The Islamic Development Bank has, in a new report, proffered solution to Small and Medium Enterprises financing, with two pillars that will provide easy access to capital.
According to the report, the first pillar is forming a sustainable and inclusive framework consisting of a staggered approach to the need for micro entrepreneurs at different business development levels to achieve financial inclusion.
The second pillar, Financial Street gathered, is developing a financial infrastructure that recognises access to capital as economic need.
Entitled ‘Artificial Intelligence and Islamic Finance: A Catalyst for Financial Inclusion’, the report also highlights solutions to leverage Islamic finance using AI to enhance financial inclusion.
Reacting to the report, the Acting Director General, Islamic Development Bank Institute and IsDB Group Chief Economist, Dr Sami Al-Suwailem, said, “The report’s central message is that Islamic finance, built on a foundation of social and economic justice, when leveraged with AI and related technologies, can be a major driver for sustainable development through inclusive participation and risk-sharing.”
