ASIATODAY.ID, RIYADH — The Organization of Islamic Cooperation (OIC) has reiterated its firm commitment to strengthening Islamic Finance as a strategic instrument for sustainable development and global economic transformation.
This message was delivered by the OIC Assistant Secretary-General for Science & Technology, H.E. Ambassador Aftab Ahmad Khokher, during a panel session titled “Uncovering the Opportunities of Global and Islamic Finance for Economic Transformation” held in Riyadh on November 24, 2025.
The event, organized by the United Nations Industrial Development Organization (UNIDO) on the sidelines of its 21st General Conference, brought together experts and policymakers to discuss achievements, challenges, and emerging opportunities in the advancement of Islamic financial products.
Islamic Finance Assets Expected to Reach USD 10 Trillion by 2029
In his remarks, Ambassador Khokher emphasized that Islamic Finance should no longer be viewed merely as a faith-based practice but recognized globally as a rational, inclusive, and highly effective economic tool.
He noted that global Islamic Finance assets reached USD 6 trillion in 2024 and are projected to surge to USD 10 trillion by 2029 — a trajectory that creates significant opportunities for OIC Member States to reshape their development pathways.
Empowering SMEs as the Backbone of OIC Economies
Ambassador Khokher called on financial institutions across OIC Member States to adopt more flexible regulatory frameworks and strengthen access to Sharia-compliant financing, especially for small and medium-sized enterprises (SMEs).
SMEs, he stressed, form the backbone of most economies in the Islamic world and are essential for driving industrialization, creating jobs, and promoting long-term economic resilience.
Enhancing collateral practices, expanding credit access, and accelerating innovation in Islamic financial products will be critical to unlocking the full economic potential of SMEs.
OIC–UNIDO Collaboration to Boost Industrial Development
Ambassador Khokher also reaffirmed that the OIC will continue to deepen its cooperation with UNIDO to leverage Islamic Finance for industrial development in Member States sharing common priorities.
This partnership aims to deliver innovative financing solutions that support sustainable industrial growth, enhance economic diversification, and strengthen the development impact of Islamic Finance across the OIC region. (AT Network)
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