Themed “Islamic Finance: A Catalyst for Financial Inclusion”, the annual conference gathered over 300 development practitioners, policy makers, regulators and experts to explore policy, regulatory and institutional challenges and opportunities. The conference featured discussions on the role of Islamic finance including Islamic social finance, such as waqf and zakat, in enabling greater access to financial services to enhance social well-being as well as drive economic activities. The use of technology to support Islamic finance in facilitating greater inclusion was also deliberated.

Datuk Syed Zaid Albar, Chairman of the SC said, “Islamic products and services for financial inclusion hold the promise for a shared and better future. Therefore, increased digitisation will certainly reduce costs and enhance speed, convenience and appeal. In this regard, the capital market provides entrepreneurs and MSMEs both conventional and Shariah-compliant avenues to access alternative sources of financing. Equity crowdfunding and peer-to-peer financing platforms, as well as venture capital and private equity, are available to meet their needs at different stages of their businesses.”

Dr. Firas Raad, World Bank Group Representative to Malaysia and Country Manager said, “Islamic finance can play a role in addressing the high levels of poverty in the OIC countries, which account for over 40% of those living on less than USD1.25 a day and is home to one-third of the global population living in extreme poverty, defined as those living on less than USD1.90 per day.”