JEDDAH: The Islamic Development Bank Institute hosted its 17th Global Islamic Finance Forum on the sidelines of the 2023 IsDB Group Annual Meeting in Jeddah on 12 May.
The forum, titled “Disruptive Solutions for a Resilient Economy,” focused on building economic strength and a more financially inclusive community with the help of innovative solutions that can support the Islamic finance ecosystem, and help address the challenges facing member countries and Muslim communities worldwide.
In his keynote speech, the bank’s president and group chairman, Mohammed Al-Jasser, stated that the dynamic nature of the challenges faced by the member countries has put additional pressure on policymakers and other stakeholders, including the bank itself, to explore new, innovative, and potentially “disruptive” solutions to mitigate adverse impacts.
Dr. Bello Lawal Danbatta, Secretary-General of the IFSB. (AN photo)
He said that the global economy is changing rapidly due to modern technologies disrupting traditional business models, and that embracing the disruption and integrating it within businesses will create effective solutions for member countries.
“Technology combined with the ethical principles of Islamic finance can help in achieving achieve societal objectives as the end goal,” he added.
Al-Jasser called upon all stakeholders to develop solutions to make a lasting impact on the progress of member countries and communities worldwide.
Following the welcoming remarks by Sami Al-Suwailem, IsDBI’s acting director general and the group chief economist, the forum launched a report titled “Islamic Financial Services Industry Development Ten-Year Framework and Strategies: A Final Review” — a joint initiative of the IsDBI and the Islamic Financial Services Board.
Bello Lawal Danbatta, secretary-general of the IFSB, summarized the report’s key objectives and said it contains policies and recommendations that can help researchers with helpful guidelines to shape the future of the global financial industry.
The former IsDB president, Ahmad Ali, delivered a keynote speech on the launch of the book, “The Islamic Development Bank and Dr. Ahmad Mohammad Ali: History of an Institution and Journey of a President.” The book shares the remarkable story of the evolution of the IsDB as a successful institution and its exceptional achievements under the leadership of Ahmad Ali over a period of four decades, from its establishment in 1975 until his retirement in 2016.
Ali thanked the president of the IsDB Group for supporting the efforts to produce the book, which documents the remarkable history of the IsDB, and the authors for their valuable efforts in writing the book.
“The confidence of the member countries in this institution, and the faith of its employees in its mission and duty towards the member countries, is one of the most important things the bank is proud to achieve because it is the basis for all development projects,” he said.
Al-Jasser extended his gratitude to Ali and praised him for being a champion of development, and for leading IsDB to be a world-class multinational development bank.
In addition, two panel sessions were concluded on formulating proper policies to guide the application of new financial technologies to reduce poverty and achieve shared prosperity. The forum's first session highlighted digital vouchers for economic resilience, discussing current and future applications and exploring potential partnership opportunities to help create a more financially inclusive community. The second session introduced the structure of the sukuk enhancement fund to the relevant stakeholders in IsDB member countries.
