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Islamic finance has an irreplaceable role in achieving the goals of sustainable development

At the end of the second day of the 11th Sarajevo Business Forum, the role of Islamic finance in achieving the goals of sustainable development was discussed. This panel was opened by Fatma Çinar, head of Islamic Finance Portfolio at UNDP Istanbul International Center for Private Sector Development (IICPSD).

“The most important thing is to find an answer to the question of how to use Islamic finance to reduce  poverty and social inequality in society with limited government capacity. Islamic economy and finance play an important role in creating synergy between the private and Islamic sectors and development,” said Çinar.

Sahba Sobhani, Director of UNDP IICPSD, Turkey stated that climate change is a hot topic today and for now we know that at least 23 billion dollars will be invested in renewable energy sources.

“On the Islamic side, we have potential in other areas with an emphasis on risk sharing and partnerships. I look forward to cooperation with the UNDP office in order to achieve all the set goals of sustainable development,” said Sobhani.

Dr. addressed those present. Mohammed R. Kroessin, head of the microfinance program of the non-governmental organization Islamic Relief from the United Kingdom, and emphasized the importance of the contribution of the Islamic Relief Foundation to humanitarian and economic projects around the world.

“We are currently facing humanity’s greatest challenge, all as a result of globalization and technological progress. It is an important mission for governments, society and the private sector. Islamic Relief builds bridges around the world that help us understand contemporary issues to make this world a better place to live. “Islamic Relief donated 50 million euros of zakat in the form of assistance to the poor population,” said Kroessin.

Ismail Vural, Secretary General of the Union of Turkish Participation Banks (TKBB) emphasized that their mission is to contribute to the development of the economy by creating a balance between production and consumption, where the growth strategy plays an essential role.

Amel Kovačević, General Manager of United Bank of Albania, reflected on the advantages of digital transformation in recent years. He also mentioned that we need to open up more to the world and understand the location of our resources in a proper way to avoid harm to our future generations.

The Secretary General of the Chamber of Commerce from Jordan, Tamim Nayef Qasrawi, said something more about the role of the real sector in sustainable development.
“In Jordan, the industrial sector is one of the most important. We contribute 25% of GDP and export 9.5 billion dollars annually. The Jordanian Chamber of Commerce consists of 14,000 organizations. The connection between Jordan and Bosnia and Herzegovina is new, and we would like to open the way for greater trade exchange,” Qasrawi said.

dr. Admir Mešković, project manager of Bosna Bank International, spoke about the social impact of BBI Bank in Bosnia and Herzegovina through the Sarajevo Business Forum, as one of the largest investment conferences in Europe.
“In addition to the Sarajevo Business Forum, BBI Bank has also initiated many other socially responsible projects with a significant impact on the development of the economy and society as a whole. At the same time, BBI takes advantage of the opportunity to incorporate into its business the best global practices when it comes to ESG standards for the business of financial institutions, in order to best support the achievement of sustainable development goals,” Mešković said.

After this panel, a new educational platform for Islamic finance and sustainable development developed by UNDP IICPSD and the Islamic Development Bank was presented.

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