Building on the success of the past three symposiums, World Bank, Islamic Research and Training Institute and International Centre for Education in Islamic Finance (INCEIF) recently held a collaborative 4th Annual Symposium on Islamic Finance with a theme Islamic Finance, Inclusion and Poverty Alleviation, which took place from 11 – 12 December 2018 in Kuala Lumpur, Malaysia. The aim of this year symposium is to continue the conversation on Sustainable Development Goals, focusing on no poverty (SDG1) and zero hunger (SDG2).
The event brought together leading members of the academic, policymakers, private sector practitioners and development communities where they discuss recent and new developments and exchange their cutting-edge ideas on policies to eradicate poverty, improve living standards, well-being of all people and promote inclusive societies.
The first session discusses on the role of Islamic Finance and ending poverty in all its forms everywhere, with key points as below:
• How do stakeholders ensure effective utilization of Islamic finance for public and private sector development?
• What role can Islamic finance play in supporting the achievement of the SDGs and which stakeholders should be taking the lead?
• What are the main impediments to countries leveraging Islamic finance to support their national economic strategies to promote sustainable growth and shared prosperity?
• How can Islamic finance help countries to foster financial and social inclusion, particularly with regard to access to finance and social development?
• How can Islamic finance can support pro-poor growth and reduce inequality, increase productivity and generate sustainable income?
The presenters and their respective presentation slides are as follows:
- Simon Bell, Former Global Lead for SME Finance, The World Bank (Simon Bell slides)
- Muhammad Cholifihani, Director of Financial Services and State Owned Enterprises, Ministry of National Development Planning (Muhammad Cholifihani slides)
- Mohamed Rafe Haneef, Chief Executive Officer, CIMB Islamic Bank Berhad
The session is moderated by Dr. Abayomi A. Alawode, the Head of Islamic Finance, Finance, Competitiveness & Innovation for The World Bank.