20

 

Moderator:

Dr. Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy & Finance. Director, MSc Islamic Finance Programme. Director, Durham Centre for Islamic Economics and Finance, in the Business School

“Financial Inclusion for Emancipation and Empowerment as the Objective of Islamic Economy”

Speakers:

Datuk Mohd Radzif bin Mohd Yunus, Chairman of Ethis Ventures, an Islamic Fintech venture builder in Malaysia to speak on,

“Financial Inclusion and Fintech: Malaysian/ SE Asian Experience”

Mr. Wasim Ahmed Abdul Wahab, Director Islamic Financial Sector Development Department Islamic Development Bank (IsDB)

 “IsDB’s Role in Financial Inclusion through Islamic Finance”

Mr. Ismael Wagane Diouf, Founder and President Medina Digital Finance,

“Islamic Financial Inclusion in Sub-Saharan Africa”

Ms. Ibtissam El Anzaoui, Head of Financial Inclusion unit, Bank Al-Maghrib

12.20 – 12.30

Q & A and Closing Remarks

 

 

 

 

 

Date : 26 February 2019
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