Description
It then explains islamic microfinance, foundations of islamic microfinance, Shariah Compliant Instruments for mobilization of funds, various instruments of risk management, islamic regulatory and policy framework
ISLAMIC MICROFINANCE
Microfinance
Poverty alleviation tool. ? Provides the poor financial services. ? that are tailored to their needs and conditions ? Access to services such as, credit, venture capital, savings, insurance. ? Good microfinance programs are characterized by small, usually shortterm loans.
?
The Millennium Development Goals (MDGs) are eight goals to be achieved by 2015 that respond to the world's main development challenges.
?
? ? ? ? ? ? ?
Goal 1: Eradicate extreme poverty and hunger: Halve, between 1990 and 2015, the proportion of people whose income is less than one dollar a day. Halve, between 1990 and 2015, the proportion of people who suffer from hunger. Goal 2: Achieve universal primary education Goal 3: Promote gender equality and empower women Goal 4: Reduce child mortality Goal 5: Improve maternal health Goal 6: Combat HIV/AIDS, malaria and other diseases Goal 7: Ensure environmental sustainability Goal 8: Develop a Global Partnership for Development
4 Models of MF
Grameen Bank ? Village Bank ? Credit Union(CU) ? Self-Help Group(SHG)
?
Consultative Group to Assist the Poor (CGAP)-11 KEY PRINCIPLES OF MF
Poor people need a variety of financial services, not just loans. In addition to credit, they want savings, insurance, and money transfer services. ? Microfinance is a powerful tool to fight poverty. Poor households use financial services to raise income, build their assets, and cushion themselves against external shocks. ? Microfinance means building financial systems that serve the poor. It will reach its full potential only if it is integrated into a country’s mainstream financial system.
?
Microfinance can pay for itself, and must do so if it is to reach very large numbers of poor people. Unless microfinance providers charge enough to cover their costs, they will always be limited by the scarce and uncertain supply of subsidies from governments and donors. ? Microfinance is about building permanent local financial institutions that can attract domestic deposits, recycle them into loans, and provide other financial services. ? Microcredit is not always the answer. Other kinds of support may work better for people who are so destitute that they are without income or means of repayment. ? Interest rate ceilings hurt poor people by making it harder for them to get credit. Making many small loans costs more than making a few large ones. Interest rate ceilings prevent microfinance institutions from covering their costs, and thereby choke off the supply of credit for poor people.
?
?
?
?
?
The job of government is to enable financial services, not to provide them directly. Governments can almost never do a good job of lending, but they can set a supporting policy environment. Donor funds should complement private capital, not compete with it. Donor subsides should be temporary start-up support designed to get an institution to the point where it can tap private funding sources, such as deposits. The key bottleneck is the shortage of strong institutions and managers. Donors should focus their support on building capacity. Microfinance works best when it measures—and discloses—its performance. Reporting not only helps stakeholders judge costs and benefits, but it also improves performance. MFIs need to produce accurate and comparable reporting on financial performance (e.g., loan repayment and cost recovery) as well as social performance (e.g., number and poverty level of clients being served).
Enhancing Inclusion through Islamic MicroFinance (IsMF)
MF & Islamic Finance have much in common ? Both advocate entrepreneurship, risksharing , financial inclusion & focus on development & social goals through partnership finance ? However traditional MF excludes the poorest of the poor
?
Enhancing Inclusion through Islamic MicroFinance (IsMF)
Conventional MF charge high interest rate compared to mainstream banking rates ? IsMF focuses on clear alignment between profitability of the project and cost of capital ? Interest rates are tantamount to riba ? IsMF programs offer separate appraisal of loan applications by women
?
Foundations of IsMF
Zakah ? Sadaqah ? Awqaf ? Waqf
? ?
Estimates of Zakah collected in Muslim countries shows that it is grossly inadequate to meet financial needs of the poor
Components of Hadith emphasize on following conditions for a successful MF program
Access of the poorest of the poor to the program ? Careful assessment of the financial health of the poor; enquiry blended with empathy ? Transformation of unproductive assets of the beneficiary into income generating ones through rigorous valuation (on the basis of price discovery through auction method)
?
Meeting of basic needs on a priority basis and investment of the surplus in a productive asset ? Direct involvement of the program in capacity building in the run-up to income generation and technical assistance to the beneficiary ? Technical assistance in the form of imparting requisite training to the beneficiary for carrying out the business plan
?
