Islamic Financial Principles Could Be Pivotal In Unlocking Wealth Of Innovation - Isdb Group Chairman

(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 28. Islamicfinancial principles could be pivotal in unlocking the wealth ofinnovation, said Dr. Muhammad Sulaiman Al Jasser, Chairman of theIslamic Development Bank (IsDB) Group, addressing the 18th IslamicDevelopment Bank Global Forum on Islamic Finance held as part ofthe IsDB annual meetings in Riyadh, Trend reports.

“The global challenges we face today require visionaryleadership to propel us toward a future rooted in ethicalprinciples and sustainable development. This transformation lies incultivating a generation of entrepreneurial leaders who serve ascatalysts for the economic growth and progress of theircommunities. These are leaders who envision possibilities beyondexisting constraints, who are willing to face challenges head onand who drive the process of change. They are not simply driven byfinancial gains. They are passionate about creating a positiveimpact in the world. The impact of entrepreneurship extends farbeyond individual businesses. When entrepreneurs excel, they have aprofound ripple effect on future generations,” he said.

Al Jasser noted that enterprises like Alibaba, Google, Amazon,Apple, Microsoft, Tesla have dramatically changed the economiclandscape and created immense value for people worldwide.

“The combined current market value of these companies is almost$12 trillion, which exceeds the economic output of 2023 of theUnited Kingdom, France and Russia combined. The impact ofsuccessful entrepreneurs on both domestic and global economiescannot be overstated. They have created millions of jobs, empoweredcountless businesses and catalyzed economic growth in countriesaround the world. By nurturing potential entrepreneurs, we canexpedite the development and progress of our member countries,” hesaid.

Al Jasser went on to add that the Global EntrepreneurshipMonitor revealed that both new and established entrepreneurs aresignificantly contributing to achieving the Sustainable DevelopmentGoals.

“However, the critical disparity persists that calls for ourimmediate attention. According to the World Bank, there is a starkcontrast in new business creation rates. Addressing this gap iscrucial. By fostering a conducive environment that supports andnurtures entrepreneurship, we can unlock a wealth of innovation anddrive progress for generations. Initiatives such as microfinancing, tailored to comply with Islamic financial principlescould be pivotal in this respect,” he said.

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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