The session will bring together government officials, financial institutions, export credit agencies, investors, and development partners to discuss how risk mitigation solutions can mobilize private capital, strengthen regional integration, and support sustainable growth across Azerbaijan and the wider OIC region.

With Azerbaijan’s strategic location between Europe and Asia, and its growing role in connectivity, logistics, renewable energy, infrastructure, and non-oil economic diversification, the HLPD will highlight practical opportunities for de-risked investment and cross-border cooperation. The discussion will also showcase how ICIEC’s Shariah-compliant political risk insurance and credit enhancement solutions can help address investment barriers, enhance investor confidence, and unlock financing for priority development projects.

ICIEC’s CEO, Dr. Khalid Khalafalla, stated, “This high-level panel discussion is an important platform to advance dialogue and partnerships around regional integration. Through its risk mitigation solutions, ICIEC helps turn investment opportunities into bankable projects that support trade, investment, and sustainable development across Member States.”

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The event witnessed the presence of several distinguished dignitaries, including:

• Sri S. K. Majumdar, Executive Director, Canara Bank
• Dr. Vishal R, Secretary to Government (FR), Finance Department, GoK
• Smt. Sonali Sen Gupta, Regional Director, RBI
• Dr. Surendra Babu, Chief General Manager, NABARD
• Sri Bhaskara Chakravarthy M, General Manager, Canara Bank, and Convenor, SLBC
• State Controlling Heads of various banks and senior officials from the line departments.

The Total Credit Plan outlay for 2025-26 has been set at Rs. 11,88,986 crore, which includes:

• Priority Sector Credit: Rs. 4,38,016 crore (36.84% of total credit)
  • Agriculture Credit: Rs. 2,22,204 crore (50.73% of priority sector credit)
  • Crop Production Loans: Rs. 1,40,108 crore
  • MSME Credit: Rs. 1,90,891 crore
  • Education Loans: Rs. 2,222 crore
  • Housing Loans: Rs. 11,678 crore
  • Other Sectors: Rs. 11,022 crore

During the meeting, Smt. Uma Mahadevan, ACS&DC, GoK, emphasized the need for universal coverage under social security schemes such as PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and PMSBY (Pradhan Mantri Suraksha Bima Yojana). She also urged all banks to onboard IIBF-certified NRLM SHG women as BC Sakhis, thereby enhancing the last-mile delivery of banking services.

She commended the efforts of SLBC, RBI, NABARD, and all participating financial institutions for their collaborative efforts in the formulation of the ACP. She encouraged effective implementation of the plan to achieve the credit targets and promote inclusive and equitable growth across Karnataka.

Sri S. K. Majumdar, Executive Director, Canara Bank, instructed banks to dispose of the pending applications of Government-sponsored schemes well within the timelines.

Dr. Vishal R, Secretary to Government (FR), Finance Department, GoK stressed the importance of coverage of all eligible population under the ambit of Jansuraksha schemes.

Smt Sonali Sen Gupta, Regional Director, Reserve Bank of India, congratulated all stakeholders on the timely conduct of DCC/DLRC meetings.

Dr. Surendra Babu, Chief General Manager, NABARD, appreciated all stakeholders for the launch of ACP in line with NABARD’s Potential Linked Plan.

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The Annual Report highlights the Institute’s major contributions to the development of Islamic finance as a tool to foster sustainable economic progress of IsDB Member Countries and Muslim communities worldwide.

Key highlights of the report include achievements in the main programs and significant progress of the Institute’s flagship projects, which seek to leverage emerging technologies and Islamic finance to deliver solutions to the most pressing development challenges.

The report details IsDBI’s efforts in leading the transformation of the Islamic finance sector within the IsDB Special Allocation Program to Support the Islamic Finance Industry. The Institute successfully approved 24 new technical assistance projects valued at US$4.17 million, the highest level since the inception of the Special Allocation Program in 2013.

The Institute made significant progress in its projects integrating knowledge technologies with Islamic finance, including developing a functional demonstration of the Smart Stabilization System and transitioning the Islamic Finance Artificial Intelligence Assistant to a no-code platform.

