Islamic Development Bank Institute issues annual report highlighting innovative solutions for Islamic Finance and Development

The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has issued its Annual Report for the year 2023, showcasing its activities and accomplishments in Islamic finance transformation and creative solutions for sustainable development.

The report was unveiled during the IsDB Group Annual Meetings and Golden Jubilee Celebration in Riyadh, Kingdom of Saudi Arabia, held from 27-30 April 2024.

The report covers the Institute’s accomplishments in key functional areas that include leading Islamic finance sector transformation, synergizing knowledge technologies with Islamic finance, building human capital in Islamic finance and development, and publishing in Islamic economics and finance.

Further, the report documents the Institute’s leadership role in developing Islamic finance ecosystems globally through the Islamic Finance Grants Program, under which 14 new projects worth about US$ 2.3 million were approved in 2023.

The report highlights the Institute’s flagship projects that leverage Islamic finance and technology to create strategic and holistic solutions for development challenges. These are Awqaf Free Zones, OIC Smart Countertrade System, Digital Postal Islamic Financial Services Project, and Islamic Finance Sector Mapping Framework.

In the area of fostering the development of human capital, the report showcases the accomplishments in the delivery of training programs and e-learning courses that benefitted thousands of professionals around the world.

The report documents the Institute’s work in developing fintech solutions to address challenges facing IsDB MCs. These include the Smart Stabilization System, the Islamic Finance Artificial Intelligence Assistant, and the Islamic Finance Pavilion Marketplace.

In his comments on the issuance of the report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said, “Our humble achievements, as highlighted in the annual report, demonstrate the Institute’s commitment to the mission of deploying innovative solutions within the Islamic economics and finance framework to address economic challenges facing our member countries and Muslim communities. We will continue to work hard together with our partners to deliver even more in the coming years.”

The report is available on the Institute’s website: https://apo-opa.co/4a0YSTK