Al Othaimeen: Islamic Social Finance Instruments are Valuable Contributors to Social Development

Dr. Yousef A. Al-Othaimeen, Secretary General of the Organization of Islamic Cooperation (OIC) stated that Islamic Social Finance Instruments such as Zakat and Endowments (Waqfs) are among a wide range of tools introduced by Islam to combat poverty and consolidate public welfare.
These, he noted, encourage the inter-exchange of riches and the redistribution of revenues and wealth. He further added that the Waqf institution offered free education to many who became illustrious scientists and scholars.
These declarations were made in a statement by the Secretary General at a forum on Islamic Social Finance held in Jakarta on 12-13 November 2019, delivered on his behalf by the OIC Assistant Secretary General for Economic Affairs, Amb. Ahmed Ssenyomo.
The symposium comes as part of the OIC’s efforts to promote Islamic Social Finance as an effective tool to mobilize funds to manage the issue of financial exclusion faced by the underprivileged in OIC Member States.
Al Othaimeen noted that Islamic Social Finance instruments could assist governments and societies in meeting innumerable developmental needs, and affirmed that, despite the considerable efforts put in, the official use of these instruments in favor of the poor, the destitute and the underprivileged, is still limited.

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