In the area of global outreach, IsDBI continued to strengthen its strategic partnerships with global and regional institutions, contributing to the delivery of major initiatives in knowledge creation and human capital development. Capacity-building programs, through the multi-modal delivery of diverse training courses in Islamic finance, benefited professionals and online learners from 130 countries.

Feasibility studies were commissioned on the game-changing flagship projects, namely the Awqāf Free Zones, Smart Countertrade System and Digital Postal Islamic Financial Services. The outcome of the studies will lead to pilots in partnership with the relevant Member Countries and industry players, before the subsequent full-scale implementation of the projects.

On this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed delight in the Institute’s accomplishments and reaffirmed its commitment to the delivery of knowledge-based solutions to support the sustainable economic advancement of Member Countries and Muslim communities worldwide.

The 2024 Annual Report is available on the IsDBI website here: https://isdbinstitute.org/product/isdbi-annual-report-2024/

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HYDERABAD: Fernandez Hospital Educational and Research Foundation (FHERF), in partnership with the Stillbirth Society of India, proudly hosted the 2nd Annual Stillbirth Society of India Conference from 13-15 September at the Park Hotel, Hyderabad. The event brought together over 200 healthcare professionals, policymakers, researchers, and community advocates, all driven by a common goal: to reduce India’s stillbirth rate to 10 per 1,000 births by 2030.

The three-day conference was led by eminent global faculty and featured immersive workshops, research paper presentations, keynote talks, and engaging panel discussions. The event provided a platform for the exchange of ideas, the latest research findings, and valuable insights into the best practices for stillbirth prevention.

Dr Neelam Agarwal, President of the Stillbirth Society of India, highlighted the urgent need for action, stating, “Improving access to high-quality maternal and neonatal healthcare is the cornerstone of reducing stillbirths in India. We must work together to ensure that every mother receives the care she deserves and every baby is given a chance at life.”

Dr Nuzhat Aziz, Vice President of the Stillbirth Society of India and Head of Emergency Obstetrics at Fernandez Hospital, reinforced this message, adding, “It’s not just about reducing numbers. It’s about saving families from the heartbreak of losing a child. With a comprehensive approach and innovative solutions, we can bring these rates down and support families through better care and education.”

The conference not only facilitated learning but also strengthened partnerships and collaborations between stakeholders across different sectors. These collaborations aim to drive policy changes, enhance community outreach, and encourage capacity building to combat stillbirths.

Currently, India’s stillbirth rate stands at approximately 13.9 per 1,000 births, which is significantly higher than the global average of 9. Stillbirths, which are defined as the birth of an infant who dies in the womb after 28 weeks of pregnancy, remain a pressing public health challenge. The conference aimed to encourage collective action toward this goal by sharing strategies, innovative interventions, and building a robust support system.

The 2nd Annual Stillbirth Society of India Conference stands as a testament to the ongoing commitment of both FHERF and the Stillbirth Society of India to improve outcomes for mothers and newborns across the country. As the nation moves toward its 2030 target, the partnerships and knowledge shared during this event will play a vital role in shaping the future of maternal healthcare in India.

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Throughout the five-day meetings, held in the Kenyan capital, Nairobi, shareholders approved a $117 billion callable capital increase, raising the Bank’s total capital to $318 billion. This boost is intended to strengthen the Bank’s capacity for interventions across Africa.

“This is a major demonstration of the faith, of the confidence that our shareholders have in us,” said Bank president Akinwumi Adesina. “Their confidence in our ability to use resources well, their confidence in our ability to mobilize more capital with what we have, and it will give us more liquidity as a bank to be able to do more.”

The theme of this year’s event, held from 27 – 31 May, was “Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture.” Adesina emphasized the necessity for a fairer and more equitable global financial architecture and climate finance system, ensuring it benefits the countries that need it most.

The event saw Kenya pledging $20 million to the African Development Fund, the concessional window of the Bank Group serving 37 low-income countries. This pledge makes Kenya the largest regional member country contributor to the fund.

