Islamic Finance offers potential through innovative investments and instruments.
Paramaribo, 15 november 2019
The "1st Caribbean Islamic Finance Forum" was held in Suriname on the 15th of November 2019, in the Royal Ballroom of Torarica. During the forum organized by Trustbank Amanah and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank group (IsDBG).
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 have signed new agreements in the form of Memorandum of Understanding (MoUs). The MOUs formalized and strengthened the cooperation between both financial institutions to pursue common goals, serving the private sector namely the Small and Medium Enterprises (SMEs) and further developing the 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. This MoUs will help achieve that by strengthening and formalizing the already high level of cooperation between our two institutions." said ICD CEO Mr. Ayman Sejiny
The forum conclude with the discussion about innovative financial solutions. ICD is developing a Global Platform with which the investors of the platform can identify investment opportunities and project owners can look for investors. Different types of financing structures may be possible, including Green Sukuk.