Tashkent, Republic of Uzbekistan, 2 September 2021 – The Islamic Development Bank (IsDB) launched three Economic Empowerment Toolkits during the 2021 IsDB Group Annual meetings in Tashkent, Uzbekistan.

The launching of the toolkits came in conjunction with the side event titled “Reshaping the Paradigm of the Economic Transformation, Empowerment and Inclusion of the Poor in the Post Covid-19 Era”, a major side event of the 2021 IsDB Group Annual Meetings. 

Having launched the toolkits, IsDB President and Chairman of IsDB Group, H.E. Dr. Muhammed Al Jasser commented that “the toolkits are knowledge products that are developed to serve as industry standards and will be used as guides for financial institutions to practice”. He also stated that the toolkits were part of the Solutions Engineering and Entrepreneurial Design (SEED) Program - championed by the IsDB Economic Empowerment Department (EED) - which aims to develop an eco-system that will enable financial institutions to practice and champion Economic Empowerment best practices.

The IsDB President further emphasized the need for an enabling eco-system that will support financial institutions to champion the Economic Empowerment approach. “These SEED toolkits that we are launching today are indeed a stepping-stone for the promotion of this approach by the IsDB in its Member Countries,” H.E. Dr. Muhammad Al Jasser elaborated as he encouraged partners to join IsDB in developing this eco-system together.

The side event was organized by IsDB’s Economic Empowerment Department and the toolkits were developed internally with consultation from various stakeholders including financial institutions that have successfully implemented these best practices.

The toolkits were developed mainly to help financial institutions better understand the sectors they are financing, avail the opportunities and mitigate the real sector risks. They would also help financial institutions evaluate their performance and provide advice on how to improve. This will not only create better impact to their clients but also improve their competitiveness and strengthen their overall financial sustainability.

The three toolkits that were launched include:

•  The Economic Empowerment Design Toolkit which provides guidance and practical tools to embark on the journey to practice  the Economic Empowerment Approach.  

•  The Monitoring and Evaluation Toolkit which is a comprehensive guide for financial institutions to monitor their progress and self-evaluate their performance.

•  The Islamic Financial Product Implementation Toolkit which is a step-by-step guide for financial and microfinance institutions on structuring and implementing commonly used Islamic modes of financing.

About the Solutions Engineering and Entrepreneurial Design (SEED) Program

The SEED Program is implemented by the Solutions Engineering and Entrepreneurial Design section of the Economic Empowerment Department of IsDB. The SEED Program aims to develop approaches, tools, manuals, and IT/fintech solutions in collaboration with partners in order to enhance the quality and effectiveness of the design and implementation of Economic Empowerment Operations (Funds, Institutions, and Programs) in IsDB Member Countries. The program is organized into four key components namely: (i) Toolkits and Knowledge Products; (ii) Technology Systems and Platforms; (iii) Training and Advocacy; and (iv) Economic Empowerment Portal.