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G20 Islamic Finance Conference for SMEs takes place in İstanbul

G20 Islamic Finance Conference for SMEs takes place in İstanbul.

The conference of which theme is “How Can The Islamic Finance Possibilities Be Increased?” was conducted by World Bank, Islamic Development Bank Prime Ministiry Undersecretariat of Tresuary hosted by TUMSIAD in the framework of G20 Turkey agency on 23rd - 24th October in İstanbul.

Opening was made by President of Turkey Recep Tayyip Erdoğan, World Bank Managing Director and CFO Bertrand Badre, President of the Islamic Development Bank Ahmet Muhammed Muhammed Ali el- Medeni and President of TUMSIAD Yaşar DOĞAN. The conference was conducted with TUMSIAD TUMEXPO fair in Convention Center Istanbul.

In the first day of conference, Deputy Treasury Undersecretary Cavit Dağdaş, Libyan Central Bank Executive Board Member Dr. Tarek Yousef and President of the World SME Forum Dr. Tunç Uyanık discussed about the obstacles in Islamic Banking's financing SMEs in the session of which theme was “The Role of Islamic Baking in SMEs' finance” in the leadership of Senior Director of World Bank Gloria Grandolini.Dwelling on that The Islamic banking is used in very restricted area, especially it was stated that arrangements in assurance managing, necessary arrangements for raising financial inclusions, raising the products of Islamic Banking depending on risk sharing are needed.

World Bank Global Head of Islamic Finance Development Center Zamir Iqbal, Founder and Manager of Shekra Capital Shehab Marzban and Colt & Mosle LLP, Global Head of Islamic Finance and Investment Micheal McMillian joined the session in the leadership of Islamic Development Bank, Islamic Research and Training Institute (IRTA) Director Dr. Azmi Omar. In the session, main results were discussed after introducing the report “How Can The Islamic Finance Opportunities Be Increased?” prepared by The World Bank and the Islamic Development Bank .

In the second day of conference that started with the introduction speech of  President of Banking Regulation and Supervision Agency (BDDK) Mehmet Ali Akben, financial inclusions and SME Finance were discussed regarding the difficulties in SME Finance and examples from around the world.  In introduction speech, Mr. Akben stated that, SME can’t benefit from the bank services at the same rate as its big share in country economy but Islamic Bankings are supporting SME finance above the average of industry.

World SME Finance Forum Chairman of the Board Matt Gamser, Organization of the Islamic Development Bank Private Sector Development (ICD) Chairman of the Department of Asset Management Farid Masood and International Finance Corporation (IFC) Advisory Services Department Head of Middle East, North Africa and Central Asia Kaiser Naseem joined the first session of second day in the leadership of World Bank Finance and Markets: Head of the Department of Global Applications Manager Abayomi Abayomi Alawode.  In this session, it was highlighted that the providing financing depeding on assurance restricts SME Financing. It was emphasized that SME intelligence and assurance must be improved by taking advantage of increasing of e-commerce and electronic data. Also while emphasizing on that an another business model is needed, it was stated that customer segmentation, distribution channels, information technology and increasing the bank staff are milestones of this model.

Michael Mcmillen, Bank Indonesia Regulation and Supervision Authority (OJK) Vice President Dr. Mulya Siregar and IOSCO Senior Advisor Alp Eroğlu discussed about the importance of baking legislation and regulations for SME financing in the session in the leadership of World Bank Global SME Finance Department Director Simon C.Bell. In this session the necessarity of innovative products, approaches and beside them legislation and regulations that are compliance with these products were emphasized. Also by regarding  SME’s financial status, sustainable and inclusive finance can be provided to companies of all sized with the funds depending on foundations and alms and besides a support model that uses integrated micro-finance and bank instutions

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