Guidance in the News
1 September 2015 World Bank Group’s Global Islamic Finance Development Center Announces Launch of Annual Symposium on Islamic Economics and Finance
Dubai, 01 September 2015 | The World Bank Group`s Global Islamic Finance Development Center (GIFDC) announced today the launch of its Annual Symposium on Islamic Economics and Finance.
The symposium is organized by GIFDC in partnership with Borsa Istanbul, Islamic Development Bank (IDB), Islamic Research and Training Institute (IRTI), and Guidance Financial Group, a leading international Islamic financial services provider.
The symposium is an annual event that will bring together a broad range of participants from academia, policy-making circles, and the private sector. It aims to promote the exchange and advancement of ideas and to foster innovation and discussion in Islamic economics and finance. The symposium’s objective is to become a major international forum engaged in thought leadership and knowledge development in this field.
The inaugural symposium, “Islamic Finance: A Catalyst for Shared Prosperity,” will be held on September 8-9, 2015 in Istanbul, Turkey. The emphasis on risk sharing in financial and social contracts is a distinctive feature of Islamic finance. While research on Islamic economics and finance has progressed in many areas, important aspects of risk sharing and its relevance to shared prosperity are yet to be explored and developed. The organizers hope that the symposium will contribute toward a better understanding of the role Islamic finance can play in promoting inclusive growth, reducing inequality, and accelerating poverty reduction.
“Together with our partners, Borsa İstanbul, Islamic Development Bank, Islamic Research and Training Institute, and Guidance Financial Group, we are committed to the advancement of Islamic economics and finance and believe it can play a central role in ensuring a sound financial sector and promoting inclusive economic development,” said Gloria Grandolini, Senior Director, Finance & Markets Global Practice of the World Bank Group. “We hope this symposium will contribute toward the continued understanding, advancement, and awareness of Islamic finance.”
On Borsa Istanbul’s involvement in the symposium, Dr. Talat Ulussever, Chairman of the Board of Directors at Borsa İstanbul, said, “At a time when the whole world has been rediscovering Islamic finance, it is crucial to raise awareness about what Islamic finance offers to capital markets. As the emerging powerhouse in its region, Borsa İstanbul continues to 2 support the development of Islamic finance in both theoretical and practical aspects. Our collaboration with World Bank Group in the field and Borsa İstanbul’s expanding Islamic finance portfolio show our commitment in this regard.”
On behalf of the IDB Group, Dr. Ahmed Tiktik, Vice President, IDB Group said “I wish to commend and congratulate the organizers for this very timely initiative. The IDB has always believed in and strived for promoting shared prosperity through Islamic Finance in its member and non-member countries. The organization of this symposium is not only a validation of this belief but of its global acceptance and adoption. I hope this symposium will pave the way for directing our efforts toward the noble goal of leveraging Islamic finance for creating a more prosperous and inclusive world for everyone.”
Professor Mohamed Azmi Omar, Director General of IRTI, added, “As the intellectual arm of the IDB Group, IRTI is delighted to be a partner in this first annual symposium on Islamic Finance in Istanbul. I feel the theme of the symposium, Islamic Finance – a catalyst for shared prosperity is reflective of the common goal and aspiration we share not only with the organizers but with the millions of people who see Islamic finance as an alternative means of financial inclusion and a better and more dignified life. We will continue working with our partners to ensure that human well-being and shared prosperity remains at the very heart of all Islamic Finance initiatives.”
Regarding Guidance Financial Group’s involvement in this symposium, Dr. Mohamad Hammour, Chairman of Guidance Financial Group, said, “The presence of policy makers, academics and finance professionals at the symposium provides an excellent opportunity for us to be an integral part of this forum as the private sector partner. We hope to bring our expertise and experience as practitioners to the discussions, as we strive to expand the frontiers of Islamic finance in innovative directions.”
The event will be hosted by Center for Applied Research in Finance (CARF), Bogazici University. The media partner of this distinguished event is Islamic Finance news (IFN).
For additional information on the Annual Symposium on Islamic Economics and Finance and on how to register, please visit their website.
The World Bank Global Islamic Finance Development Center, (GIFDC) based in Istanbul, is a knowledge hub aimed to help World Bank client countries take advantage of the rapid growth of financial assets that are compliant with Islamic law and contribute to development of Islamic finance globally. As a knowledge hub for the development of Islamic finance globally, the new center i) provides technical assistance and advisory services to strengthen the institutional foundations of Islamic finance, including legal, regulatory, and supervisory standards ii) conducts research on the linkages between Islamic finance and economic development, focusing on the potential contribution of Islamic finance to eliminating extreme poverty and boosting shared prosperity in Bank client countries. The center’s location in Istanbul will leverage the city’s unique position as a hub linking markets in Europe, the Middle East, and Central Asia.
For further information, please visit The World Bank.
About Borsa İstanbul:
Borsa Istanbul, with historical roots going back to 1873, is the sole provider in Turkey of trading, settlement, custody and registry services for a wide range of products such as equities, debt securities, repo, sukuk, warrants, options, futures, certificates, and exchange traded funds (ETFs). Following the successful completion of horizontal integration (via the acquisition of the derivatives and gold exchanges), and of vertical integration (via control of the two domestic post trade firms), Borsa ?stanbul demutualized in 2012. Through its markets, Borsa Istanbul offers corporates, investors and traders in the region a broad range of financial products suited to their needs, and efficient access to extensive capital markets. Borsa Istanbul calculates 360 indices that measure and benchmark equity and fixed income markets in Turkey. Borsa Istanbul is a shareholder in Sarajevo, Baku, Kyrgyz Republic, and Montenegro Stock Exchanges, as well as LCH. Clearnet.
For further information, please visit Borsa Istanbul.
The Islamic Development Bank is an international financial institution that aims to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles Islamic Law. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. It is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods, among member countries; providing technical assistance to member countries; and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the principles of Islamic Law. The present membership of the Bank consists of 56 countries.
For further information, please visit IDB.
Islamic Research and Training Institute (IRTI), as the research and consulting arm of the Islamic Development Bank Group, is mandated to undertake cutting-edge research into frontier issues in the field of Islamic economics and finance and issues relating to comprehensive human development in line with the principles of Islamic economics and finance. It is also responsible for leading the development of a dynamic and comprehensive Islamic Financial Services Industry that supports socio-economic development in Member countries.
For further information, please visit IRTI.
About Guidance Financial Group:
Guidance Financial Group is a leading international Islamic financial services firm that provides consumer finance, investment management services, capital markets solutions, and financial advisory services to a broad range of clients in the MENA region, Southeast Asia and North America. The company has pioneered the creation and development of unique Islamic investment and finance programs serving institutions and consumers and has a keen interest in supporting innovation and research in Islamic finance.
For further information, please visit Guidance Financial Group.
Rawan El Saleh
World Bank Group
Tel: +1 202 458 4838