RIYADH, Saudi Arabia, April 28. Islamic financial principles could be pivotal in unlocking the wealth of innovation, said Dr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, addressing the 18th Islamic Development Bank Global Forum on Islamic Finance held as part of the IsDB annual meetings in Riyadh, Trend reports.
“The global challenges we face today require visionary leadership to propel us toward a future rooted in ethical principles and sustainable development. This transformation lies in cultivating a generation of entrepreneurial leaders who serve as catalysts for the economic growth and progress of their communities. These are leaders who envision possibilities beyond existing constraints, who are willing to face challenges head on and who drive the process of change. They are not simply driven by financial gains. They are passionate about creating a positive impact in the world. The impact of entrepreneurship extends far beyond individual businesses. When entrepreneurs excel, they have a profound ripple effect on future generations,” he said.
Al Jasser noted that enterprises like Alibaba, Google, Amazon, Apple, Microsoft, Tesla have dramatically changed the economic landscape and created immense value for people worldwide.
“The combined current market value of these companies is almost $12 trillion, which exceeds the economic output of 2023 of the United Kingdom, France and Russia combined. The impact of successful entrepreneurs on both domestic and global economies cannot be overstated. They have created millions of jobs, empowered countless businesses and catalyzed economic growth in countries around the world. By nurturing potential entrepreneurs, we can expedite the development and progress of our member countries,” he said.
Al Jasser went on to add that the Global Entrepreneurship Monitor revealed that both new and established entrepreneurs are significantly contributing to achieving the Sustainable Development Goals.
“However, the critical disparity persists that calls for our immediate attention. According to the World Bank, there is a stark contrast in new business creation rates. Addressing this gap is crucial. By fostering a conducive environment that supports and nurtures entrepreneurship, we can unlock a wealth of innovation and drive progress for generations. Initiatives such as micro financing, tailored to comply with Islamic financial principles could be pivotal in this respect,” he said.
The Islamic Development Bank Group (IsDB) is holding its 2024 Annual Meetings and Golden Jubilee in Riyadh from April 27-30, under the Royal Patronage of the Custodian of Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme of “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”, which marks IsDB’s 50 years of fostering socio-economic development in its member countries.
Among other topics, the meetings will also feature roundtable on COP29 with participation of Azerbaijani government representatives.
As the premier South-South multilateral development Bank, the 2024 IsDB Group Annual Meetings and Golden Jubilee attracts international and regional attention.
The Annual Meetings feature a series of side events with top-level panelists from government, international and regional organizations, the private sector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57 member countries are participating in the event, along with representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development finance institutions, international and regional organizations, NGOs, chambers of commerce & Industry, and business councils.