IsDBI and CIBAFI Sign Grant Agreement to Advance Islamic Finance for Sustainable Economic Development

The project will focus on the experiences and achievements of leading OIC countries in achieving sustainable economic growth.


Devdiscourse News Desk | Jeddah | Updated: 06-06-2024 22:45 IST | Created: 06-06-2024 22:45 IST
IsDBI and CIBAFI Sign Grant Agreement to Advance Islamic Finance for Sustainable Economic Development
Image Credit: Twitter(@isdb_group)
  • Country:
  • Saudi Arabia

The Islamic Development Bank Institute (IsDBI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI) have signed a Grant Agreement to collaborate on advancing Islamic finance's role in sustainable economic development. This strategic partnership aims to evaluate the economic progress of five select member countries of the Organization of Islamic Cooperation (OIC) in areas crucial to both Islamic finance and sustainable development.

The project will focus on 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, advancements in digitalization, and fostering financial inclusion. These aspects will be examined through the lens of the roles played by Islamic financial institutions.

Deliverables from the project will include comprehensive reports that offer valuable recommendations based on the experiences of these leading countries. 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 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 support the growth of Islamic finance and promote 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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