ICD - ESCWA Islamic Finance Program
The Islamic Corporation for the Development of the Private Sector (ICD) and the Economic and Social Commission for Western Asia (ESCWA) have collaborated to introduce the Islamic Finance Program, aimed at fostering economic growth and development across the Arab region. This pioneering initiative combines the expertise of both institutions to promote the principles of Islamic finance and contribute to sustainable development.
The program serves as a platform to enhance understanding and implementation of Islamic finance mechanisms within the ESCWA region, the program seeks to address socio-economic challenges, promote financial inclusion, and stimulate entrepreneurship and investment in the region.
Key objectives of the Program:
- Capacity Building: Equipping policymakers, financial professionals, and stakeholders with the necessary knowledge and skills to understand and utilize Islamic finance instruments effectively.
- Facilitating Partnerships: Fostering partnerships between public and private sector entities, financial institutions, and international organizations to facilitate the implementation of Islamic finance solutions and projects.
- Promoting Innovation: Encouraging innovation and creativity and services tailored to the specific needs and priorities of the Arab region.
- Economic Empowerment: Empowering communities and individuals through increased access to Islamic finance mechanisms, thereby promoting financial inclusion and economic empowerment.
Track 1: PFI Development and Compliance
The track will focus on PFI development and compliance, emphasizing the importance of adherence to Sharia principles and regulatory standards. Participants will explore strategies for establishing and strengthening Prescribed Financial Institutions (PFIs), ensuring their alignment with Islamic finance principles and industry best practices.
Join Track 1 ProgramTrack 2: Empowering SMEs through Islamic Finance
In this track, participants will learn about the principles of Islamic finance applicable to SMEs, including profit-sharing, equity-based financing, and risk-sharing arrangements. By facilitating networking opportunities with Islamic finance institutions and industry experts, this track seeks to catalyze the growth and sustainability of SMEs in alignment with Islamic ethical principles.
Join Track 2 ProgramEmpowering Financial Expertise
The program focuses on enhancing the knowledge, skills, and capabilities of individuals and institutions involved in the industry. Through targeted training, education, and development initiatives, stakeholders are empowered to understand and implement Sharia-compliant financial practices effectively. This pillar aims to cultivate expertise and proficiency within the Islamic finance ecosystem, ensuring sustainable growth and adherence to ethical principles.
Fostering Financial Inclusion and Unity
This pillar involves actively involving diverse communities in the financial process, fostering trust, transparency, and collaboration. Through outreach programs, educational seminars, and interactive platforms, Islamic finance institutions engage with stakeholders to address their needs, aspirations, and concerns. By promoting financial literacy and empowerment, this pillar contributes to the socioeconomic development and well-being of communities.
Connecting Paths for Financial Growth
The Program facilitates collaboration, innovation, and growth within the industry. This pillar focuses on creating platforms for stakeholders to connect, share ideas, and explore avenues for partnership and investment. Through conferences, forums, and matchmaking events, individuals and institutions can leverage their expertise and resources to capitalize on emerging trends and opportunities in the global Islamic finance market.
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