BAKU, Azerbaijan, June 17. New financial tools should be created, Chairman of the Board of Directors at the Bank of Industry of Nigeria (BOI), Mansur Muhtar, said during the 20th Global Forum on Islamic Finance of the Islamic Development Bank (IsDB) within the framework of the IsDB Group Annual Meeting in Baku, Trend's correspondent reports from the event.
"The need for resources is growing, and countries are increasingly turning to development institutions for additional financing. However, this is happening at a time when the volume of concessional financial resources is shrinking.
Many countries that have traditionally acted as donors are themselves facing budget constraints, financial crises, and competing domestic needs," Muhtar also said.
He noted that the cost of capital in financial markets has increased.
"Therefore, it's becoming increasingly difficult for development banks and other development finance institutions to provide the necessary support.
Meanwhile, more is expected of us: more results, lower costs, and faster action.
In this context, we truly need a shift in thinking. We need to create new products, new financial tools, new partnerships, and new sources of capital that can be scaled up. This is precisely the challenge we face.
Precisely in this context, in my view, Islamic social finance represents a credible alternative and a mechanism for supplementing the limited resources we have," he emphasized.
