The Islamic Development Bank Institute (IsDBI) and the Universal Postal Union (UPU) have discussed collaboration on Digital Postal Islamic Financial Services.
This was during a high-level delegation meeting from UPU which included UPU’s representatives, Ihab Zaghloul, Juan Moroni, and Hashim Elhaj, along with Farrukh Raza from Islamic Finance Advisory and Assurance Services (IFAAS).
Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed the Institute’s willingness to work together indeveloping innovative financial solutions that align with the needs of IsDB member countries (MCs).The discussions centered on leveraging Islamic finance principles to enhance postal financial services and developing operational models that can serve customers in both urban and rural areas.
Both sides were keen to explore Islamic finance as a complementary business model for postal financial services, acknowledging its potential to enhance financial inclusion, diversify income avenues for postal operators, and provide ethical financial solutions to underserved populations.
This is in line with the Digital Postal Islamic Financial Services Project, which aims to leverage postal networks and digital platforms to offer Shariah-compliant financial services, particularly in regions with limited access to traditional banking.
As a specialized agency of the United Nations, the Universal Postal Union (UPU) plays a key role in promoting international cooperation among postal operators and advancing the global postal sector in its 192 Member Countries.
The Islamic Development Bank Institute (IsDBI), the knowledge and innovation arm of the Islamic Development Bank (IsDB), is committed to developing and promoting Islamic financial solutions that contribute to sustainable economic development in its 57 Member Countries.
The visit marks a significant step towards fostering a strategic partnership between IsDBI and UPU, with the aim of developing innovative, inclusive, and technology-driven financial solutions that will benefit postal operators and the communities they serve.
