Within the framework of the COMCEC-funded SESRIC Project on “Unleashing the Potential of Islamic Finance in Supporting MSMEs in the OIC Member Countries”, the Centre organized a Training Course on “Leveraging Key Stakeholders towards Inclusive and Sustainable Development of MSMEs” on 24-26 October 2023 through an online video conferencing platform.

The training course was provided by competent experts from various Central Banks and financial institutions in the OIC Member Countries for the benefit of 64 experts and executives from the Central Banks and relevant national authorities of 19 OIC Member Countries.

The main aim of the training course was to disseminate best practices and successful initiatives from the partnering institutions in the form of integrated strategies that engage a broad spectrum of stakeholders across diverse platforms, along with masterplans for mainstreaming Islamic Social Finance within a comprehensive financial ecosystem. The training course also touched upon the challenges faced by MSMEs to gain access to funding and accordingly identify pertinent sustainable solutions.

The three-day training covered the following topics:

• Saudi Central Bank (SAMA)’s Role in Supporting MSMEs
• Introduction of Monsha’at (Small and Medium Enterprises General Authority of Saudi Arabia)
• The Role of Islamic Banking in Financing MSMEs: The Case Study of Iran
• Regulatory Practices of Islamic Social Finance
• State Bank of Pakistan initiatives for inclusive and sustainable development of the SME sector
• Islamic Social Finance and the Role of Regulatory Bodies
• The Role of Central Bank and Financial Sector in Advancing Sustainability Agenda: the Malaysian Experience
• Islamic Social Finance: Evolution and its Potential
• The Role of Different Stakeholders in Supporting MSMEs: The Case Study of Bangladesh

The training course served as a capacity building activity held virtually after the implementation of the Workshop on “Promoting Islamic Social Finance and Accelerating the Growth of Halal Value Chain Ecosystem”, which was held in Kuala Lumpur, Malaysia, on 20-21 September 2023. In line with the outcomes and recommendations as well as the findings of the assessment survey of the Workshop, this activity was planned to complement the work done towards building human capacity at the expert level to ensure the spreading of knowledge and awareness to a wider audience.

The Project on “Unleashing the Potential of Islamic Finance in Supporting MSMEs in the OIC Member Countries” is being implemented by SESRIC within the scope of the 10^th Call for Project Proposals of COMCEC Project Funding under the cooperation area of Finance. The Project consists of an on-site workshop followed by a virtual training course. The objective of the Project is to introduce innovative and sustainable solutions for Islamic Finance and Islamic Social Finance products to enhance the resilience of MSMEs in the OIC Member Countries in the face of possible shocks.

The COMCEC Coordination Office (CCO) introduced in 2013 the COMCEC Project Funding (CPF), a financing mechanism that funds projects submitted by the Member Countries and relevant OIC Institutions to realize the strategic objectives and outcomes of the COMCEC Strategy. The funding is provided in the form of a grant through the Development and Investment Bank of Türkiye, which is one of the main bodies in the COMCEC Project Funding scheme. Since the initiation of the CPF, SESRIC has implemented ten projects under various cooperation areas and in accordance with sectoral themes determined by the CCO.

For more details about SESRIC projects funded by the COMCEC, please visit: https://www.sesric.org/tcd-activities-projects-funded.php

Photos