Islamic Finance offers potential for development of the private sector through innovative investments and instruments

Trustbank Amanah and the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) , the private sector arm of the Islamic Development Bank Group (IsDBG), organized the "1st Caribbean Islamic Finance Forum" in Suriname on 15^th of November 2019, in the Royal Ballroom of Torarica.

The forum highlighted the opportunities and challenges for development of the private sector in Suriname, with a special focus on the role of technology and innovation as a catalyst. A technical cooperation mechanism Reverse linkage, which allows sharing knowledge, expertise, technology and resources to develop capabilities was also raised for discussion during the forum.

"With the forum, we aim to report the scope of Islamic finance in order to make the connection for development in the private sector and thereby contribute to the diversification of the Surinamese economy," said the CEO of Trustbank Amanah Maureen Badjoeri.

During the forum, Trustbank Amanah and ICD  signed new agreements in the form of Memorandum of Understandings (MoUs). The MoUs formalize and strengthen the cooperation between both financial institutions to pursue  common goals, serving the private sector namely the Small and Medium Enterprises (SMEs) and further development of Islamic finance in Suriname.

"There is a real desire for ICD and Trustbank Amanah to be more joined-up when developing the Islamic finance in Suriname. The MoUs will help achieve that by strengthening and formalizing the already high levels of cooperation between our two institutions." said ICD’s CEO, Mr. Ayman Sejiny.

The forum concluded with  discussion about innovative financial solutions. ICD is developing a Global Platform, of which Trustbank Amanah is also a member, with which  investors within the platform can identify investment opportunities, whilst, and project owners can seek  investors. Various types of financing structures may be possible, including Green Sukuk.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).