Islamic Finance Leaders Convene at Second Islamic Economy Meeting to Discuss Sustainable Innovation and Maqasid Al-Shariah in Finance

  • 27/Nov/2024

27th November 2024, Jeddah, Saudi Arabia, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, has successfully organised a high-level Islamic Economy Strategic Meeting on Sustainable Innovation in Islamic Finance: Achieving Maqasid Al-Shariah in Product Development. The meeting was held in Jeddah, Kingdom of Saudi Arabia and Online.

 

The meeting brought together leaders from Islamic banks, financial institutions, Shariah boards, and international organisations to explore ways to embed innovation and sustainability into Shariah-compliant financial products. Attendees highlighted the need for actionable strategies to create solutions that address societal challenges while aligning with social, economic, and environmental goals. This approach reinforces the role of Islamic financial institutions in driving the Islamic economy forward, achieving Maqasid Al-Shariah, and enhancing their growth and resilience in a rapidly evolving economic and technological landscape.

 

CIBAFI Secretary General, Dr Abdelilah Belatik, opened the meeting by welcoming participants. In his remarks, Dr Belatik stated: "As a leading voice in Islamic finance, CIBAFI recognizes that innovation and sustainability are fundamental to our industry's growth. Islamic finance's inherent principles of Maqasid Al-Shariah and emphasis on ethical practices position us uniquely to advance sustainable financial solutions. Through this high-level platform, we are bringing together industry leaders to develop practical solutions that enhance both Shariah-compliant products and financial inclusion, while upholding the core values of Islamic finance."

 

The opening session featured a keynote speech by Mr. Abdelhameed Abou Moussa, First Deputy Chairman of CIBAFI and Governor of Faisal Islamic bank of Egypt, who emphasised: "The Islamic financial industry remains firmly grounded in its fundamental principles that have guided Islamic finance through generations. As industry leaders, we recognize the opportunities that innovation and sustainability initiatives present in expanding our ability to serve society's needs, while achieving Maqasid Al Shariah. Through this collaborative platform, we are committed to developing financial solutions that uphold our core Shariah principles while addressing contemporary challenges, including sustainable development."

 

Additionally, Dr. Mohamed Mustafa Shoaib, Director of Research, Studies, Encyclopedias, Translation and Printing at the International Islamic Fiqh Academy, delivered a special address during the opening session.

 

The meeting featured two sessions. During the first session Prof. Dr. Ahcene Lahsasna, Chief Executive Officer of Salihin Shariah Advisory in Malaysia, highlighted the relationship between Maqasid Al-Shariah and sustainable financial practices, focusing on integrating environmental, social, and governance (ESG) factors in financial product design.

 

In the second session, Dr Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute (IsDBI), Saudi Arabia, and Mr Iyad Asali, General Manager of the Islamic International Arab Bank, Jordan, participated in interactive discussions on sustainable product innovation. They bridged theoretical concepts with practical applications and highlighted best practices in Shariah-compliant product development.

 

The meeting concluded with a dynamic interactive session, fostering insightful exchange of knowledge among participants.

 

About CIBAFI:

CIBAFI is an international non-profit organisation founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. CIBAFI is affiliated with the

Organisation of Islamic Cooperation (OIC). With more than 140 members from over 30 jurisdictions all around the world, CIBAFI is recognised as a key piece in the international architecture of Islamic finance.

 

In its mission to support the Islamic financial services industry growth by providing specific activities and initiatives that leverage current opportunities while preserving the value proposition of Islamic finance, CIBAFI is guided by its Strategic Objectives, which are, 1) Advocacy of Islamic Finance Values and Related Policies & Regulations; 2) Sustainability and Innovation Integration; 3) Industry Research and Analysis; and 4) Professional Development.

 

CIBAFI office is located at Deema tower, 7th Floor, Office 71, Building 657, Road 2811, Block 428, Manama, Kingdom of Bahrain.

 

For more information on CIBAFI, please contact:

CIBAFI Secretariat at Phone: +973 17357300, email: [email protected]

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