14 Mar, 2022
The Islamic Development Bank Institute (IsDBI) has assumed the role of the IsDB Group’s representative in the Executive Council of the Global Islamic Finance and Impact Investing Platform (GIFIIP), a joint initiative of the IsDB and the United Nations Development Program (UNDP).
The Institute is now leading the Council, which is responsible for driving the successful implementation of the initiative.
Established in 2016, GIFIIP aims to create synergies between Islamic finance and impact investing to finance the Sustainable Development Goals (SDGs).
GIFIIP’s vision is to position Islamic finance impact investing as a leading enabler of global SDGs implementation through private sector engagement. UNDP is represented by its Istanbul International Center for Private Sector in Development (IICPSD) in the GIFIIP Executive Council.
To date, GIFIIP has delivered four Islamic Finance and Impact Investing Trainings: one in each of Pakistan, Indonesia, Morocco, and Turkey. The program aims to build the capacities of Islamic financiers and impact investors to seize new investment opportunities in line with the SDGs.
GIFIIP has also launched Green Sukuk initiatives in multiple countries with a view to facilitating their access to finance for green energy projects and providing financial solutions to environmental challenges. Related to this, ‘Pre-Feasibility Study for Green Sukuk Issuance in the Republic of Uzbekistan’ was published in 2021 through a joint effort by UNDP in Uzbekistan and Uzbekistan’s Capital Market Development Agency, in cooperation with IsDB and IICPSD.
On 2 February 2022, the GIFIIP Executive Council convened virtually to discuss a range of projects scheduled for implementation in the current year. This marked IsDB Institute’s first participation in the Executive Council.
During the meeting, the Executive Council discussed concrete steps to commence implementation of projects in the thematic areas of Islamic finance and impact investing, with sub-themes of green Sukuk issuances, financial inclusion through digital solutions, as well as capacity and competence building activities to spearhead impact investments through Islamic finance.
The Executive Council also finalized and cleared the scope of a joint IsDBI-IICPSD Islamic finance technical assistance which will support GIFIIP activities through a combined grant of USD 470,000.
The Executive Council Members are Dr. Hilal Hussain, Mr. Yahya Rehman, and Mr. Syed Faiq Najeeb from the IsDBI and Dr. Gulçin Salıngan, Dr. Abdurrahman Yazıcı, and Ms. Evrim Ayana Karslı from IICPSD. The Executive Council meets twice a year to review and oversee progress and discuss future initiatives under the platform.
