Mohammed Obaidullah

How Islamic social finance can be used to fight povert

A report from the Islamic Development Bank suggests that an Islamic social finance product "Zakah" has great potential in curbing poverty for countries in Sub-Saharan Africa. CNBC Africa spoke to Mohammed Obaidullah, Senior Economist at the Islamic Development Bank and Lead Author of the Islamic Social Finance Report, to get more insight on this.

Customers are driving force of Islamic banking

Mohammed Obaidullah of the Islamic Development Bank highlighted the role of customers in strengthening Islamic banks and financial institutions by asking right questions and monitoring the bank’s activities and dealings. The customer is the driving force who can make Islamic banking move, he said while giving a lecture on the relevance of Islamic banking and finance in the modern world at the Islamic Education Foundation. Obaidullah called for the establishment of independent Shariah bodies to monitor and approve the activities of Islamic Banks. Moreover, Islamic banking and finance have become a strong industry that will not be shaken by defaulting of some institutions or individuals, he added emphasizing the importance of taking protective regulatory measures. Obaidullah hoped that India would soon get on the bandwagon of Islamic banking since the country could get the much-needed funds available in GCC countries for its infrastructure projects.

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