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IsDBI-IFSB Roundtable Reviews Ten-Year Islamic Financial Industry Framework

17 Oct, 2022

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On behalf of the Islamic Development Bank Institute (IsDBI), Dr. Hylmun Izhar (Senior Economist) participated at the IsDBI-IFSB Roundtable on the “Final Review of the Ten-Year Framework and Strategies”, held on 6 October 2022 in Jakarta, Indonesia. The roundtable was held in conjunction with the 9th Indonesia Shariah Economic Festival (ISEF) 2022, an annual flagship event hosted by Bank Indonesia. Dr. Izhar also delivered an opening remark on behalf of Dr. Sami Al Suwailem, the Acting Director General of IsDBI.

The “Final Review” (FR) is a collaborative effort between IsDBI and Islamic Financial Services Board (IFSB) that seeks to assess the impact of macroeconomic events, monitor progress in implementing the Mid Term Review (MTR) recommendations, and propose additions or modifications to these recommendations to guide the Islamic Financial Services Industry (IFSI) with the following goals in mind:
• to assess the impact on the respective Islamic finance segments arising from developments in the global financial system since the MTR;
• to examine the progress and current status of the recommendations and initiatives suggested in the MTR;
• to identify the gaps involved in implementing the recommendations and initiatives;
• to assess the need for a re-orientation of such recommendations and initiatives;
• to propose new recommendations and initiatives in light of the changing dynamics of the structural developments, prudential resilience, emerging issues, and roles of the IFSI in the global economic and financial ecosystems.

In the opening session, in addition to IsDBI’s opening remark, two speeches were delivered by Dr. Rifki Ismal, Assistant Secretary General of IFSB, and Mr. Prijono, Director of Islamic Economic and Finance, Bank Indonesia. The opening session was followed by technical sessions on the key findings and performance metrics of the Ten-Year Framework and Strategies in light of the three pillars, namely: Enablement, Performance and Reach set out by the MTR. There was also a deliberation on the priorities and recommendations for financial architecture and infrastructure development in light of the changing landscape in the global financial system.

In his speech during the opening session, Dr. Izhar highlighted the importance of addressing the aspects of sustainability and digital transformation. Furthermore, he also shed some light on how significant the outcome of this initiative would be for the IsDB member countries in designing and spearheading the Islamic financial services industry in their respective jurisdictions. The FR is expected to be published by the end of 2022 upon the approval of the IFSB Council Meeting.

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