AGFUND chief Prince Talal, second left, Nobel Laureate Mohammed Yunus, extreme left, and Suleiman Al-Herbish, OFID director-general, right, during a symposium on microfinance in Riyadh on
RIYADH: A Nobel laureate has supported Prince Talal’s idea to create a special bank for poor Saudi citizens at a symposium in Riyadh on Wednesday.
Muhammad Yunus said there was a need to create a banking system based on mutual trust, accountability, participation and creativity with a mission to help the poor.
Prince Talal, chief of the Arab Gulf Program for Development (AGFUND), told the symposium that there was a possibility of designing a credit delivery system to provide banking services “targeted at the poor segment of Saudi society” with a mission to uplift them.
On the sidelines of the symposium, two agreements were signed between AGFUND and the Jeddah-based Islamic Development Bank (IDB) — the first one to boost cooperation between the two institutions and the second to conduct a study on the “impact of AGFUND prizes on society.” The symposium on microfinance and the role of social business was addressed by Dr. Ahmed Mohammad Ali, IDB president; Suleiman Al-Herbish, director-general of OPEC Fund for International Development (OFID); and Nasser Al-Qahtani, AGFUND’s executive director.
The symposium was jointly organized by AGFUND and the Council of Saudi Chambers of Commerce and Industry.
Read more here: http://arabnews.com/saudiarabia/article562640.ece
Categories: Asia, Economics, Saudi Arabia
Why not, oil countries can and should do all possible for their underprivileged citizens. (and all ‘guests’ in the country!!! The ‘guest workers’ should also be supported and given a minimum standard of living).