(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 28. Islamic financehas remarkable capacity to nurture ecosystems, said Dr. StephenGroff, Governor, National Development Fund of Saudi Arabia,addressing the 18th Islamic Development Bank Global Forum onIslamic Finance held as part of the IsDB annual meetings in Riyadh,Trend reports.
He pointed out that Islamic finance not only promotes risksharing, but also introduces innovative approaches that benefitboth Muslim and non Muslim communities worldwide,
“Such financing activities are critical in driving sustainabledevelopment across many countries, particularly in times of crisis, entrepreneurship within the realm of Islamic financeis vital. In countries like Saudi Arabia, entrepreneurship isn'tjust seen as a driver of progress, but as a key element inachieving inclusive and sustainable growth. Islamic financeframeworks, with their emphasis on risk sharing, offer a basis forfostering developmental finance initiatives that are bothsustainable and ethically sound,” he said.
Groff believes that creating environments that foster innovationand entrepreneurship is critical.
“Shariah-compliant funding options empower entrepreneurs topursue opportunities while simultaneously upholding coreprinciples. Technological advancements have made financial servicesmore accessible and ethical, aligning with the values of Islamicfinance. Products like Sukuk align with sustainable developmentgoals,” he said.
Groff went on to add that another crucial aspect of financialprogress is the integration of technology into finance and theremarkable impact that FinTech has had on expanding access tofinancial products and services.
“As all of you are aware, FinTech now plays a pivotal role infostering inclusivity across financial systems, and Islamic financeis no exception. Technological advancements have given rise toplatforms that not only enhance accessibility to financialservices, but also uphold ethical standards, particularly whenpaired with well structured products and services,” he said.
Groff pointed out that Islamic finance has a remarkable capacityto nurture ecosystems that are conducive to entrepreneurship byputting a strong emphasis on economic activities within financialtransactions. This in turn gives entrepreneurs the space they needto innovate and excel, he added.
The Islamic Development Bank Group (IsDB) is holding its 2024Annual Meetings and Golden Jubilee in Riyadh from April 27-30,under the Royal Patronage of the Custodian of Two Holy Mosques,King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme of“Cherishing our Past, Charting our Future: Originality, Solidarityand Prosperity”, which marks IsDB's 50 years of fosteringsocio-economic development in its member countries.
Among other topics, the meetings will also feature roundtable onCOP29 with participation of Azerbaijani governmentrepresentatives.
As the premier South-South multilateral development Bank, the2024 IsDB Group Annual Meetings and Golden Jubilee attractsinternational and regional attention.
The Annual Meetings feature a series of side events withtop-level panelists from government, international and regionalorganizations, the private sector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57member countries are participating in the event, along withrepresentatives of international and regional financialinstitutions, Islamic banks, private sector companies, national andinternational development finance institutions, international andregional organizations, NGOs, chambers of commerce & Industry, andbusiness councils.
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