Development of Islamic Financial Tools to Reduce Financial Impact of COVID-19: World Bank

The development of Islamic financial tools can help reduce the financial impact of COVID-19 on vulnerable populations, according to the World Bank.

Speaking at the recent launch of the World Bank Sustainable and Inclusive Finance Forum webinar, Victoria Kwakwa, East Asia and Pacific Vice President of the World Bank Group, stated that there was an opportunity to collaborate with relevant stakeholders to use Islamic financing tools to lessen the impact of the pandemic while also supporting the 2030 Sustainable Development Goals.

Kwakwa also acknowledged Malaysia’s leading global dominance in Islamic finance while adding that taking advantage of digital technology and new develo...