The agreement was signed by Dr. Abdullah Al-Dardari, Assistant Secretary-General of the United Nations and Director of the Regional Office for Arab States at the United Nations Development Programme, Abdul Wahab Al-Rashoud, Acting CEO of Kuwait Finance House Group, and Khaled Al-Shamlan, CEO of Kuwait Finance House. The signing was witnessed by other officials from both parties.
Following the signing of the agreement, Dr. Abdullah Al-Dardari said: “Today we were honored to meet with senior executives at Kuwait Finance House, the world’s leading Islamic financial institution. We discussed various topics, with a special focus on forming a strategic partnership to finance sustainable development projects throughout Kuwait, the Arab region and beyond.
Al-Dardari added: “By signing the Takaful Agreement, Kuwait Finance House becomes a member of the Global Takaful Alliance. This alliance aims to provide Takaful insurance to 100 million farmers around the world. It will also empower these farmers by giving them access to financing and financial tools to expand their businesses.
“The agreement with Kuwait Finance House establishes cooperation in several aspects. The focus will be on supporting small and medium enterprises through Islamic financing solutions for sustainable operations and achieving business sustainability. He added that the discussions also addressed financial technology companies and discussed ways to enhance cooperation with them.
He stressed that the two parties agreed in principle to establish a sustainable financing platform, the Green Finance Facility. This initiative aims to link Islamic finance with sustainable development projects throughout the Arab region, Africa and beyond. The rationale behind this lies in the inherent compatibility between the principles of Islamic finance and the Sustainable Development Goals.