Islamic finance has an indispensable role in achieving the goals of sustainable development | Bosna Bank International

Islamic finance has an indispensable 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 Cinar, head of the Islamic Finance Portfolio at the 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 finances to reduce poverty and social inequality in society with limited government capacities.” “Islamic economy and finance play an important role in creating synergies between the private and Islamic sectors and development,” Cinar said.

Sahba Sobhani, director of UNDP IICPSD Turkey, said climate change is a current topic today and we know for now that at least $ 23 trillion will be invested in renewable energy.

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

Dr. Mohammed R. Kroessin, Head of the Microfinance Program for the non-governmental organization Islamic Relief from the United Kingdom, also addressed the audience, emphasizing the importance of the Islamic Relief Foundation’s contribution to humanitarian and economic projects around the world.

“Currently, we are facing the greatest challenge of humanity, 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 which helps us understand contemporary problems to make this world a better place to live. “Islamic Relief has donated 50 million euros in zakat to help the poor,” Kroessin said.

Ismail Vural, Secretary General of the Union of Turkish Participating Banks (TKBB), pointed out 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 Kovacevic, CEO of United Bank of Albania, commented on the benefits of digital transformation in recent years. He also mentioned that we need to be more open to the world and understand the location of our resources in the right way to avoid harm to our future generations.

The Secretary General of the Jordanian Chamber of Commerce, Tamim Nayef Qasrawi, said 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 percent of GDP and export $ 9.5 billion a year. The Jordanian Chamber of Commerce is made up of 14,000 organizations. The connection between Jordan and BiH is new and we would like to open the way for greater trade, “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.

“Apart from the Sarajevo Business Forum, BBI Bank has 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 uses the opportunity to incorporate the best world practices in its business when it comes to ESG standards for the operations of financial institutions, in order to better support the achievement of sustainable development goals, “said Mešković.

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