Fighting poverty requires new approach: IsDB Chairman

The task of fighting poverty and fostering shared prosperity across communities requires new approaches, according to the Group Chairman of the Islamic Development Bank (IsDB).

Dr Muhammed Al Jasser made the statement during the opening of the 16th IsDB Global Forum on Islamic Finance held on the side lines of the 2022 IsDB Group Annual Meetings in Sharm El Sheikh, the Arab Republic of Egypt.

Dr. Al Jasser stressed the combined health and economic crises caused by COVID-19 have resulted in rising poverty and widening inequalities around the world, disproportionately affecting vulnerable groups.

He noted that socially responsible solutions are required which includes creating value by filling gaps often caused by market failures.

"In the broader social innovation ecosystem, social entrepreneurship plays a critical role, as entrepreneurship is essential for innovation, job creation, and economic growth," Dr. Al Jasser added.

The IsDB Group Chairman said: "While fighting poverty has always been at the core of IsDB’s partnerships and engagements, the COVID-19 pandemic has further compelled us as a development institution to strengthen our efforts in this endeavour to ensure a more inclusive recovery in our Member Countries."

He observed that some IsDB Member Countries have achieved remarkable successes in reducing poverty significantly over the years, and it was therefore worth tracking and highlighting success stories to serve as a motivation for policymakers and development institutions in other countries.