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Publish Date : 24-Jan-2018

The Islamic Development Bank (IsDB) and the World Bank will work together to unlock the potential of the US $1.9 trillion Islamic Finance market in order to mobilise resources for infrastructure projects using Public Private Partnership (PPP).

IsDB Vice President, Country Programmes, Dr. Mansur Muhtar made these remarks during a discussion in Washington DC jointly organised by IsDB and World Bank based on a report on "Mobilising Islamic Finance for Infrastructure-Public Private Partnership."

The report funded by IsDB and the World Bank suggested that the Islamic financial market is growing rapidly, and has reached US $1.9 trillion over the past 6 decades.

The report added that Islamic Finance is applied in several areas such as trade, manufacturing, real estate, infrastructure and banking, but the area of PPP has remained largely untapped. The aim of the report is to create awareness about the potential of Islamic Finance for infrastructure development especially in developing countries.

Dr. Muhtar therefore recommended the development of innovative PPP structures around Islamic finance, strengthening partnerships, knowledge sharing and co-financing activities.

"One of the advantages that Islamic Development Bank has in using Islamic finance is localisation. They have worked in many villages in their areas of operations, and their former and current presidents have always explained how localisation helps in using Islamic finance", said Dr. Mahmoud Mohieldin, World Bank's Senior Vice President for 2030 Agenda.

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