OIC General Secretariat: Microfinance Family Bank for G5 Sahel under Discussion

OIC General Secretariat: Microfinance Family Bank for G5 Sahel under Discussion

JEDDAH: The General Secretariat of the Organization of Islamic Cooperation (OIC), in coordination with Burkina Faso, Chair of the Seventh Ministerial Conference on the Role of Women in Development in Member States, and the Islamic Chamber of Commerce, Industry, and Agriculture, one of the OIC's affiliated organs, held on July 23, 2020, a virtual meeting to follow up and evaluate the implementation of the recommendations of the workshop on promotion of the family bank concept in G5 Sahel and ways of establishing family banks therein in the presence of H.E. Ms. Helene Marie Laurence Ilboudo Marchal, Minister of Women, National Solidarity, Family, and Humanitarian Action of Burkina Faso.

Assistant Secretary General for Humanitarian, Cultural, and Social Affairs, Amb. Tariq Ali Bakheetindicated in the statement of the OIC's General Secretariat that the meeting convenes to "followup the implementation of the recommendations of the workshop held in January 2020 and evaluate the actions taken by the countries concerned to implement the recommendations mentioned and to submit proposals on ways and means to accelerate the process."

Amb.Bakheet pointed out that the workshop, which convened at the beginning of last year, aimed at accelerating the process of establishing family banks and promoting Islamic microfinance in the G5 (Burkina Faso, Chad, Niger, Mauritania, and Mali).This would include in particular the establishment of national task forces in these countries to promote the concept of the family bank. He stressed the interest of H.E. Dr. Yousef A. Al-Othaimeen, the OIC's Secretary-General, and his support for the establishment of family banks in the countries concerned due to their importance and role in developing society by empowering the family economically and improving their standard of living.

In her opening speech, H.E. the Minister of Women Affairs in Burkina Faso, Chair of the Seventh Ministerial Conference for Women, expressed her country's appreciation to the General Secretariat for its efforts in following up the implementation of the decisions of the Seventh Women Conference, especially promotionof Islamic microfinance and the family bank in the G5.She indicated that this initiative constitutes a mainstay to support the efforts of the G5 in the area of ​​women's access to finance and the promotion of women's entrepreneurship.She expressed the willingness of the Burkina Faso's government and the G5 to take practical measures to achieve this as soon as possible to alleviate the suffering of women and enable them to engage in development.

The attendeesincluded representatives from the public and private sector from the G5 who presented a summary of the steps taken since the workshop and proposals for the next steps to proceed with the establishment of the family bank in their countries in coordination with the OIC's General Secretariat and its relevant organs.