This month, the World Bank Group’s Global Islamic Finance Development Center (GIFDC) launched its Annual Symposium on Islamic Economics and Finance in Istanbul. Experts from all around the world discussed the role of Islamic finance in the global economy. It was aimed at promoting the exchange and advancement of ideas and reinforcing innovation in Islamic economics and finance.
After 7 years, the world economy has not fully recovered from the Global Financial crisis. Mr. Oulu Savar, Chairman of the Istanbul Stock Exchange, mentioned that previous solutions and polices did not bolster the world economy but in fact increased global debt burden. A financial system which is compatible with Islamic principles ought not to have such poor income distribution. The most exciting part of this is the combination of the World Bank’s global reach and Islamic finance’s ethical focus.