Sharm El-Sheikh: Islamic Development Bank (IDB) Institute has organized the 16th World Bank Forum on Islamic Finance under the theme "Poverty Reduction through Social Innovation and Social Entrepreneurship" on the sidelines of the IDB group's annual meetings, currently being held in Sharm El-Sheikh, Egypt.

IsDB President, Dr. Muhammed Al-Jasser, said in his speech at the forum that the economic crisis that resulted from the Coronavirus pandemic has increased poverty rates and inequality of opportunities worldwide, adding that there are more than half a billion people around the world who have fallen under the poverty line during the pandemic.

He pointed out that the economic situation has reached its worst state, and one out of every 3 member states of the Bank is living in poverty, adding that the fight against poverty has always been at the forefront of the objectives of the Bank's partnerships with member states and various institutions.

"The pandemic prompted us to intensify efforts, as we studied optimal cooperation with member states to reduce poverty, expanded partnership with the Oxford Initiative, and presented an integrated initiative with more development projects,” Al-Jasser said, indicating that some member states succeeded in reducing poverty and reducing the effects of the pandemic, and there are many experiences that contributed to achieving positive results for those affected.

He noted that there is a global consensus that the problems facing the world are difficult to deal with governmentally only, calling for the need to join the efforts of funding institutions, development agencies, and civil society through innovative solutions that enhance social responsibility.

IsDB Institute Acting Director-General, Dr. Sami Al-Suwailem explained that Islamic finance has a significant impact on the lives of member states, hence the focus on social innovation and social responsibility, pointing out that the fight against poverty is at the forefront of Islamic finance.

IsDB, at the end of the forum, launched a training course on Islamic finance aimed at deepening awareness of its concept in the member countries of the bank and other countries around the world.