Bank Indonesia to Host the IFSB Seminar on Enhancing Financial Inclusion through Islamic Finance

Kuala Lumpur, 12 March 2015 – The Islamic Financial Services Board (IFSB) is pleased to announce that it is organising an IFSB Seminar on Enhancing Financial Inclusion through Islamic Finance on 31 March 2015 in Jakarta, Indonesia. This Seminar will be held in conjunction with the IFSB Annual Meetings and Side Events 2015, which are hosted by Bank Indonesia.

The one-day seminar will explore the role of Islamic finance in supporting financial inclusion, the building blocks necessary for the development and promotion of financial inclusion, as well as case studies in selected Islamic finance jurisdictions on relevant initiatives. The Seminar will also illuminate key success factors and challenges in promoting financial inclusion that contributes to greater shared prosperity, financial stability and economic growth. It will also discuss the work of the standard-setting bodies along with supervisory and regulatory authorities in promoting financial inclusion while observing their respective mandates.

Apart from the redistribution of the wealth through various obligatory and voluntary measures, the issue of financial inclusion of Islamic finance is addressed through the promotion and utilisation of risk-sharing contracts and financial instruments for Islamic microfinance, Islamic SMEs, and microTakāful. These initiatives can not only help to alleviate poverty levels and inequality in Islamic finance jurisdictions, but also can bring those segments of the population who choose ‘voluntary exclusion’ due to reasons of faith into the financial system. Of equal importance is the role of technology in ensuring easy access to and efficient provision of financial products and services to underserved populations. Moreover, it is acknowledged that innovation plays an important role in the promotion and evolution of financial inclusion, although it can also change the nature and the levels of risk in the financial system.

Topics of discussion in the Seminar include:

• Promoting Financial Inclusion through Islamic Finance: Core Issues
• Enhancing the Capacity of Islamic Microfinance, Islamic SMEs and microTakāful to Alleviate Poverty and Contribute towards Sustainable Economic Growth
• Policies and Strategies for Enhancing Financial Inclusion: Regulation, Stability and Innovation

The IFSB is inviting all its member organisations to participate in the Seminar, which is also open to the industry stakeholders in Indonesia and other jurisdictions. Participation is free of charge.

Other events being organised during the IFSB Annual Meetings and Side Events 2015 include:

30 March 2015

• Focus Group Meeting on the IFSB Strategic Performance Plan 2016 – 2018 (Open to IFSB Members and Industry Participants)

31 March 2015

• IFSB Seminar on Enhancing Financial Inclusion through Islamic Finance (Open to IFSB Members, Public and Media)

1 April 2015

• 7th IFSB Public Lecture on Financial Policy and Stability (Open to IFSB Members, Public and Media)
• IFSB Meet the Members Session and Industry Engagement Session (Open to IFSB Members, Industry Participants and Media)

2 April 2015

• 13th General Assembly (Closed Session, for IFSB Members only)
• 26th Council Meeting (Closed Session)
• 11th Islamic Financial Stability Forum (Closed Session)

For more information of these events and to register, please visit www.ifsb.org.