Istanbul, Turkey – The city of Istanbul, Turkey’s economic capital, on September 11th hosted an international forum on financial systems entitled “Sustainable Finance for Sustainable Development”, at which Turkish President HE Abdullah Gul, Deputy Prime Minister HE Ali Babacan and Minister of Finance HE Mehmet Şimşek were in attendance.
A key note speaker at the opening ceremony of the two day event was Dr. Ahmad Mohamed Ali, Chairman of the Islamic Development Bank (IDB) Group, who touched upon the global financial crisis which emerged towards the end of the first decade of the new millennium. “The crisis exposed the shortcomings of the current financial system, and opened the door for a new financial paradigm, based on moral values and ethical principles”, he elaborated. Dr. Ali then referred to “honesty, caution, integrity
and transparency as essential values for building trust in the economy.” Quoting IMF Managing Director Christine Lagarde as saying “the principles we are fighting for are very well inscribed in Islamic finance”, the IDB Group Chairman noted that adopting a new banking and finance paradigm built on justice, risk sharing and direct linkages with real economy would provide the world economy and financial services greater stability and more sustainable growth.
In his keynote address, Dr. Ali, also commended Turkey’s endeavor to pursue sustainable development through sustainable finance including the growth of participatory banks and successful launch of the country’s sovereign Sukuk and expressed hope that the launching of the IDB Group Gateway Office in Ankara would help the IDB Group to capitalize on the Turkish development experience for the common benefit of the IDB member countries, especially in Central Asia and Africa. He further reiterated IDB
Group’s commitment to sustainable development of Turkey.
Promoting Islamic economy and finance is high on the agenda of the IDB Group. According to the most recent World Islamic Banking Competitiveness Report, global Islamic banking industry assets amounted to US$ 1.3 trillion in 2011, growing at a rate of approximately 20%. At this rate the size of the industry is expected to cross the US$ 2 trillion threshold by the end of 2014.
The two day forum brought together senior ranking Turkish officials as well as major regional and international industrialists, academicians and bankers.