Monitoring through a time-bound schedule and impact assessment through a feed-back mechanism ? Transparent accounting of operational results and liberty to use part of income to meet higher needs
?
Shariah Compliant Instruments for mobilization of funds
? ?
Charity- Zakah, Sadaqah & Awqaf Deposits- Wadiah, Qard al-hasam & Mudarabah Equity- Musharakah
?
Instruments of Financing
participatory profit loss-sharing (PLS) modes, such as, mudarabah and musharakah ? sale-based modes, such as, murabahah ? lease-based modes or ijarah and ? benevolent loans or qard with service charge
?
Instruments of Risk Management
Based on the concept of guarantee (kafalah) and collateral (daman) ? Some institutions collateral in the form of physical assets ? micro-takaful products ? al-kafalah
?
ISLAMIC MF PROVIDERS: MICRO LEVEL
Informal MF providers
• individual providers • collective clubs or associations.
Member-Based Organizations
• village banks • self-help-groups • credit unions
Non-Government Organizations
• Zakah and Sadaqah-based organizations
Formal Financial Institutions
• state-owned banks, agricultural and postal banks • small community or rural banks, NBFIs, • specialized microfinance banks, and full-service banks
Islamic MF Providers across the Globe
Middle East North Africa (MENA)
• microfinance initiative in Egypt - the Mit Ghamr project laid the foundation of modern Islamic banking • the Sanadiq project at Jabal al-Hoss in Syria • the Mu’assasat Bayt Al-Mal in Lebanon • Hodeidah Microfinance Program in Yemen.
South Asia
• Islami Bank Bangladesh, Social and Investment Bank Bangladesh, Al-Fallah and Rescue • Grameen and BRAC have pioneered models of microfinance that are replicated across the globe • Akhuwat in Pakistan • AICMEU, Sahulat Mivcrofinance Society in India
South East Asia
• Tabung Haji in Malaysia • Baitul Maal wal Tamwil (BMT) in Indonesia
Sub-Saharan Africa
• Azaouad Finances plc in Mali
Central Asia
• FINCA in Afghanistan
Challenges
Diverse Organizational Structures Shariah Compliance 1.Shariah Boards 2. Fiqhi Issues 3. Divergent Perceptions ? Lack of Product Diversification. ? Linkages with Banks and Capital Market ? Legal barriers and mounting operating costs
? ?
Strategic Response
Collective Resolution of Shariah Issues ? A Diverse Range of Products ? Banks’ Participation in Microfinance ? Capital Market Participation ? Grass-root level awareness
?
ISLAMIC MF INFRASTRUCTURE: MESO LEVEL
It includes the basic financial infrastructure and the range of services required to reduce transaction costs, increase outreach and foster transparency among IsMF providers. ? Wide range of players and activities ? However these do not provide services specific to the Islamic MF sector. ? The most important player providing meso-level services to its member countries is the Islamic Development Bank
?
Challenges
Safe, efficient, and reliable payments systems are critical to the effective functioning of the financial system but most of Islamic MFIs or their conventional counterparts do not have access to such systems ? Transparency and Information Infrastructure ? Lack of education and training among clients and organization personnel ? Islamic world does not have an apex coordinating body in the area of Islamic microfinance. There are a few regional networks though. Compared to the size of the Islamic world , however, their number is quite small, and there is little coordination between them.
?
Strategic response
The smaller microfinance institutions may not be in a position to institute the systems themselves, they may work through the larger Islamic FIs by forging alliances with them. ? An important meso-level initiative would be to provide for rating services specific to Islamic microfinance. The ratings would substantially reduce information costs and help Islamic MFIs to obtain financing from the market.
?
Strategic response
Technical Assistance through Awqaf and Zakah Funds The primary purpose of the institutions of awqaf and zakah is poverty alleviation and improvement in the quality of life, there is a need to ensure that the benefits realized from any such activity are sustainable. ? Awqaf may also be created specifically to impart knowledge and skills in entrepreneurship development among the poor as microfinance alone cannot create wealth unless combined with entrepreneurial skills. ? zakah fund distribution will push individuals out of dire poverty to levels, where they are not longer regarded as ?unbankable? by MFIs
?
ISLAMIC MF REGULATORY AND POLICY FRAMEWORK: MACRO LEVEL
? ? ?
