How IsDB Institute Enhances Islamic Finance Knowledge for Nigerian Ministry of Finance Officials

JEDDAH, KINGDOM OF SAUDI ARABIA: The Islamic Development Bank Institute (IsDBI) successfully concluded a comprehensive training program for the staff of the IsDB Governor’s Office at the Federal Ministry of Finance, Nigeria. The three-day intensive training, held at the IsDB headquarters in Jeddah from 28 to 30 October 2024, equipped the participants with a thorough understanding of key Islamic finance principles and applications.

The training program was designed to enhance the capacity of Nigerian Ministry of Finance officials to effectively engage with Islamic financial institutions and promote the growth of the non-interest-based finance industry in Nigeria. Experts from the IsDB Institute, with support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), delivered insightful sessions on a range of topics, including:

Islamic Banking: Exploring the fundamentals of Islamic banking operations, risk management, and regulatory frameworks.

Islamic Capital Markets: Delving into the intricacies of Islamic capital market instruments, Sukuk issuance, and investment strategies.

Islamic Insurance (Takaful): Understanding the principles of risk sharing and cooperation in Islamic insurance.

Islamic Social Finance: Examining the role of Islamic finance in addressing social and economic challenges, particularly in areas such as poverty alleviation and sustainable development.

Islamic Finance and SDGs: Exploring the potential of Islamic finance in contributing to the achievement of the Sustainable Development Goals (SDGs) and promoting sustainable development.

The training program was developed in coordination with the IsDB Regional Hub in Abuja, Nigeria. By imparting this knowledge and expertise, the IsDB Institute aims to empower the staff of H.E. the IsDB Governor’s Office at the Federal Ministry of Finance to make informed decisions, develop innovative non-interest-based finance solutions, and drive the country’s economic growth.

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