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The 16th IsDB Global Forum on Islamic Finance Explores New Solutions to Overcoming Poverty

The 16th IsDB Global Forum on Islamic Finance has been held with distinguished speakers and panelists calling for innovative approaches to tackling poverty and promoting shared prosperity.

The forum with the theme ‘Social Entrepreneurship for Shared Prosperity’ was organized by the Islamic Development Bank Institute (IsDBI) on the sidelines of the 2022 IsDB Group Annual Meeting in Sharm El Sheikh, Egypt.

In his opening remarks, IsDB President, Dr Muhammad Al Jasser, said the task of fighting poverty and promoting shared prosperity across communities required a new approach.

Dr. Al Jasser observes that the combined health and economic crisis caused by COVID-19 has resulted in increasing poverty and widening inequality worldwide, disproportionately affecting vulnerable groups.

For that, the President said, a new solution that is socially responsible is needed. Such solutions will include social innovations that create value by filling the remaining gaps in the market that are often caused by market failures.

Dr. Al Jasser said while fighting poverty has always been at the core of the IsDB partnership and engagement, “the COVID-19 pandemic is forcing us as a development agency even more to strengthen our efforts in this endeavor to ensure a more inclusive recovery in our Members. country.”

He observed that several IsDB Member Countries have made remarkable successes in reducing poverty significantly over the years, and it is therefore worth tracking and highlighting the success stories of these countries to serve as motivation for policy makers and development agencies in other countries. .

Previously, Dr. Sami Al-Suwailem, Acting Director General of IsDBI and Chief Economist, in his remarks, pointed out that achieving the mission of Islamic finance requires two-dimensional work: innovation and social solidarity.

There were two panel discussions during the forum. The first session highlighted a joint initiative between the IsDB Institute and the Oxford Poverty and Human Development Initiative (OPHI) to implement a multidimensional poverty measure in selected Member States including Egypt.

The panelists are Dr. Ahmed Kamali, Deputy Minister of Planning and Economic Development, Egypt; Dr. Sabina Alkire, Director of OPHI; Dr. Sami Al-Suwailem; and Mr. Mohamed Ashmawy, Deputy Chair and Managing Director of Nasser Social Bank, Egypt.

The second panel session focused on the role of social innovation and entrepreneurship in addressing socio-economic challenges and poverty trends. The panelists were Mr. Sahba Sobhani, Director of the UNDP Istanbul International Center for Private Sector in Development (IICPSD), and Nr. Ayman Sabae, co-founder and CEO of Egyptian Social Company ‘Shamseya’ for Innovative Community Health Care Solutions.

Between the two panel sessions, the Massive Open Online Course on Islamic Finance for the Sustainable Development Goals (SDGs) was launched. IsDBI and IICPSD developed the MOOC in partnership with Durham University Business School, with support from the IsDB Science, Technology and Innovation (STI) Fund.

The online course is the first of its kind specifically designed to engage development professionals and Islamic finance stakeholders under the single umbrella of sustainable development and leverage Islamic finance to finance the SDGs. It brings together 27 internationally recognized subject matter experts from 11 countries and 3 continents as course instructors.

Distributed by the APO Group on behalf of the Islamic Development Bank Group (IsDB Group).

About the IsDB Institute:
The IsDB Institute is the beacon of knowledge of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the Institute is mandated to lead the development of innovative knowledge-based solutions to support the sustainable economic progress of IsDB member countries and Muslim communities around the world. For more information, please visit: https://www.IsDBInstitute.org

This Press Release has been issued by APO. Content is not monitored by the Business Africa editorial team and is not content that has been vetted or validated by our editorial team, evidence readers or fact checkers. The publisher is fully responsible for the contents of this announcement.

The 16th IsDB Global Forum on Islamic Finance Explores New Solutions to Overcoming Poverty

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