?
The government has a positive role to play in building inclusive financial systems. Some governments see a major role for them in credit delivery itself. Experience has shown that government credit schemes for the poor are usually heavily subsidized. They could be in the nature of direct credit delivery by state-owned banks or indirectly through wholesale “apex” funds that pass on those resources to retail financial institutions
Concerns - Subsidized lending schemes
They are vulnerable to political patronage. ? Often diverting credit to better-off (and more politically connected) borrowers. ? Borrowers often view soft government money as grants or gifts and are less likely to repay loans from subsidized programs. ? Especially true in countries with a history of forgiveness programs for agricultural or other lending.
?
Concerns – Government Programs Low interest rates in government programs - lending institutions cannot cover their costs and thus require continuous government or donor subsidies to survive. ? Often limited to specific, preferred sectors, regions, or populations. ? Even worse, directed credit does not always reach the intended beneficiaries.
?
?
Macroeconomic Stability – *
? Make sure inflation remains low. ? Regulators and policy makers should ensure that volatility in financial markets – bonds, equity, exchange rates, and other prices in the economy, remains in check. ? Every effort should be made to keep speculative forces in check.
Liberalized Financial Market Rates - Interest rate ceilings unintentionally hurt poor people in the end by making small transaction financial services unattractive to NGOs and financial institutions. ? Banking Sector Regulation and Supervision- **
?
? MFIs like the mainstream FIs should also be licensed and supervised by the central bank and other financial authorities. ? In most countries, this shift requires some adjustment of existing banking regulations.
Issues in Prudential Regulation and Supervision
? MFIs that do not take retail deposits should not be subjected to prudential regulation. ? Some countries, prohibit unlicensed non-bank institutions (including NGOs) from lending - an unnecessary restriction that can stifle experimentation with microcredit. ? Some commentators caution against the ?rush to regulate? microfinance through the introduction of laws creating new regulatory categories of depository financial institutions. ? More successful microfinance markets in Bangladesh, and Indonesia, where microfinance was born and matured without special microfinance regulation
Issues related to Dual System
Define products and scope of activities clearly ensuring Shariah-compatibility, free from interest (riba) and complexity (gharar); enable institutions to engage in fee-based activities; ? Ensure transparency and disclosure importance increases many-fold for PLS-based financings; ? Monitor end-use of financing ? Ensure clear choice by market participant between Islamic and conventional techniques; ? Free of murabahah and ijarah rates or linking them to a Shariah-acceptable benchmark;
?
Issues related to Dual System
? ? ?
? ?
Require institutions to clarify goals - single or multiple social goals other than microfinance. Standardize Shariah compliant financing norms and procedures. Prescribe ways to dealing with default and delinquency in debt repayment in a Shariah compliant manner Permit mature and larger institutions only to invite deposits Require MF Providers to create and maintain reserves such as profit-equalization-reserve to minimize depositor risk arising out of profit volatility.
Recommendations
?
As far as the poor are concerned, they should
? Perceive formal savings, credit and financial services as safer and more attractive ? Develop entrepreneurial abilities and acquire relevant education and skills ? Consider charity as temporary support only.
?
The cooperatives/ NGOs should
? ? ? ? act as catalysts of change involving community assets combine social and economic agenda with synergized effect recognize sustainability as the core factor in development develop linkages with banks and capital markets.
?
The Islamic banks should
? develop linkages with non-profit organizations for reaching out to poor, ? recognize microfinance as an additional segment with its distinct risk-return and other features ? engage in direct and indirect finance ? facilitate participation of microfinance providers in capital markets ? initiate and participate in dialogue with policy makers and regulators.
Recommendations
?
The awqaf / zakah funds should
? institutionalize voluntary giving in order to guarantee sustainability of assets and their income generating abilities ? preserve and develop assets under waqf to add to productive capacity ? create capabilities for wealth creation and distribute zakah funds to destitute and poorest of poor who are not bankable.
?
The apex bodies, IsDB and IsDB-sponsored institutions should
? enhance mutual cooperation and coordination in matters of common interest ? initiate and participate in dialogue with policy makers and regulators.
?
Finally, the government agencies, such as, Ministries of Finance, Cooperation, the monetary authority and the capital market authority should formulate supportive policy and regulatory environment and create supportive infrastructure.
