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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.

I am a migrant

Jim Yong Kim's picture
Also available in: Français | العربية | 中文 | Español
Courtesy Jim Yong Kim

​In 1964, I came to the United States from South Korea, then an extremely poor developing country that most experts, including those at the World Bank, had written off as having little hope for economic growth.

My family moved to Texas, and later to Iowa. I was just 5 years old when we arrived, and my brother, sister, and I spoke no English. Most of our neighbors and classmates had never seen an Asian before. I felt like a resident alien in every sense of the term.

Universal health coverage in a generation is achievable

Bertrand Badré's picture
Also available in: العربية | Français | 中文 | Español
A nurse cleans a newborn in a Sierra Leone hospital. © Dominic Chavez/World Bank

​As the father of four children, I know how important access to good, quality health care is. All parents aspire to be able to provide the same for their children. That’s why we at the World Bank Group are working with our partners around the globe to make universal health coverage a reality for all.

Uniting finance and development has been a lifelong passion of mine. Earlier in my career, I supported then French President Jacques Chirac with the development of an international airline ticket solidarity tax to provide global public goods for the poor. This kind of innovative thinking eventually led to the creation of UNITAID which works to prevent, treat, and diagnose HIV/AIDS, tuberculosis, and malaria more quickly, cheaply and effectively. Other innovative financing mechanisms include the International Finance Facility for Immunization and the Global Vaccine Initiative.

Can land registration institutions be reformed in deeply entrenched bureaucracies?

Wael Zakout's picture
Turkey has radically transformed its land title registration system, and decreased the turnaround time for recording property transactions to just two hours.
Turkey has radically transformed its land title registration system, and decreased the turnaround time for recording property transactions to just two hours.
I just returned from Turkey where I visited the Turkish Tabu Cadastre Agency (Land Registration Agency of Turkey). The agency had changed so much that I did not recognize it.
I remember my first visit to the agency in 2007. The agency is heavily staffed (15,000), has more than 100 branches and its main headquarters had once almost fallen apart. In my first visit, the head of the agency gave me a nice surprise: he showed me a land book that dated back to the 18th century, and included a record of my great-great-grandfather’s land title in Palestine.
The head of the agency had great plans to transform the agency by improving land records, introducing computerization and integrating the system into the overall e-government program, and setting a time limit of one day to register land transactions. Based on that an ambitious reform agenda, we worked together over a few months’ ‘time to prepare the cadastre modernization project. The Bank partly financed this reform through a $100 million loan, while the Turkish government funded the rest of the program. The project started in 2007, and I moved on to other positions later that year.
This time I had a second surprise. The institution is completely transformed. The main office has been completely and beautifully renovated. It now resembles any other government office in the US or Europe. The agency presented its achievements. It was amazing to see what had been accomplished in 8 years. The government is about to complete the renovation of the cadastre and the computerization of all land records, including historical records from Ottoman times. Service delivery has improved dramatically, with property transactions now being registered within 2 hours. They also integrated cadastre registration into the overall e-government program, which allows any Turkish citizen to access the record of their land/property online. Above all, customer satisfaction has reached 97% — something unheard of for land agencies, often known to be among the most corrupt agencies in many countries.

Rain and shine: Deliberations in Istanbul on the impact of oil prices

Ulrich Bartsch's picture
On a recent rainy Saturday in Istanbul, the mood was so gloomy that a roomful of macro-economists were at pains to admit that the sharp fall in the oil price since June 2014 would actually benefit a lot of people. On display was an impressive assortment of "two handed economists", who saw almost as many losers as winners. They cited negative effects on fiscal balances in oil exporting countries, investment declines because of uncertainty, and demand shortfalls in countries in which consumers are still deleveraging after the Global Crisis. In addition, the gains in many countries would be tempered by government interventions, which may reduce subsidies or raise taxes without translating fiscal space into higher spending.

What Does It Take For Turkey To Close The Regional Gap?

Can Selçuki's picture
Also available in: Türkçe
When our friends who are new to Turkey arrive in Istanbul, they are often surprised to find a developed country. Then they may be told that the west of the country is well developed, but there are regions in the east that are really lagging behind. However, upon a visit to Gaziantep or Kayseri, they realize that these cities are doing much better than they initially thought with developing industry and rapid urbanization.

So what  is the story about regional inequalities in Turkey?


Can Selçuki's picture
Also available in: English
Türkiye’yi daha önce tanımayan dostlarımız İstanbul’a geldiklerinde gelişmiş bir ülke ile karşılaşınca şaşırıyorlar. Bu durumda ilk aldıkları açıklama ülkede ikili bir ekonominin olduğu ve tipik olarak ülkenin batısının gelişmiş olduğu, ama doğuda gerçekten geri kalmış bölgelerin bulunduğu oluyor. Ancak, Gaziantep veya Kayseri gibi bir şehri ziyaret ettiklerinde, bu şehirlerin gelişmekte olan sanayileri ve hızlı şehirleşmeleri ile aslında düşündüklerinden çok daha iyi bir durumda olduklarını fark ediyorlar.

Peki, bunun ardında yatan hikaye nedir?

Value for Money in Public Procurement: Beyond Rules to Measurement

Martin Raiser's picture
Also available in: Türkçe
Strong public procurement systems are central to well-functioning public financial management institutions and good public sector governance. But how can governments ensure public procurement is efficient? Traditionally, the recommended approach has emphasized the importance of adequate rules that encourage competitive bidding. This involves transparent tender documents and processes with as little discrimination as possible, an independent procurement agency that would set standards and monitor their enforcement, and an independent appeals body to hear complaints of participating bidders.

Kamu İhalelerinde Paranın Karşılığını Almak: Kuralların Ötesinde Ölçüme Geçmek

Martin Raiser's picture
Also available in: English
Güçlü kamu ihale sistemleri, iyi işleyen kamu mali yönetim kurumları ve kamu sektöründe iyi yönetişim için merkezi öneme sahiptir. Ancak hükümetler kamu ihalelerinin etkin olmasını nasıl sağlayabilir? Geleneksel olarak, tavsiye edilen yaklaşımda rekabetçi ihaleyi teşvik eden kuralların yeterliliğinin önemi vurgulanmıştır.

Solutions4Work: Partnerships for Jobs and Youth Employment

Arup Banerji's picture

While many economies are recovering from the global recession, there are still 600 million jobs needed to be created over the next decade to maintain today's employment rates. Eliminating extreme poverty and boosting shared prosperity for the bottom 40 percent of the population by 2030 requires that we engage more effectively to bring hundreds of millions of people into productive work and out of poverty.

While many initiatives on youth employment have been undertaken over the past few years, there is still limited knowledge about the best way to design, implement and coordinate these interventions, and how to link them to broader reforms that promote private investment and business creation and/or expansion. At the same time, the limited knowledge that we do have does not take into account the significant heterogeneity of constraints across settings and different youth populations, and few programs are designed to take into account these differences in context and needs.