One of the key inferences of the virtually held IsDB global conference was the role that Islamic finance had in aiding countries to assemble resources to finance the economic recuperation.
Accompanied with the patronage of the President and Chairman of the Islamic Development Bank (IsDB) and IsDB Group, H.E. Dr. Muhammad Al Jasser, the fifteenth IsDB Global Forum on Islamic finance convoked on 28 August 2021.
The theme for the discussion was the role that Islamic Finance played in the post-COVID19 economic recovery of IsDB member countries. This session was one of the adjacent events of the 2021 IsDB Group’s annual meeting. The webinar saw the presence of senior delegates and private sector individuals from Pakistan, Mauritania, IsDB Group, the World Bank, the Republic of Uzbekistan, and the Asian Development Bank.
Islamic finance for the economic recovery of member countries
H.E. Dr. Muhammed Al Jasser stated, in his opening speech, that the pandemic had hindered human development and aggravated poverty. He additionally indicated that nations must strive to come together as strategic partners to achieve complete economic recovery.
The chairman of the IsDB Group emphasized the goal of IsDB to uphold and endorse human dignity and facilitate human development in all its member countries. He indicated that the preliminary step to achieve this goal was to alleviate poverty and its different forms in the education and health sectors for the quintessential development of human capital.
Dr. Al Jasser also highlighted the importance of investments, in infrastructure, for developing economies. The maturing Islamic finance sector could deliver these funds for the development of infrastructure in developing nations and evolving markets.
The President of IsDB also expressed his gratitude towards the World Bank for collaborating on a joint venture with IsDB to advance the Islamic funds towards the reference guides of infrastructure PPP projects.
The acting Director-General of IsDBI thanked Dr. Al Jasser and the participants of the webinar, in his opening speech. He additionally mentioned the goals of the forum, which was to amalgamate the ideologies of Islamic finance and the quest for remedies associated with the economic recovery of the IsDB member countries (MCs).
Other keynote speakers at the IsDB Global Forum on Islamic finance
Vice President of the Asian Development Bank, Dr. Bambang Susantono, delivered a speech on how Islamic finance will bridge the gap for faster facilitation of economic recovery. The Islamic finance sector could deliver these funds to banish poverty and uplift development in the nations that are still recovering from the aftermath of the pandemic.
Mr. Imad Fakhoury from the World Bank highlighted endorsing PPP for financing infrastructure in the member countries during the COVID-19 predicament.
First-panel session of the IsDB Global Forum on Islamic finance
The preliminary panel session marked the degree of intensified poverty in IsDB MCs. They also highlighted the hostile effects of COVID-19 in those developing economies.
The panel was graced by delegates from the Oxford Poverty and Human Development Initiative; the office of National Statistics, Mauritania; the office of Economic Development and Poverty Reduction, Uzbekistan; and the office of Islamic Solidarity Fund for Development (ISFD).
Second-panel session of the IsDB Global Forum on Islamic finance
The following panel session conferred about Islamic finance PPP as an instrument to procure resources to support the economic recoveries of member countries. This would facilitate faster growth in the economies that were worst hit during the COVID-19 pandemic.
The discussion was graced by officials from the offices of the Foundation Wind Energy Limited, Pakistan; the PPP Group Infrastructure Finance, PPPs and Guarantees (IPG) Group, World Bank; the Islamic Corporation for the Insurance of Investment and Export Credit; Uzbekistan PPP Development Agency.
