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The Arab Monetary Fund (AMF) will host on Thursday a banking forum for a discussion on the outlook of Islamic banking opportunities across small and medium enterprises (SME) in the Arab region in light of a report prepared by the International Finance Corporation (IFC) on the sector.
Discussions will focus on the report, which will be launched on the margin of the meeting, and mechanisms to help smaller businesses access credit.
The IFC report shows that one third of SMEs in Arab countries don't deal with the banking sector for lack of Sharia-compliant products and services. The report stresses the need for supporting SMEs for their vital role in stimulating growth of Arab economies, and addressing unemployment challenges by generating job opportunities.
The partnership with the Arab Monetary Fund is part of IFC's Arab Secured Transactions Initiative. It aims to partner with regional governments in the Middle East and North Africa to assess secured lending laws and to foster a vibrant environment for businesses.
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