Kuala Lumpur, Malaysia, 6-10 November 2023 – Islamic Development Bank (IsDB) through its Center of Excellence in Kuala Lumpur (KLCoE), Global Practice and Partnerships Directorate’s Front Office, Country Programing Directorate's Front Office, Rabat Regional Hub and the Islamic Solidarity Fund for Development (ISFD) hosted 31 officials from six (6) African countries, namely Comoros, Cote d’Ivoire, Djibouti, Morocco, Senegal and Tunisia, in a study visit program.

The initiative undertaken by the bank aims to facilitate the sharing of knowledge and expertise between Malaysia and IsDB Member Countries and to gain a comprehensive understanding of the Islamic Finance & Economic Empowerment ecosystem in Malaysia.

IsDB officials accompanying the participants comprised of Mr. Samer Elesawi, Head of KLCoE, Dr. Houssem Eddine Bedoui of Global Practice and Partnerships Directorate’s Front Office, Mr. Mohd Yusri Bin Yusof of ISFD, Br. Mohamed Mazen Dakhli of DG-Country Programs, Mr. Mohd Takyuddin Bin Yahya, Mr. Johan Khalidi and Br. Bassam Al Attar of the KLCoE.

Throughout the program, the participating delegates had the privilege of delving into Malaysia's best practices in the field, equipping them with the knowledge and skills essential for developing their own Economic Empowerment initiatives founded on Islamic finance principles and practices.

The delegates were exposed to various disciplines within the Islamic Finance landscape, encompassing the Islamic Banking regulatory framework, Capital Market, Takaful Industry, Social Finance, Offshore Finance, Investment/ Sovereign Wealth Fund, MSME Financing, Trade Finance, Hajj Fund operations, Cooperatives and Credit Guarantee Schemes.

Notably, the program featured valuable contributions and insights from esteemed institutions in Malaysia, including the Ministry of Finance (MOF), Ministry of Entrepreneur Development and Cooperatives (MEDAC) Central Bank of Malaysia (BNM), the Securities Commission (SC), INCEIF University, Tabung Haji (TH), Malaysia International Islamic Financial Centre (MIFC), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), Malaysian Takaful Association (MTA), Labuan Financial Services Authority (Labuan FSA), Khazanah Nasional Berhad, SME Bank, EXIM Bank,  National Waqf Foundation (YWM) and Maybank.

In the context of economic empowerment, the delegates were privy to insights into Malaysia's cooperative business model, shared by the Malaysian National Cooperatives Movement (ANGKASA). A site visit to Masjid Al-Hasanah provided the delegates with a deeper understanding of the 'Mosque Cooperatives' business model and its practical application. In addition, SME Corporation, TEKUN, Amanah Ikhtiar Malaysia (AIM) and Bank Rakyat were also among the prominent institutions that shared some valuable insights with the participants from an economic empowerment perspective.

The study tour is expected to pave the way for forging meaningful collaborations between Malaysia and the respective countries within the framework of IsDB's programs and financing initiatives.