Hani Salem Sonbol, Deputy Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDBG) stressed on the role of Islamic finance for investment in sustainable development at the event, which took place at Dushanbe, Tajikistan in mid-October. He noted that Islamic finance necessitates the existence and defines the success of financial systems, leaving no room for the economy to be affected by a collapse of overinflated financial bubbles.
Sonbol also highlighted IDB's role in developing Islamic finance globally, not just in developing the enabling environment for Islamic banking, capital markets (sukuk), and takaful (Islamic insurance), but also in launching investment funds, helping to establish and promote Islamic infrastructure institutions, and conducting research and training through the Islamic Research and Training Institute, IRTI, also a member of the IDBG.
Sonbol added that the IDBG provides technical assistance and facilitates the organisation of capacity-building activities for SMEs and trade support institutions. The group has approved 365 projects in CIS countries, amounting to US$5.86 billion in various sectors; mainly transportation, energy, agriculture, water supply, education, health, finance and capacity building.