This year’s meetings attracted over 10,000 participants from Africa and beyond and marked the launch of the Bank’s 60^th anniversary celebrations. Delegates included several African heads of state and government, Bank governors, executive directors, senior government leaders, development partners, academia, and civil society representatives.

Apart from statutory meetings, the event featured several side events and knowledge-sharing dialogue sessions, led by African and global experts. The Bank’s flagship African Economic Outlook report was also unveiled, revealing that African economies are demonstrating resilience despite challenging economic conditions. The report noted an average GDP growth of 3.7 percent for 2024, with a projected increase to 4.3 percent in 2025.

Adesina underscored the importance of Africa being central to the global financial architecture: “The Bank must continue to lead that charge. We need to be at the table. As Africans, we should believe in ourselves and write a new narrative for Africa. The growth of Africa will support the growth of the world with Africa at its heart.”

There was consensus that to achieve Africa’s structural transformation, there is a need to improve the macroeconomic environment, domestic resource mobilization, tax collection, digitalization, formalizing the informal sector, tackling illicit capital flows and corruption, and improve the capacity of countries to better negotiate taxes and royalties from their vast natural resources.

Shareholders also strongly endorsed the creation of an African credit rating agency, designed to better understand and fairly assess the continent’s conditions.

“That African rating agency is not going to be a replacement for the global rating agencies,” Adesina explained. “What the heads of state are saying is they want a counterpart institution that understands the conditions in the continent better.“

Adesina stressed the need for reform in the global rating system: “The global rating system has to change. We need to create a fair response that rates African countries properly and with equity. Africa is not asking for a pass, but there needs to be a fair process that rates African countries properly. It’s about fairness, it’s about equity, it’s about making sure that both sovereign and non-sovereign are rated properly.”

In the final Communique, the Bank’s Governors, representing shareholders, highlighted several positive developments, including the Bank’s efforts to enhance food and nutrition security in Africa through its Feed Africa Strategy. They also expressed confidence in Africa’s ability to build a green energy infrastructure while pursuing a low-carbon future.

The Communique underscored the need for increased private sector investments to accelerate Africa’s transformation. It called on the Bank’s management to further strengthen support for regional member countries to help them achieve sustainable development goals.

The Governors welcomed efforts to secure over $1.5 billion in financing through the Affirmative Finance Action for Women in Africa (AFAWA) and to mainstream gender across all operations.

The Nairobi gathering marked the 59^th Annual Meeting of the Board of Governors of the African Development Bank and the 50^th Meeting of the Board of Governors of the African Development Fund.

The meetings concluded with Kenya’s Cabinet Secretary for National Treasury and Economic Planning, Prof. Njuguna Ndung’U, chair of the 2024 event, handing over the baton to Côte d’Ivoire’s Minister of Economy, Planning, and Development, and Bank Governor, Niale Kaba, as the country prepares to host the 2025 Annual Meetings in Abidjan from May 26 to May 30, 2025.

The Bank will climax activities marking its 60^th anniversary in September.

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Led by Dr. Sami Al-Suwailem, Acting Director General of IsDBI, the meetings explored a broad spectrum of collaboration opportunities. Discussions focused on capacity building, legal and regulatory framework development, product structuring, and support for financial inclusion, sustainable finance, and economic development.

Additionally, innovative ideas were explored for technology adoption – including solutions for achieving Sustainable Development Goals (SDGs), building smart economic cities, fostering climate and green finance action, and driving human capital development. Notably, the discussions addressed the growth and development of the social finance and non-profit sectors.

Bilateral partners included member country delegations led by IsDB Governors, senior representatives from Ministries, Central Banks, UN Agencies, International Organizations, Multilateral Development Organizations, and other Financial Institutions.

The meetings yielded concrete action plans for 2024 and beyond. These plans leverage the unique strengths of each partner organization. Key areas for collaboration include promoting skills development, strengthening the legal and regulatory ecosystem, developing social safety nets, mainstreaming Islamic finance within the global financial architecture, and accelerating the achievement of SDGs. Several discussions highlighted the potential of innovative solutions involving artificial intelligence, blockchain, and other digital technologies.

