Meeting in Saudi Arabia seeks to boost food security via Islamic finance

Delegates from member countries of Adfimi during the meeting in Jeddah, Saudi Arabia.

Food security was the main topic during Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank (Adfimi)’s 76th management committee meeting and 40th general assembly meeting in Jeddah, Saudi Arabia.

Agrobank president and chief executive officer Datuk Tengku Ahmad Badli Shah Raja Hussin, who chaired the meeting, announced that the bank would soon launch a first-of-its-kind agricultural-based takaful programme that provided basic protection for the community against losses, particularly natural disasters.

“We will also focus on building capacity in our agricultural sectors.

“This includes education programmes for farmers as well as promoting modern affordable technologies and best practices,” said Tengku Ahmad, who is also Adfimi vice-chairman.

He said that while there were various efforts to resolve food security issues, it was also high time that the farming sector transitions to sustainable agriculture.

This helps address immediate demands and increase the availability of food while considering the long-term repercussions of agriculture on natural resources, he added.

Tengku Ahmad stressed that Adfimi should leverage on collective expertise in implementing more policies and strategic collaborations to promote sustainable practices.

The Adfimi management committee and general assembly meetings were part of a three-day programme hosted by the Islamic Development Bank Group.

The event was attended by delegates from 57 member countries who deliberated on food security and sustainable agriculture as well as the role of Islamic finance in addressing the issues.