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Leveraging Islamic finance promotes growth and prosperity of small businesses

Bertrand Badré's picture
Also available in: العربية | Français | 中文 | Español
Shop owners get ready for another day of work in Cairo, Egypt. © Dominic Chavez/World Bank

From the smallest rural villages in Bangladesh to the large, bustling metropolitan centers of Cairo or Istanbul, small and medium enterprises (SMEs) are the lifeblood of Islamic communities around the world, keeping local economies humming.

I first became interested in the potential of leveraging Islamic finance to grow SMEs when I led a seminar on the topic in 1997. I’ve come full circle, almost 20 years later, when I had the opportunity to speak last month in Istanbul at a conference on “Leveraging Islamic Finance for SMEs” organized by the World Bank Group, the Turkish Treasury, the Islamic Development Bank and TUMSIAD, the largest association of SMEs in the country with 10,000 members.

The Longer World Waits to Address Climate Change, the Higher the Cost

Rachel Kyte's picture
Also available in: العربية | Français | Español | 中文

Climate change ministerial, IMF/World Bank Spring Meetings 2014In September, the world’s top scientists said the human influence on climate was clear. Last month, they warned of increased risks of a rapidly warming planet to our economies, environment, food supply, and global security. Today, the latest report from the UN Intergovernmental Panel on Climate Change (IPCC) describes what we need to do about it.

The report, focused on mitigation, says that global greenhouse gas emissions were rising faster in the last decade than in the previously three, despite reduction efforts.  Without additional mitigation efforts, we could see a temperature rise of 3.7 to 4.8 degrees Celsius above pre-industrial times by the end of this century. The IPCC says we can still limit that increase to 2 degrees, but that will require substantial technological, economic, institutional, and behavioral change.

Let’s translate the numbers. For every degree rise, that equates to more risk, especially for the poor and most vulnerable.

Are Super Farms the Solution to the World’s Food Insecurity Challenge? Ten Questions You Need to Ask Yourself

José Cuesta's picture
Also available in: Français | Español | العربية

Join me in a Twitter Chat on why global food prices remain high on Dec. 4 at 10 a.m. ET/15:00 GMT. I'll be tweeting from @worldbanklive with hashtag #foodpriceschat. Ask questions beforehand with hashtag #foodpriceschat. Looking forward to seeing you on Twitter.

Agriculture workers on a strawberry farm in Argentina. © Nahuel Berger/World Bank

Today there are 842 million who are hungry. As the global population approaches 9 billion by 2050, demand for food will keep increasing, requiring sustained improvement in agricultural productivity. Where will these productivity increases come from? For decades, small-scale family farming was widely thought to be more productive and more efficient in reducing poverty than large-scale farming. But now advocates of large-scale agriculture point to its advantages in leveraging huge investments and innovative technologies as well as its enormous export potential. Critics, however, highlight serious environmental, animal welfare, social and economic concerns, especially in the context of fragile institutions. The often outrageous conditions and devastating social impacts that “land grabs” bring about are well known, particularly in severely food-insecure countries.

So, is large-scale farming—particularly the popularly known “super farms”—the solution to food demand challenges? Or is it an obstacle? Here are the 10 key questions you need to ask yourself to better understand this issue. I have tried to address them in the latest issue of Food Price Watch.