The Microfinance Club of New York hosted a public event in New York exploring the roots and future of interest-free lending with a panel of experts on the subject.
The biggest gaps to achieving financial inclusion in the country/industry in focus:
The biggest gaps we see in the Islamic finance market are a lack of clarity from Sharia scholars on the utilization of both philanthropic and commercial pools of capital to achieve social impact/financial inclusion outcomes; a lack of seed/growth funding for financial inclusion oriented Islamic finance products and enterprises; and a lack financial literacy within an Islamic context for those outside of mainstream finance.
Key action steps to advance financial inclusion:
We agreed that education of both the broader public but also the financial community is essential, as is the need and opportunity to leverage the event towards highlighting opportunities for convergence and cooperation across faiths when it comes to addressing the global issue of financial inclusion.