21 July 2017 – The Islamic Development Bank (IDB) and the Islamic Solidarity Fund for Development (ISFD) held a wonderful event at the United Nations headquarters in New York titled “From Financing to Empowerment – Islamic Finance as an Enabler in Eradicating Poverty” on 14 July. A video of the event is provided below by UN Web TV.
The event was opened by Dr. Rami Ahmad, Special Envoy on SDGs and Senior Advisor to the President, Islamic
Development Bank (IDB) Group. Other panellist included:
Dr Rami stated throwing money at the poor will not solve their problems, and may make the problem worse by making the poor, the indebted poor. He added, there were two groups of people in the universe, the weak and the empowered.
Dr Ahmad continued whilst the number of poor has reduced, this is because of two countries, China and India. The absolute number of poor has risen in Sub-Sahara Africa. The Islamic world therefore needs to shift from financing to empowerment.
Dr. Amjad Saqib discussed Islamic micro-finance case studies, as well as the need to view Islamic finance as an empowering tool, not just for Muslims, but for all people irrespective of religion.
The objectives of the events where to discuss:
The ISFD was officially launched on 30 May, 2007 in Dakar, Senegal, and is a special fund within the IDB with a view to: (a) reduce poverty, (b) build the productive capacities of member countries, (c) reduce illiteracy, and (d) eradicate diseases and epidemics.