The Initiative of creating banks for the poor adopted by His Royal Highness Prince Talal Bin Abdulaziz, the President of AGFUND, has achieved remarkable works that considered of great value on the human development level. The main goal of AGFUND Microfinance Banks is to provide “Financial Inclusion” services to the target segment. AGFUND, as the executive arm of this Initiative has played a major role in granting the least developing countries (LDCs) the trust that poor people can be productive by including them in the economic cycle of the country as well as the financial system. Due to the continuous success and accomplishments, AGFUND would like to expand its Initiative to include Mauritania, Tunisia, The Philippines, Senegal and Morocco through establishing some form of partnerships with the Public and/or Private sector of those countries. To better govern and supervise present and future banks, AGFUND intends to found an Advisory Council that is responsible for promoting the performance of AGFUND Banks, providing technical assistance to those who are interested to replicate the AGFUND model, as well as contributing to the Microfinance Industry in the world.
Message of the Advisory Council:
Improving the Microfinance banks experience and promoting the Microfinance Industry as a tool of fighting poverty and sustainable development on the international level.
The Advisory Council provides Advice and recommendations to the President and the board of AGFUND in the following:
- To plan for AGFUND Banks and set the strategies of expansion.
- To follow up, study, and evaluate new intellectual and technical trends in the human development fields and identify the advantages that Microfinance can receive from which.
- To build a system to circulate and manage the acquired knowledge of AGFUND banks and to replicate the accumulated experience to be a reference specialists and practitioners in the development fields.
- To provide the suitable recommendations required to improve the Microfinance industry, especially to set the ideal legal frameworks for Microfinance.
- To work as a think tank for Microfinance and other developmental issues.
- To cooperate with the esteemed academic institution especially in the Microfinance sector.
- To adopt a comprehensive vision for including the target segment financially.
- To prepare a new highly qualified generation of experts in Microfinance.
The Formation of the Advisory Council:
His Royal Highness Prince Talal Bin Abdul Aziz – President of AGFUND chairs the Advisory Council. Members of the Council are appointed by HRH and shall be from the following backgrounds:
- Experts in Microfinance
- Chairpersons of AGFUND Microfinance Banks
- Business People
- Academic Institutions and Research Centers
By the recommendation of the Secretariat, the Advisory Council can identify members of the assistive committees. The primary task of such committees is to help the Council achieving its objectives:
- Technical Committee: It supervises the Microfinance Studies and Researches according to the Council’s priorities.
- Fund Raising Committee: it works on collecting and acquiring funds that are directed to serve the Microfinance Banks. Those funds can be used to participate in Banks equity, can be lent, or used to provide technical assistance to Banks.