On 14 December 2016, the ADA will hold its 37th “Midi de la microfinance et de l’inclusion financière”, which will deal with the topic of “Islamic microfinance: A solution to expand inclusion?”, at the Banque de Luxembourg (14, Boulevard Royal), between 12:00 and 14:00.
The global Muslim population is at over 2 billion people but over 70% of them, living in Muslim majority countries such as Indonesia, Malaysia, or Sudan, do not use formal financial services. In spite of the expansion of institutions offering credit and loan services in developing countries, only 0.5% of global microfinance institutions offer services and products responding to Islamic financing principles. In the context of a huge demand for the expansion of these financial products and services, the development of Islamic microfinance is still in the early stages.
Sharia-compliant financing is very different from conventional microfinance. The sector seeks to provide an economic empowerment tool for poor or disadvantaged people following the Islamic finance methods that avoid interest due to the ethical value proposition of Islamic economics. Indeed, capital markets, banking and the insurance sector has taken great interest in Islamic finance and has begun playing a catalytic role in providing innovative solutions. This in turn has led many stakeholders, including policy makers and investors to look more in more depth at the potential of Islamic microfinance for social and financial returns.
The experts invited to the 37th Midi de la microfinance, Mohammed Kroessin, Head of Global Islamic Microfinance Unit, Islamic Relief Worldwide (UK), and Fadoua Boudiba, Senior investment officer for MENA and Africa, Triodos (Netherlands), will discuss the development and contribution of Islamic microfinance to financial inclusion. The speakers will explain the main principles of Islamic microfinance, along with the challenges it deals with today and the opportunities offered by its expansion. They will also explain how the sector deals with social performance standards, female empowerment and economic development.
The conference-debate with Mohammed Kroessin and Fadoua Boudiba, will begin at 12:00. David Demulier, Senior project manager at a French public financial institution, will moderate the discussion. This will be followed by a Questions/Answers session with the audience at 12:35 before the conclusion by Gilles Franck, the Vice-Chairman of ADA. Following the event, there will be a lunch at 13:00.
The 37th Midi de la microfinance is organised by ADA, with the support of the Luxembourg Directorate for Development Cooperation and Humanitarian Affairs and InFiNe.lu, and in collaboration with the Banque de Luxembourg and BRS.
The conference will be held in English.
The number of places is limited, so please register before 9 December 2016, via the website: https://goo.gl/5jg1zK or tel.: 45 68 68 331.
