Islamic Finance | |
Islamic Finance | |
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Monday, March 09, 2020 / 5:26 PM / Bukola Akinyele for WebTV / Header Image Credit: Twitter; @isdb_group
As part of
efforts to achieve economic empowerment for women in the Organization of
Islamic Countries (OIC), the Islamic Development Bank (IsDB) is set to kick
start the flagship financial inclusion programme.
This is part
of the initiatives to enhance participation of women in economic activities in
the country, and also explore modalities for increasing access points for them
to access financial services.
These services
cover areas like savings, investments and insurance which has recorded low
participation from women in the OIC countries.
The IsDB has increased its
support for women entrepreneurs and innovators across the 57 member countries
of the OIC.
At the moment 58% of entrepreneurs & innovators awarded funding through
the IsDB Transform Fund are women and 52% of total
international scholarships have been awarded to support women to study for
Ph.D.-level degrees.
The "Transform Fund" initiative of the IsDB is working to unpack Islamic Finance principles
& products to engage global stakeholders in further exploring opportunities
to facilitate women's access to financial services, healthcare & economic
empowerment.
According to the
President of the IsDB Dr. Bandar Hajjar "Societies around the world have seen
decades of inequality and denied women and girls the opportunity to thrive and
contribute to positive global development. The time for change is now, and
equality in funding may be at the very heart of restoring the balance".
In the wake of
the recent 2020 International Women's Day celebration in the country, the IsDB
President reiterated the commitment of the Development finance institution in
ensuring that women and girls in the OIC member states, are supported in their
pursuit of equality in funding.
According to the Global
Partnership On Financial Inclusion, in the OIC states women are commonly
excluded for cultural reason.
Global
statistics has shown that more than 1bn women are still financially excluded,
coupled with a 9% gender gap in account ownership.
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