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.
