The 18th Islamic Development Bank Global Forum (https://IsDBInstitute.org) on Islamic Finance has been successfully held on the sidelines of the IsDB Group Annual Meetings and Golden Jubilee Celebration in Riyadh, Kingdom of Saudi Arabia.

In his opening remarks, IsDB President, H.E. Dr. Muhammad Al-Jasser, called for nurturing a generation of entrepreneurial leaders who can help propel the world toward a future rooted in ethical principles and sustainable development.

Under the theme “Innovation, Entrepreneurship, and Leadership in Islamic Finance”, the forum attracted an array of thought leaders, policymakers, financial experts, and major stakeholders in the Islamic finance industry who deliberated on how entrepreneurship can advance sustainable development.

Dr. Al-Jasser highlighted the impact of entrepreneurship on both individual and global economies, citing examples of enterprises that have created immense value for people worldwide, such as Alibaba, Alphabet, Amazon, Apple, Microsoft, Nvidia, and Tesla. He noted that the combined current market value of these companies is almost US$12 trillion, which exceeds the economic output in 2023 of the UK, France, and Russia combined.

He also pointed out the disparity in new business creation rates between high-income and low-income economies, and stressed the need to address this gap by fostering a conducive environment that supports and nurtures entrepreneurship. The President suggested that initiatives such as microfinancing, tailored to comply with Islamic financial principles, could be pivotal in this respect.

Dr. Al-Jasser also linked the spirit of entrepreneurship to the realm of Islamic finance, noting that Prophet Muhammad (SWA) himself was a successful entrepreneur, embodying the qualities of trustworthiness, risk-sharing, and a commitment to the betterment of society. “When financial institutions are grounded in these principles, they can effectively promote ventures that contribute to sustainable growth and empower potential entrepreneurs,” he added.

H.E. Dr. Stephen Groff, Governor of the Saudi National Development Fund, and Engineer Mutlaq H. Al-Morished, Board Member of Saudi SME Bank, also delivered keynote speeches highlighting how to synergize Islamic finance principles with entrepreneurship for sustainable economic development.

These were followed by the award presentation to the winner of the 2024 IsDB Prize for Impactful Achievement in Islamic Economics, Professor Mehmet Asutay, a professor of Middle Eastern and Islamic Political Economy&Finance at Durham University. The award was presented by IsDB Vice President (Operations), Dr. Mansur Muhtar, on behalf of H.E. the President, Dr. Muhammad Al Jasser.

The forum featured the launching of a new IsDBI report titled “Catalyzing Social Entrepreneurship through Islamic Finance”, which explores the potential of Islamic finance to support social entrepreneurship and impact investing.

In a panel session, experts explored the pivotal role of entrepreneurship in advancing sustainable development, particularly within the Islamic finance paradigm. Panelists in the session were Dr. Zeger Degraeve, Executive Dean of Prince Mohammed Bin Salman College (MBSC); Mr. Morrad Irsane, CEO and Founder of TAKADAO; and Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute.

The second session showcased the Smart Stabilization System, a patent-pending algorithm to enhance stability in financial markets, being developed by the IsDB Institute and implemented by the blockchain company SettleMint. Mr. Matthew Van Niekerk, Founder&CEO of SettleMint, and Dr. Hilal Houssain, Associate Manager of Knowledge Solutions Team, IsDBI, gave a presentation highlighting the key features of the system and its potential to support the financial industry.

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

On the second day of the 49th IsDB Annual Meetings, the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, participated in the 2024 Private Sector Forum (PSF 2024) and signed several agreements. ITFC engaged in a series of strategic meetings, solidifying the Corporation’s role in enhancing trade finance and advancing socio-economic development across its member countries.

ITFC partners were also recognized during the PSF 2024, where ITFC recognized Türk Eximbank with the “Trade Finance Deal of the Year” award. The award is an acknowledgment of Türk Eximbank’s long-standing partnership and its significant contribution to ITFC’s private sector interventions in Türkiye in 2023. The Foreign Trade Training Centre (FTTC) in Egypt was given the “Outstanding Contribution to Intra-OIC Trade Development” award.  This recognizes the FTTC’s dedication to boosting Egypt’s global trade position and its successful partnership with ITFC to build a new generation of exporters in Egypt.

ITFC also organized an Investors’ Dialogue with its partner banks, which provided a platform for discussing trade finance trends and investment opportunities, emphasizing innovation and public-private partnerships for sustainable economic growth.

Eng. Hani Salem Sonbol, CEO of ITFC, commented on the day’s significant milestones: “The 2024 Private Sector Forum was a successful event that facilitated the establishment of important collaborations between ITFC and valued partners and stakeholders. These collaborations will positively impact the economic prospects of OIC member countries. This momentum is crucial in building resilient trade ecosystems that support sustainable economic growth. Today’s achievements, including signing significant agreements, are a testament to ITFC’s commitment to fostering long-lasting partnerships that cater to the changing needs of our member countries and valued partners.”

