Agreement to drive sustainable development through Islamic Finance signed
JEDDAH, June 6, 2024 – The Islamic Development Bank Institute [IsDBI] and the General Council for Islamic Banks and Financial Institutions [CIBAFI] signed a Grant Agreement to collaborate towards advancing Islamic finance and its role in sustainable economic development.
This strategic partnership focuses on evaluating the economic progress of five select member countries of the Organisation of Islamic Cooperation [OIC] in specific areas critical to both Islamic finance and sustainable development.
The project will delve into the experiences and achievements of leading OIC countries in achieving sustainable economic growth. Key areas of exploration include climate change mitigation, women and youth empowerment initiatives, digitalisation advancements, and fostering financial inclusion – all examined through the lens of Islamic financial institutions’ roles.
The project’s deliverables will be comprehensive reports offering valuable recommendations based on these leading countries’ experiences. These insights will serve as a roadmap for other OIC member countries as they strive to achieve sustainable economic growth and navigate global challenges.
Islamic finance, with its emphasis on ethical and sustainable practices, can help address pressing social, economic, and environmental issues faced by OIC member countries, ultimately promoting sustainable development that fosters shared prosperity.
By showcasing the pioneering efforts of select OIC member countries, the project aims to raise global awareness about the positive impact of Islamic finance in overcoming critical challenges and building resilient economies.
This collaboration underscores the commitment of IsDBI and CIBAFI to supporting the growth of Islamic finance and promoting the integration of sustainability and innovation within the industry.
The initiative aligns with global efforts to address pressing issues and pave the way for a more sustainable and prosperous future.
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