The unveiling took place during the 17th IsDB Global Forum on Islamic Finance on May 12, 2023, in conjunction with the IsDB Group Annual Meetings held in Jeddah, Kingdom of Saudi Arabia.

 

The highly anticipated event was graced by the presence of esteemed guests, including H.E. Dr. Muhammad Sulaiman Al Jasser, the current President of the IsDB, H.E. Dr. Ahmad Mohamed Ali, former President of the IsDB, Dr. Bello Lawal Danbatta, Secretary-General of the IFSB, and Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute.

 

Dr. Sami Al-Suwailem and Dr. Bello Lawal Danbatta, jointly launched the IsDBI-IFSB IFSI Development 10-Year Framework and Strategies Final Review document, symbolising a milestone achievement for the Islamic finance industry.

 

In his remarks, Dr. Bello acknowledged the financial and technical support provided by the IsDB Institute. He commended the continuous excellent working relationship with the IsDB on many fronts, including this project.

 

He added, "While the document is called a Final Review, this does not in any way disregard the fact that the industry is growing with a current worth of well over USD 3 trillion, and its soundness, stability, and resilience will continue to be tested and shaped by the changing dynamics of the global financial ecosystem."

 

The strategies document offers recommendations, initiatives, and performance metrics to assess the role of the Islamic Financial Services Industry (IFSI) in global financial discourse and development agendas. Building upon the mid-term review's 16 recommendations, the final review document introduces six additional recommendations along with proposed initiatives to drive them and performance metrics to measure progress. Dr. Bello emphasised that the document embodies the strategic foresight necessary for the continuous growth of the IFSI, while acknowledging the progress made, successes achieved, and the challenges faced since the mid-term review.

 

The comprehensive report covers four key sub-segments of the IFSI, namely Islamic banking, Islamic capital markets, Islamic insurance/Takaful, and the Islamic non-banking financial industry. It provides an overall assessment as well as sectoral-level analysis within the framework of three core themes: Development, Transformation, and Access.

 

The IFSB team involved in the publishing of the report included Dr. Abideen Adeyemi Adewale (Head of Research, Statistics, and Publications, IFSB), Mr. Ahmed Barakat (Member of the Secretariat, Technical and Research, IFSB), Ms. Natejah Ahmad (Member of the Secretariat, Communication and Awareness and Members Affairs, IFSB), as well as former IFSB Member of Secretariat namely Dr. Jamshaid Anwar Chattha (former Assistant Secretary General), Dr. Rifki Ismal (former Assistant Secretary General), and Mr. Mohamad Farook Naveer Mohideen (former Member of the Secretariat, Technical and Research).

 

To watch the full video of the event, please visit: Watch Video

 

To access the full document, interested parties can download it from the IFSB website.