Riyadh, Kingdom of Saudi Arabia, April 28, 2024 – The 18th Islamic Development Bank Islamic Finance Global Forum was successfully held on the sidelines of the IsDB Group Annual General Meeting and Golden Jubilee Celebration in Riyadh, Kingdom of Saudi Arabia.
In his opening remarks, His Excellency Mohammad Al Jasser, Chairman of IsDB, called for developing a generation of entrepreneurial leaders who will move the world towards a future rooted in ethical principles and sustainable development.
Themed “Innovation, Entrepreneurship, and Leadership in Islamic Finance,” the forum brings together a large number of thought leaders, policy makers, financial experts, and key stakeholders from the Islamic finance industry. We discussed how sustainable development can be promoted.
Dr. Al Jasser cited examples of companies that have created immeasurable value for people around the world, such as Alibaba, Alphabet, Amazon, Apple, Microsoft, Nvidia, and Tesla, and said that entrepreneurship is a powerful tool for both personal and global economies. We emphasized the impact on both. He noted that the current combined market value of these companies is almost $12 trillion, which is more than the economic output of the United Kingdom, France and Russia combined in 2023.
He also pointed to the disparity in new business creation rates between high- and low-income economies and the need to address this disparity by promoting a favorable environment that supports and fosters entrepreneurship. emphasized. The President suggested that initiatives such as microfinance tailored to comply with Islamic financial principles could be crucial in this regard.
Dr. Al Jasser also connected the spirit of entrepreneurship with the realm of Islamic finance, highlighting how Prophet Muhammad (SWA) himself was a successful entrepreneur who exemplified the qualities of trustworthiness, risk sharing, and commitment to the betterment of society. He pointed out that there was. “If financial institutions are based on these principles, they can effectively promote business ventures that contribute to sustainable growth and empower potential entrepreneurs,” he added.
Dr. Stephen Groff, President of the Saudi National Development Fund, and Mr. Mutlaq H. Almolyshid, Director Engineer, Saudi Small and Medium Enterprises Bank, also gave keynote speeches, highlighting how Islamic finance principles and entrepreneurship can be used for sustainable economic development. He emphasized that it should be synergized with
This was followed by an award ceremony to Professor Mehmet Astay, Professor of Middle East and Islamic Political Economy and Finance at Durham University, winner of the 2024 IsDB Prize for Influential Work in Islamic Economics. The award was presented by Dr. Mansour Mukhtar, IsDB Vice President (Operations), on behalf of Chairman Dr. Muhammad Al Jasser.
The forum featured the launch of a new IsDBI report entitled ‘Promoting Social Entrepreneurship through Islamic Finance’ which explores the potential of Islamic finance to support social entrepreneurship and impact investing.
In the panel session, experts considered the pivotal role of entrepreneurship in promoting sustainable development, especially in the Islamic finance paradigm. The panelists for the session were Dr. Zegar Degrave, Chairman of the Board of Governors of Prince Mohammed Bin Salman University (MBSC); Morad Irsaneh, CEO and founder of TAKADAO. Dr. Sami Al Suwairem, Acting Director of the IsDB Institute;
The second session introduced the Smart Stabilization System, a patent-pending algorithm to increase stability in financial markets, developed by IsDB Institute and implemented by blockchain company SettleMint. Matthew Van Niekerk, founder and CEO of SettleMint, and his manager Dr. Hilal Houssain, an associate in the IsDBI Knowledge Solutions team, gave a presentation highlighting the system’s key features and potential to support the financial industry. Ta.
