The Conference theme was, moving to social, ethical, and responsible finance by the Islamic banking and finance institutions (IBFIs).
The current banking and finance systems have transferred the wealth to the financial sector operating based on interest and trading in absolute risk.
In the backdrop of the failure of the MDGs, the United Nations moved to Value-based Intermediation (VBI) and social finance with sustainable development goals (SDGs).
The UN’s 2030 agenda seeks to achieve 17 vital SDGs and 169 specific targets, encompassing the social, economic, and environmental dimensions of development.
The SDGs’ agenda for human dignity, and to leave no one behind’, is certainly in line with the principles and objectives of development from the Islamic perspective.
The most renowned Islamic economists, financial experts, researchers, and jurists from prestigious institutions around the world made keynote addresses and presented papers on the need for and potential of moving to social finance by the IBFIs.
Among others, they included. The Conference drew around 20 conclusions and made recommendations for regulators and practitioners of Islamic banking and finance, and the policymakers and the States.
The Conference specifically urged the regulators of the financial sector in OIC member countries to introduce and apply the VBI and CSR-related rule in their respective markets, as the BNM has already introduced.
