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    • Funding
    • 2014 annual meetings of the World Bank Group

    Islamic development finance to target infrastructure, SMEs

    Islamic banks and financial institutions are worth more than $1.7 trillion — and they're ready to invest. What development causes will benefit the most? A panel of experts weighed in on Thursday during the World Bank annual meetings in Washington, D.C.

    By Molly Anders // 10 October 2014

    The next two years may see Islamic banks and financial institutions investing more of their estimated $1.7 trillion worth of assets in infrastructure as well as small and midsize enterprises.

    Officials from the Islamic Development Bank, World Bank and Moody’s, among others, discussed development opportunities for Islamic finance Thursday during a panel discussion at the World Bank’s annual meetings in Washington, D.C.

    “One of the tenets of Islamic finance requires tangible assets, and infrastructure projects for governments provide those assets,” said Aamir Rehman, managing director of Fajr Capital, referring to standards of practice among Islamic finance institutions that adhere to Islamic principles, such as interest-free loans and investments.

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    About the author

    • Molly Anders

      Molly Andersmollyanders_dev

      Molly Anders is a former U.K. correspondent for Devex. Based in London, she reports on development finance trends with a focus on British and European institutions. She is especially interested in evidence-based development and women’s economic empowerment, as well as innovative financing for the protection of migrants and refugees. Molly is a former Fulbright Scholar and studied Arabic in Syria, Jordan, Egypt and Morocco.

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