SUDAN UNIVERSITY OF SCIENCES AND TECHNOLOGYVENUE: KHARTOUM – SUDANTUESDAY, MARCH 18-19/2014

Roundtable discussion program: Regulatory and supervisory

framework in Islamic Microfinance.

Recommendations

1. Conduct comprehensive and comparative evaluation researches on regulatory and supervisory framework in IDB member countries.

2. Encourage Muslim countries to develop a regulatory framework for Islamic microfinance in accordance with other Muslim countries experiences.

Recommendations

3. The government entities such as, central banks, ministries of finance, capital market authority and others, should formulate supportive policy and regulatory environment and create supportive infrastructure

4. Multilateral Islamic finance institutions need to play an effective role in improving services and facilities to the Islamic MFI sector at all levels, like ( Participate in equity , Create Qard-Hasan , create Takaful company…etc).

Recommendations

5. Promote dialogue amongst Shariah scholars for collective resolutions of Figh issues related to microfinance.

6. Institutionalization of Zakah/Awgaf fund in order to guarantee sustainability of assets and their income generating abilities, preserve and develop assets under wagf to add to productive capacity, and create capabilities for wealth creation and distribute zakah to destitute and poorest of poor who are not bankable.

Recommendations

7. Undertake training, awareness and education programs to impart microfinance especially related to microfinance providers and training of trainers.

8. Help create rating mechanism in member countries for Islamic microfinance providers.

Recommendations

9. Build an effective worldwide alliance and forum of Islamic microfinance providers and other stakeholders.

10.Integration of poverty and macro-economic issues via Islamic microfinance.