The 2024 IsDB Annual Meetings concluded with a positive outlook for the IsDB Institute. The bilateral meetings enabled in-depth discussions with stakeholders and plans for Islamic economics and finance to play a vital role in supporting the sustainable development of the IsDB member countries and Muslim communities worldwide.

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The report was unveiled during the IsDB Group Annual Meetings and Golden Jubilee Celebration in Riyadh, Kingdom of Saudi Arabia, held from 27-30 April 2024.

The report covers the Institute’s accomplishments in key functional areas that include leading Islamic finance sector transformation, synergizing knowledge technologies with Islamic finance, building human capital in Islamic finance and development, and publishing in Islamic economics and finance.

Further, the report documents the Institute’s leadership role in developing Islamic finance ecosystems globally through the Islamic Finance Grants Program, under which 14 new projects worth about US$ 2.3 million were approved in 2023.

The report highlights the Institute’s flagship projects that leverage Islamic finance and technology to create strategic and holistic solutions for development challenges. These are Awqaf Free Zones, OIC Smart Countertrade System, Digital Postal Islamic Financial Services Project, and Islamic Finance Sector Mapping Framework.

In the area of fostering the development of human capital, the report showcases the accomplishments in the delivery of training programs and e-learning courses that benefitted thousands of professionals around the world.

The report documents the Institute’s work in developing fintech solutions to address challenges facing IsDB MCs. These include the Smart Stabilization System, the Islamic Finance Artificial Intelligence Assistant, and the Islamic Finance Pavilion Marketplace.

In his comments on the issuance of the report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said, “Our humble achievements, as highlighted in the annual report, demonstrate the Institute’s commitment to the mission of deploying innovative solutions within the Islamic economics and finance framework to address economic challenges facing our member countries and Muslim communities. We will continue to work hard together with our partners to deliver even more in the coming years.”

The report is available on the Institute’s website: https://isdbinstitute.org/product/annual-report-2023/

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The ICIEC’s Annual Report details a year of operational resilience and exceptional financial performance, showcasing a significant 14.4% year-on-year increase in insured trade and investment transactions, amounting to USD 13.3 billion. The Corporation also reported an increase in its Gross Written Premium, which soared by 6.4% to USD 98.3 million from USD 92.4 million in the previous year. 130% improvement in corporate net results reflects ICIEC’s ability to effectively manage policyholder commitments, and enhanced value proposition, and demonstrates fostering confidence of our member states.

2023 was a year of strategic market penetration and portfolio diversification for ICIEC. The Medium Term and Investment Insurance segment experienced a substantial growth of 49.3%, reaching USD 73.6 million. This growth underscores ICIEC’s commitment to expanding its footprint and enhancing client trust in its services.

ICIEC maintained Moody’s “Aa3” rating for the 16th consecutive year, affirming its position as a leading entity in the credit and political risk insurance industry. The year also marked the inclusion of Azerbaijan as ICIEC’s 49th member state, expanding the Corporation’s geographical coverage within the OIC member countries.

In a historic milestone, ICIEC’s cumulative insured business surpassed USD 108 billion over its 30-year history, significantly contributing to social and economic development across various sectors globally.

ICIEC expanded strategic partnerships, notably in sustainable energy and food security, with the signing of several MoUs. The Corporation’s efforts in climate action were highlighted at COP28 and through initiatives like the Energy Transition Accelerator Financing Platform (ETAF) which is managed by The International Renewable Energy Agency (IRENA).

As part of the IsDB Group’s Food Security Response Program (FSRP), ICIEC approved USD 788 million to tackle global food security challenges, underlining its dedication to supporting sustainable development goals.

Oussama Kaissi, the CEO of ICIEC, commented, “2023’s achievements reflect our robust strategic initiatives and our resilience in the face of global economic and geopolitical challenges. Our continued success is a testament to the hard work of our team and the trust of our members and clients. We are dedicated to continuing our mission of fostering economic development and promoting cross-border investments in member countries.”

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