On 4 to 6 October 2021, the IsDB, led by the head of its delegation to the GPFI, Dr. Nabil Ghalleb, Director, Economic Empowerment Department and Sister Zain Al-Emam, Senior Islamic Financial Investments Specialist, IFSD participated in the GPFI High-Level Symposium on “Coping with the New and Old Vulnerabilities in the Post Pandemic World (4 to 5 October 2021)” and the 3^rd G20 GPFI Plenary Meeting under the Italian G20 Presidency.

The High-Level Symposium which was opened by H.E. Queen Maxima of the Netherlands brought together global experts to discuss key topics including the impact of Covid-19 on financial inclusion, Digital financial services and new forms of financial inclusion and supporting financial resilience, inclusion and transformation.

Under Italy’s G20 Presidency, the Global Partnership for Financial Inclusion (GPFI) took stock of countries’ strategies aimed at addressing challenges to, and opportunities for, financial inclusion stemming from the COVID-19 crisis and the ensuing hastened digitalization of the whole finance ecosystem.

The IsDB delegation to the GPFI contributed to the delivery of four main reports which were finalized during the plenary including reports on MSME Digital Finance, Impact of Covid-19 on Digital Financial inclusion, Financial Resilience through Digital Financial Literacy, and Financial Consumer Protection and Regulations for Post-Covid-19 era.

Each report offered a promising set of country-level policy responses and innovative approaches in enhancing digital financial literacy and financial consumers and MSMEs protection that proved successful as part of the countries measures for mitigating the impact of the pandemic crisis on financial inclusion. These reports were summarized in a G20 Menu of Policy Options - Digital Transformation and Productivity Recovery endorsed by G20 Finance Ministers and Central Bank Governors.

The Policy Options are grouped into three pillars, which aims at: (i) addressing the impact of the crisis and thinking ahead; (ii) leveraging digitalization for a leap forward in financial inclusion; and (iii) addressing new and exacerbated risks and vulnerabilities.

During the meetings, IsDB delegations also held discussions with the Italian and Russian co-chairs in preparation for the active participation of IsDB in next year’s GPFI which will be under the Presidency of the Government of Indonesia.

It is to be recalled that in October 2020, H.E Mohammed Al-Jadaan, Minister of Finance, Kingdom of Saudi Arabia, officially informed H.E. Dr. Bandar Hajjar, President of IsDB, of the Troika’s decision and approval, under the G20 Presidency of the Kingdom of Saudi Arabia, of IsDB’s selection as an Implementing Partner of the Prestigious Global Partnership for Financial Inclusion (GPFI). The Partnership was established in 2010 to promote financial inclusion as a means of increasing well-being and achieving sustainable and inclusive growth at global level.