The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has participated in the fourth Global Islamic Economy Summit (GIES), during which it organized a panel discussion and joined another panel session, as part of a week-long series of events in Dubai, UAE.
The summit brought together influential policymakers and experts to discuss the most significant challenges and opportunities in the global Islamic economy. This year's edition of GIES was hosted by the Dubai Islamic Economy Week, which was held from 27 October to 1 November.
As part of events lined up during the summit, IRTI conducted a panel discussion on 29 October under the theme, "Digital Financial Inclusion: Morality, Risks and Regulation", which provided a platform for dialogue on the risks and regulatory challenges of digital financial inclusion in the light of Islamic values and ethics.
Experts in the panel discussed issues related to the role of digital finance in accelerating financial inclusion, and the changing landscape of digital financial inclusion in recent years, focusing in particular on crowdfunding, e-payment, and other innovative digital financial tools.
Other areas discussed are the common limitations and frictions such as regulation, fraud, and privacy, and the distinctive features of Islamic digital finance. Some practical examples from Sudan, Indonesia, and Pakistan were also discussed during the session.
Following this panel, IRTI participated in another session under the theme, "Islamic Economy: A New Dimension on Business Excellence", organized by Dubai Islamic Economy Development Centre. IRTI Senior Economist, Dr. Muhamed Zulkhibri, participated as one of the panel discussants.
The session was aimed to share a new framework entitled "Islamic Business Excellence Model" with stakeholders, and to highlight the importance of Islamic values-based management and governance.
The new business excellence model is an innovative framework that comprehensively translates Islamic values into corporate governance and management enablers in order to create sustainable benefits to all stakeholders.
The model extends Islamic business practices beyond Islamic finance and beyond Shari'ah compliance covering all economic sectors.