THANK YOU ?
doc_401350601.pptx
It then explains islamic microfinance, foundations of islamic microfinance, Shariah Compliant Instruments for mobilization of funds, various instruments of risk management, islamic regulatory and policy framework
ISLAMIC MICROFINANCE
Microfinance
Poverty alleviation tool. ? Provides the poor financial services. ? that are tailored to their needs and conditions ? Access to services such as, credit, venture capital, savings, insurance. ? Good microfinance programs are characterized by small, usually shortterm loans.
?
The Millennium Development Goals (MDGs) are eight goals to be achieved by 2015 that respond to the world's main development challenges.
?
? ? ? ? ? ? ?
Goal 1: Eradicate extreme poverty and hunger: Halve, between 1990 and 2015, the proportion of people whose income is less than one dollar a day. Halve, between 1990 and 2015, the proportion of people who suffer from hunger. Goal 2: Achieve universal primary education Goal 3: Promote gender equality and empower women Goal 4: Reduce child mortality Goal 5: Improve maternal health Goal 6: Combat HIV/AIDS, malaria and other diseases Goal 7: Ensure environmental sustainability Goal 8: Develop a Global Partnership for Development
4 Models of MF
Grameen Bank ? Village Bank ? Credit Union(CU) ? Self-Help Group(SHG)
?
Consultative Group to Assist the Poor (CGAP)-11 KEY PRINCIPLES OF MF
Poor people need a variety of financial services, not just loans. In addition to credit, they want savings, insurance, and money transfer services. ? Microfinance is a powerful tool to fight poverty. Poor households use financial services to raise income, build their assets, and cushion themselves against external shocks. ? Microfinance means building financial systems that serve the poor. It will reach its full potential only if it is integrated into a country’s mainstream financial system.
?
Microfinance can pay for itself, and must do so if it is to reach very large numbers of poor people. Unless microfinance providers charge enough to cover their costs, they will always be limited by the scarce and uncertain supply of subsidies from governments and donors. ? Microfinance is about building permanent local financial institutions that can attract domestic deposits, recycle them into loans, and provide other financial services. ? Microcredit is not always the answer. Other kinds of support may work better for people who are so destitute that they are without income or means of repayment. ? Interest rate ceilings hurt poor people by making it harder for them to get credit. Making many small loans costs more than making a few large ones. Interest rate ceilings prevent microfinance institutions from covering their costs, and thereby choke off the supply of credit for poor people.
?
?
?
?
?
The job of government is to enable financial services, not to provide them directly. Governments can almost never do a good job of lending, but they can set a supporting policy environment. Donor funds should complement private capital, not compete with it. Donor subsides should be temporary start-up support designed to get an institution to the point where it can tap private funding sources, such as deposits. The key bottleneck is the shortage of strong institutions and managers. Donors should focus their support on building capacity. Microfinance works best when it measures—and discloses—its performance. Reporting not only helps stakeholders judge costs and benefits, but it also improves performance. MFIs need to produce accurate and comparable reporting on financial performance (e.g., loan repayment and cost recovery) as well as social performance (e.g., number and poverty level of clients being served).
Enhancing Inclusion through Islamic MicroFinance (IsMF)
MF & Islamic Finance have much in common ? Both advocate entrepreneurship, risksharing , financial inclusion & focus on development & social goals through partnership finance ? However traditional MF excludes the poorest of the poor
?
Enhancing Inclusion through Islamic MicroFinance (IsMF)
Conventional MF charge high interest rate compared to mainstream banking rates ? IsMF focuses on clear alignment between profitability of the project and cost of capital ? Interest rates are tantamount to riba ? IsMF programs offer separate appraisal of loan applications by women
?
Foundations of IsMF
Zakah ? Sadaqah ? Awqaf ? Waqf
? ?
Estimates of Zakah collected in Muslim countries shows that it is grossly inadequate to meet financial needs of the poor
Components of Hadith emphasize on following conditions for a successful MF program
Access of the poorest of the poor to the program ? Careful assessment of the financial health of the poor; enquiry blended with empathy ? Transformation of unproductive assets of the beneficiary into income generating ones through rigorous valuation (on the basis of price discovery through auction method)
?
Meeting of basic needs on a priority basis and investment of the surplus in a productive asset ? Direct involvement of the program in capacity building in the run-up to income generation and technical assistance to the beneficiary ? Technical assistance in the form of imparting requisite training to the beneficiary for carrying out the business plan
?
