Africa: Islamic Development Bank Institute Fosters Islamic Finance Collaboration during 2024 Group Annual Meetings

[Deeq A.]

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Islamic Development Bank Institute Fosters Islamic Finance Collaboration during 2024 Group Annual Meetings
Key areas for collaboration include promoting skills development, strengthening the legal and regulatory ecosystem, developing social safety nets, mainstreaming Islamic finance within the global financial architecture, and accelerating the achievement of SDGs
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JEDDAH, Kingdom of Saudi Arabia, May 6, 2024/ — The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) played an important role in supporting Islamic finance during the 2024 IsDB Group Annual Meetings and Golden Jubilee Celebration in Riyadh, Kingdom of Saudi Arabia. From April 27-30, IsDBI hosted 20 bilateral meetings with a diverse range of partners. This strong engagement underscores the growing interest in Islamic finance across the IsDB member countries.

Led by Dr. Sami Al-Suwailem, Acting Director General of IsDBI, the meetings explored a broad spectrum of collaboration opportunities. Discussions focused on capacity building, legal and regulatory framework development, product structuring, and support for financial inclusion, sustainable finance, and economic development.

Additionally, innovative ideas were explored for technology adoption – including solutions for achieving Sustainable Development Goals (SDGs), building smart economic cities, fostering climate and green finance action, and driving human capital development. Notably, the discussions addressed the growth and development of the social finance and non-profit sectors.

Bilateral partners included member country delegations led by IsDB Governors, senior representatives from Ministries, Central Banks, UN Agencies, International Organizations, Multilateral Development Organizations, and other Financial Institutions.

The meetings yielded concrete action plans for 2024 and beyond. These plans leverage the unique strengths of each partner organization. Key areas for collaboration include promoting skills development, strengthening the legal and regulatory ecosystem, developing social safety nets, mainstreaming Islamic finance within the global financial architecture, and accelerating the achievement of SDGs. Several discussions highlighted the potential of innovative solutions involving artificial intelligence, blockchain, and other digital technologies.

The 2024 IsDB Annual Meetings concluded with a positive outlook for the IsDB Institute. The bilateral meetings enabled in-depth discussions with stakeholders and plans for Islamic economics and finance to play a vital role in supporting the sustainable development of the IsDB member countries and Muslim communities worldwide.
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

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