Kuwait: Islamic Development Bank provides $250,000 to IFSB to promote Islamic finance
Source: Middle East Insurance Review | Jun 2018
The Islamic Financial Services Board (IFSB) and the Islamic Development Bank (IsDB) signed a technical assistance (TA) grant agreement which allows the IFSB to implement its strategic performance plan to further develop the Islamic financial services industry.
The funds – amounting to $250,000, over three years – will support work programmes and activities endorsed by the IFSB Council as part of its strategic performance plan, which includes the implementation of IFSB standards in the IsDB and IFSB common member countries. Part of the grant will be used in funding the technical note on financial inclusion, which is expected to cover regulatory issues including Islamic microfinance, application of proportionality principle, use of FinTech and integration of Islamic social finance.
Dr Mansur Muhtar, vice president, country programmes at IsDB said, “The IsDB recognises the IFSB as one of its key partners in developing the Islamic financial services industry. Since its inception, the IFSB has achieved many significant milestones in promoting sound and robust Islamic finance architecture and regulation through developing prudential standards in Islamic banking, capital markets and the takaful industry.”
This assistance is the fifth TA from the IsDB to the IFSB since the latter started operations in 2003. M