Monitoring through a time-bound schedule and impact assessment through a feed-back mechanism ? Transparent accounting of operational results and liberty to use part of income to meet higher needs
?
Shariah Compliant Instruments for mobilization of funds
? ?
Charity- Zakah, Sadaqah & Awqaf Deposits- Wadiah, Qard al-hasam & Mudarabah Equity- Musharakah
?
Instruments of Financing
participatory profit loss-sharing (PLS) modes, such as, mudarabah and musharakah ? sale-based modes, such as, murabahah ? lease-based modes or ijarah and ? benevolent loans or qard with service charge
?
Instruments of Risk Management
Based on the concept of guarantee (kafalah) and collateral (daman) ? Some institutions collateral in the form of physical assets ? micro-takaful products ? al-kafalah
?
ISLAMIC MF PROVIDERS: MICRO LEVEL
Informal MF providers
• individual providers • collective clubs or associations.
Member-Based Organizations
• village banks • self-help-groups • credit unions
Non-Government Organizations
• Zakah and Sadaqah-based organizations
Formal Financial Institutions
• state-owned banks, agricultural and postal banks • small community or rural banks, NBFIs, • specialized microfinance banks, and full-service banks
Islamic MF Providers across the Globe
Middle East North Africa (MENA)
• microfinance initiative in Egypt - the Mit Ghamr project laid the foundation of modern Islamic banking • the Sanadiq project at Jabal al-Hoss in Syria • the Mu’assasat Bayt Al-Mal in Lebanon • Hodeidah Microfinance Program in Yemen.
South Asia
• Islami Bank Bangladesh, Social and Investment Bank Bangladesh, Al-Fallah and Rescue • Grameen and BRAC have pioneered models of microfinance that are replicated across the globe • Akhuwat in Pakistan • AICMEU, Sahulat Mivcrofinance Society in India
South East Asia
• Tabung Haji in Malaysia • Baitul Maal wal Tamwil (BMT) in Indonesia
Sub-Saharan Africa
• Azaouad Finances plc in Mali
Central Asia
• FINCA in Afghanistan
Challenges
Diverse Organizational Structures Shariah Compliance 1.Shariah Boards 2. Fiqhi Issues 3. Divergent Perceptions ? Lack of Product Diversification. ? Linkages with Banks and Capital Market ? Legal barriers and mounting operating costs
? ?
Strategic Response
Collective Resolution of Shariah Issues ? A Diverse Range of Products ? Banks’ Participation in Microfinance ? Capital Market Participation ? Grass-root level awareness
?
ISLAMIC MF INFRASTRUCTURE: MESO LEVEL
It includes the basic financial infrastructure and the range of services required to reduce transaction costs, increase outreach and foster transparency among IsMF providers. ? Wide range of players and activities ? However these do not provide services specific to the Islamic MF sector. ? The most important player providing meso-level services to its member countries is the Islamic Development Bank
?
Challenges
Safe, efficient, and reliable payments systems are critical to the effective functioning of the financial system but most of Islamic MFIs or their conventional counterparts do not have access to such systems ? Transparency and Information Infrastructure ? Lack of education and training among clients and organization personnel ? Islamic world does not have an apex coordinating body in the area of Islamic microfinance. There are a few regional networks though. Compared to the size of the Islamic world , however, their number is quite small, and there is little coordination between them.
?
Strategic response
The smaller microfinance institutions may not be in a position to institute the systems themselves, they may work through the larger Islamic FIs by forging alliances with them. ? An important meso-level initiative would be to provide for rating services specific to Islamic microfinance. The ratings would substantially reduce information costs and help Islamic MFIs to obtain financing from the market.
?
Strategic response
Technical Assistance through Awqaf and Zakah Funds The primary purpose of the institutions of awqaf and zakah is poverty alleviation and improvement in the quality of life, there is a need to ensure that the benefits realized from any such activity are sustainable. ? Awqaf may also be created specifically to impart knowledge and skills in entrepreneurship development among the poor as microfinance alone cannot create wealth unless combined with entrepreneurial skills. ? zakah fund distribution will push individuals out of dire poverty to levels, where they are not longer regarded as ?unbankable? by MFIs
?
ISLAMIC MF REGULATORY AND POLICY FRAMEWORK: MACRO LEVEL
? ? ?
