29 Nov, 2022
The Acting Director General of the Islamic Development Bank Institute (IsDBI), Dr. Sami Al-Suwailem, has recommended formulating a strategy based on the concept of resilience to deal with the increasing uncertainty in the world economy.
He made this call in a keynote speech he presented during the 17th Annual Islamic Banking and Finance Conference, jointly organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank. The conference was held in Bahrain on 27 -28 November 2022, under the theme “Economic Resilience and Governance in Disruptive Times”.
Dr. Al-Suwailem noted that resilience is vital to achieving sustainable development and overcoming critical traps that impede the progress of developing economies, including the poverty trap, the debt trap, and the middle-income trap.
He notes that the principles of Islamic finance provide a consistent framework most suitable for achieving economic resilience.
Dr. Al-Suwailem said a smart strategy formulated around the concept of resilience is required for dealing with extreme uncertainty and unquantifiable risk common in our time.
“To be resilient, our economies should be able to withstand shocks and bounce back and forward to maintain a sustainable path of progress. The principles of Islamic finance are integral to such a strategy,” he added.
The annual AAOIFI-IsDB conference is an important gathering in the Islamic finance industry in which Shari’ah scholars, policymakers, and decision-makers come together to deliberate on pressing topics in the industry globally.