Sunday 09, April 2017 by William Mullally

CIBAFI Global Forum set to be essential part of 2017 Islamic finance calendar

The forum kicks off 8-9 May in Amman, Jordan.

With increasing focus on social and sustainability criteria in the financial realm, there is an equally increasing need for awareness and information sharing on ways and means to implement them. It is a fact that there is a strong parallel between the United Nations Sustainable Development Goals (SDGs) and Maqasid al Shari'ah which form the basis for Islamic finance industry that aims to create a sustainable, equitable, and socially responsible financial industry. The SDGs play an important role in promoting a safe and secure future that brings peace, prosperity, opportunity and equal rights for people of all walks of life. Islamic finance with its precepts and principles has a firm foundation and an important contributing role to play in achieving these mutual goals.

How can Islamic finance support the UN development goals?

Islamic Finance has the potential to play a transformative role in supporting the implementation of UN development goals which require greater collaboration to explore newer approaches in the light of current realities and to strengthen areas of partnerships among the financial industry stakeholders. This is required in order to define, plan, engage, and deliver on these goals. As an industry, Islamic finance helps stimulate economic activity and entrepreneurship towards tackling poverty, inequality, and promote fairness, financial and social stability, and achieve a comprehensive objective of sustainable development.

How can CIBAFI facilitate the discussion?

CIBAFI Global Forum, this year will discuss among others, areas of Islamic finance industry that are aligned with the global development goals such as re-distributive channels such as Waqf, Qard Hasan, Zakat institutions and deliberate on strategies that play and important role in social protection and transformation. The Forum will also explore strategies for effective and efficient mobilisation of capital for the benefit of the real economy, which in-turn help achieve sustainable development for the economy. The Forum will discuss Maqasid Shari'ah and its interlinkages with the UN development goals to unlock potential of Islamic financial industry in achieving its goal of being a socially responsible industry. Renowned experts both from inside and outside of the Islamic financial industry will throw light on proven practises and strategies for Islamic finance to help achieve a holistic sustainable development for the economies.

Islamic finance has the potential to play a transformative role in supporting the implementation of UN development goals which require greater collaboration to explore newer approaches in the light of current realities

 

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