Islamic financial instruments are proving to be more stable and resilient to market volatility and risks. Moreover, the ample liquidity seeking investments in Islamic financial instruments provide a strong argument for the relevance of Islamic finance in sustainable economic development and growth.
The Islamic Development Bank, the World Bank and the World Federation for Development Financing Institutions co-hosted a conference on Islamic Finance on October 11, 2013, as part of the World bank/IMF Annual meetings, to discuss the recent developments in the global Islamic finance industry, and pinpoint its relevance to development finance and fostering shared prosperity.
Mr. Hakan Atilla, Deputy CEO of Halkbank was the first speaker, replacing Mr. Süleymen Aslan, the CEO, due to Mr Aslan’s unexpected last minute schedule change. Mr Atilla welcomed the participants on behalf of WFDFI and thanked IDB and the World Bank for providing the distinguished speakers, as well as the meeting hall and catering services.
Dr. Ahmad Mohamed Ali, the President of the Islamic Development Bank, inaugurated the meeting highlighting the role of Islamic financial instruments in economic development. Dr. Mahmoud Mohieldin – World Bank’s President Special Envoy had provided a keynote address in which he highlighted the World Bank’s views on priority areas that merit the mobilization of global development finance resources. Dr. Tunc Uyanik, Director of the East Asia and Pacific Region and Financial Systems Global Practice, and Chair of the World Bank Group’s Islamic Economics and Finance Working Group had shared the latest update on the World Bank efforts to support and provide inclusive solutions to the World Bank client countries to deepen Islamic financial markets as well as on close collaboration with the Islamic Development Bank to ensure the soundness of the Islamic finance industry.
A wide range of global leading experts in the field of Islamic finance participated as discussants and speakers as well as high level government officials and policy makers. There were over 200 participants.
There were three separate sessions dealing with:
- How does Islamic banking and finance contribute to sustainable development and inclusive growth?
• How can the Islamic financial sector contribute to a more resilient financial sector? – Lessons from the Financial Crises?
• Towards a stronger regulatory and institutional framework of the Islamic financial sector – Challenges and perspectives.
At the end of each session there were question and answers.