?
The government has a positive role to play in building inclusive financial systems. Some governments see a major role for them in credit delivery itself. Experience has shown that government credit schemes for the poor are usually heavily subsidized. They could be in the nature of direct credit delivery by state-owned banks or indirectly through wholesale “apex” funds that pass on those resources to retail financial institutions
Concerns - Subsidized lending schemes
They are vulnerable to political patronage. ? Often diverting credit to better-off (and more politically connected) borrowers. ? Borrowers often view soft government money as grants or gifts and are less likely to repay loans from subsidized programs. ? Especially true in countries with a history of forgiveness programs for agricultural or other lending.
?
Concerns – Government Programs Low interest rates in government programs - lending institutions cannot cover their costs and thus require continuous government or donor subsidies to survive. ? Often limited to specific, preferred sectors, regions, or populations. ? Even worse, directed credit does not always reach the intended beneficiaries.
?
?
Macroeconomic Stability – *
? Make sure inflation remains low. ? Regulators and policy makers should ensure that volatility in financial markets – bonds, equity, exchange rates, and other prices in the economy, remains in check. ? Every effort should be made to keep speculative forces in check.
Liberalized Financial Market Rates - Interest rate ceilings unintentionally hurt poor people in the end by making small transaction financial services unattractive to NGOs and financial institutions. ? Banking Sector Regulation and Supervision- **
?
? MFIs like the mainstream FIs should also be licensed and supervised by the central bank and other financial authorities. ? In most countries, this shift requires some adjustment of existing banking regulations.
Issues in Prudential Regulation and Supervision
? MFIs that do not take retail deposits should not be subjected to prudential regulation. ? Some countries, prohibit unlicensed non-bank institutions (including NGOs) from lending - an unnecessary restriction that can stifle experimentation with microcredit. ? Some commentators caution against the ?rush to regulate? microfinance through the introduction of laws creating new regulatory categories of depository financial institutions. ? More successful microfinance markets in Bangladesh, and Indonesia, where microfinance was born and matured without special microfinance regulation
Issues related to Dual System
Define products and scope of activities clearly ensuring Shariah-compatibility, free from interest (riba) and complexity (gharar); enable institutions to engage in fee-based activities; ? Ensure transparency and disclosure importance increases many-fold for PLS-based financings; ? Monitor end-use of financing ? Ensure clear choice by market participant between Islamic and conventional techniques; ? Free of murabahah and ijarah rates or linking them to a Shariah-acceptable benchmark;
?
Issues related to Dual System
? ? ?
? ?
Require institutions to clarify goals - single or multiple social goals other than microfinance. Standardize Shariah compliant financing norms and procedures. Prescribe ways to dealing with default and delinquency in debt repayment in a Shariah compliant manner Permit mature and larger institutions only to invite deposits Require MF Providers to create and maintain reserves such as profit-equalization-reserve to minimize depositor risk arising out of profit volatility.
Recommendations
?
As far as the poor are concerned, they should
? Perceive formal savings, credit and financial services as safer and more attractive ? Develop entrepreneurial abilities and acquire relevant education and skills ? Consider charity as temporary support only.
?
The cooperatives/ NGOs should
? ? ? ? act as catalysts of change involving community assets combine social and economic agenda with synergized effect recognize sustainability as the core factor in development develop linkages with banks and capital markets.
?
The Islamic banks should
? develop linkages with non-profit organizations for reaching out to poor, ? recognize microfinance as an additional segment with its distinct risk-return and other features ? engage in direct and indirect finance ? facilitate participation of microfinance providers in capital markets ? initiate and participate in dialogue with policy makers and regulators.
Recommendations
?
The awqaf / zakah funds should
? institutionalize voluntary giving in order to guarantee sustainability of assets and their income generating abilities ? preserve and develop assets under waqf to add to productive capacity ? create capabilities for wealth creation and distribute zakah funds to destitute and poorest of poor who are not bankable.
?
The apex bodies, IsDB and IsDB-sponsored institutions should
? enhance mutual cooperation and coordination in matters of common interest ? initiate and participate in dialogue with policy makers and regulators.
?
Finally, the government agencies, such as, Ministries of Finance, Cooperation, the monetary authority and the capital market authority should formulate supportive policy and regulatory environment and create supportive infrastructure.
THANK YOU ?
doc_401350601.pptx