THE World Bank Group's Global Islamic Finance Development Center (GIFDC) announced last Sept. 1 the launch of its Annual Symposium on Islamic Economics and Finance. The symposium is organized by GIFDC in partnership with Borsa ?stanbul, 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 Sept. 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 ?stanbul, 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 ?stanbul's involvement in the symposium, Dr. Talat Ulussever, Chairman of the Board of Directors at Borsa ?stanbul, 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 ?stanbul continues to support the development of Islamic finance in both theoretical and practical aspects. Our collaboration with World Bank Group in the field and Borsa ?stanbul'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.” — SG