Key Signings and Agreements.

Pivotal Framework Agreement with Tunisia. A new Framework Agreement worth US$1.2 billion was signed between the Tunisian government and ITFC. The agreement will be in effect from 2024 to 2027 and will provide financial resources to support Tunisian companies in importing essential commodities, including energy and industrial products. This will enhance the trade capabilities of Tunisian companies. The agreement includes trade development programs, such as the ITFC Integrated Trade Solution, to support Tunisian exports and digitize related procedures.

Master Murabaha Agreement with First City Monument Bank Limited (FCMB) Nigeria. The US$15 Million Financing Facility is geared to support import financing, infrastructure development, and economic stability. The agreement was signed by Mr. Nazeem Noordali, COO of ITFC, and Mr. Gerald Ikem, Divisional Head, Treasury&International Banking at FCMB.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

The first-place winner of the 2024 Islamic Development Bank (IsDB) Prize for Impactful Achievement (https://IsDBInstitute.org/) in Islamic Economics, Professor Mehmet Asutay, received the award during a ceremony in Riyadh, Kingdom of Saudi Arabia.

The award was presented by the IsDB Vice President (Operations), Dr. Mansur Muhtar, on behalf of H.E. the President, Dr. Muhammad Al Jasser, during the 18th IsDB Global Forum on Islamic Finance, held on the sidelines of the IsDB Group Annual Meetings and Golden Jubilee Celebration. The first-place prize comes with a US$ 50,000 award and a certificate for the winner.

A professor of Middle Eastern and Islamic Political Economy&Finance at Durham University, Prof. Asutay was awarded the prize in recognition of his significant work on Islamic moral economy and the articulation of Islamic finance to be supportive of sustainable development and the welfare of human beings.

The winner was selected by an independent committee of experts from outside the IsDB Group, whose work is coordinated by the Islamic Development Bank Institute (IsDBI).

In his comments on this occasion, Prof. Asutay said: “I am grateful to the Selection Committee for this prestigious prize and the recognition of my work in Islamic Moral Political Economy and the impact it has so far created. I dedicate this award to my students and research collaborators, whose insights have been invaluable.

“I thank Allah (SWT) for giving me the strength to pursue a just and empowering economic framework inspired by Islamic values and norms in essentialising an ihsani (sustainance of an equilibrium based) governance system to ensure resource accessibility within the defined permissibilities of Islam. I appreciate the Founding Fathers of Islamic Economics and the IsDB Institute for their pioneering works, and I am grateful to have collaborated with many inspiring Founding Fathers and academics and professionals over the past decades.”

Prof. Asutay is the Director of the Durham Centre for Islamic Economics and Finance, the Programme Director for MSc in Islamic Finance, and the Director of the Durham Islamic Finance Summer School.

He teaches and supervises research on Islamic Political Economy; Islamic Moral Economy; Islamic Banking, Finance and Management; and Political Economy of Development in the Middle East, including Turkish Political Economy and Kurdish Political Economy.

The prize laureate has a Ph.D. in Political Economics and MA in Economics of Public Policy from the University of Leicester (UK);  a Postgraduate Diploma in Economic and Social Policy Analysis from the University of York (UK); and also studied for MSc in Public Finance at the University of Istanbul (Türkiye).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

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About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org/

The Economic Community of West African States (ECOWAS) is participating in the “High-Level Workshop on Regional Integration. This hybrid workshop, organised both physically and virtually, kicks-off in Kasane, Botswana from Sunday 28 April 2024 and extending through Tuesday 30 April 2024 and is under the theme “43 Years of Regional Integration: Where are we and way forward”.

The primary objective of the workshop is to cultivate a deeper understanding, foster better collaboration, and coordinate regional integration efforts to advance the Southern African Development Community (SADC) Regional Integration Agenda.

At the end of the three-day workshop, participants include Senior Officers from SADC, African Union, UNECA, ECOWAS, World Bank, are expected to: (1) gain broader understanding and awareness of the significance, and progress made on SADC’s integration agenda and the direction the Region must take with regards to the integration milestones; (2) propose policy reforms, regulatory changes, and institutional improvements to enhance regional cooperation, trade facilitation, and infrastructure development; (3) list prioritised projects, interventions, synergies and collaborations aimed at promoting regional integration and sustainable development; and (4) document opportunities, challenges, lessons learned, and good practices in regional integration, among others.

The participation of ECOWAS in this workshop holds significant importance for the organisers, as it provides an opportunity for SADC to glean insights from ECOWAS’ integration journey, which can be applied to bolster SADC’s efforts.

Representing the President of the ECOWAS Commission, H.E. Dr. Alieu Omar Touray, and the Commissioner for Economic Affairs and Agriculture, Mrs. Massandje Toure-Litse, at this hybrid workshop, are Ambassador Francis Oke, the Permanent Representative to the African Union, and Mr. Albert Siaw-Boateng, the Director of Free Movement of Persons and Migration.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).