Background

The development of an eco-system that will enable financial institutions to practice and champion Economic Empowerment best practices is important requirement for the mainstreaming of Economic Empowerment in IsDB Member Countries. The SEED program will play an important role in promoting Economic Empowerment which is one of three key initiatives within P5P to address the transformational changes faced by Member Countries. 

Program Description

The SEED Program is a 3-year work plan that will be implemented by the Solutions Engineering and Entrepreneurial Design section of the EED. The SEED Program aims to develop approaches, tools, manuals, and IT/fintech solutions in collaboration with partners to enhance the quality and effectiveness of the design and implementation of Economic Empowerment Operations (Funds, Institutions, and Programs) in MCs. The outcome of the SEED Program will be the development of an eco-system that will enable financial institutions to practice and champion Economic Empowerment best practices. These solutions will serve as industry standards which will enhance the confidence of donors in the sector and play a major role in mobilizing resources.

The program is organized into four key components:

1. Toolkits and Knowledge Products: This component will consolidate and develop best practices pertaining to standard operating procedures, policies, feasibility study templates and other operational documents.
2. Technology Systems and Platforms: This component will support the development of low-cost technology platforms for an end-to-end solution that will promote and enable partner financial institutions to implement Economic Empowerment. The program will partner with established IT solution providers to develop an eco-system which will be extended to partner financial institutions.
3. Training and Advocacy: SEED will develop and promote Economic Empowerment in the member countries and beyond through building awareness, exchange experiences and reverse linkages through collaboration among  different stakeholders (e.g. governments, regulators, private sector, practitioners, networks, developmental organizations, financial institutions etc.). Activities will include the development of training materials for knowledge products generated under other components of the program
4. Economic Empowerment Portal: To develop a one-stop portal on Economic Empowerment that provides all the necessary knowledge and tools needed for a financial institution to understand and implement Economic Empowerment.

As the world-wide leader in the promotion of Islamic Finance and a major poverty alleviation actor in OIC Countries, it is important for IsDB to develop solutions to tackle issues faced by its member countries instead of relying on external consultants. This will be in line with IsDB goal to be a knowledge-based institution providing solutions as a bank for development and developers. These solutions are designed and included as the components of the SEED program and aim to add significant value that complement the financing IsDB provides to its Member Countries.