IDB to Discuss Sustainable Development Goals at WIEF

The Islamic Development Bank (IDB) will lead a  delegation to the 11th World Islamic Economic Forum (WIEF) which is is scheduled to take place from 3-5 November, 2015, in Kuala Lumpur, Malaysia. President of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali will deliver a keynote speech at the inaugural session and participate in a number of side events, including the one organized by IDB on “Financial Inclusion for Achieving Sustainable Development Goals: Role of Islamic Finance”.

The IDB Group event is to be held in the context of the new Sustainable Development Goals (SDGs), adopted at the UN Sustainable Development Summit in New York, in September 2015. The Summit on SDGs called on countries to work towards the reduction of extreme poverty by 2030, eliminate violence, reduce inequality and ensure inclusive and sustainable economic growth.

Islamic Finance has gained a global footprint

As Islamic finance has gained footprint in many countries worldwide, its various components have strong potential to promote financial inclusion for achieving SDGs. For this reason, the side event will discuss how Islamic finance can be leveraged to boost financial inclusion for the realization of SDGs. It will also discuss the contribution of financial institutions such as the Alliance for Financial Inclusion (AFI), and identify the opportunities presented by Islamic finance in enhancing financial inclusion and narrowing inequality.

“We look forward to a robust discussion on how to utilize Islamic Finance in achieving the Sustainable Development Goals”, said Dr. Ahmad Ali.

“IDB Group has garnered enormous experience over the years in utilizing Islamic Finance to mobilize resources, and finance development projects that are relevant to the SDGs. We are willing to make our wealth of experience available to the participants at the World Islamic Economic Forum, for the benefit of humanity”, he added.

The IDB Group’s event will be moderated by Prof. Savas Alpay (Chief Economist of IDB) and the panelists will comprise of Prof. Azmi Omar, Director General of the Islamic Research and Training Institute – IDB Group’s research and training arm; Mr. Sean Kidney, CEO and Co-founder of Climate Bonds- United Kingdom; Dr. Imran Lum, Associate Director of Islamic Capital Markets – National Bank of Australia; Mr. Tariq Al-Rifai, Author of the Islamic Finance and the New Financial System; and Mr. Harris Irfan, Managing Director of the European Islamic Investment Bank plc- United Kingdom. The panelists will discuss three sub-themes: (i) The role and importance of financial inclusion in achieving SDGs, (ii) The contribution of Islamic Finance in enhancing financial inclusion, and (iii) The role of financial institutions in promoting financial inclusion.