Islamic Finance

Islamic Research and Training Institute (IRTI) Considers Establishing Center of Excellence on Islamic Social Finance

| 08 July, 2018

Jeddah, Kingdom of Saudi Arabia, 8 July 2018 - The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group is considering partnering with other institutions to establish a center of excellence on Islamic social finance as part of efforts to develop the sector.

IRTI Director General, Dr. Humayon Dar, encountered demand for such a center during a visit to a number of institutions in Jakarta, following his participation in the 3rd Annual Islamic Finance Conference in Makassar, Indonesia.

The conference, held from 4-5 July 2018, was organized by various organizations with IRTI as one of the sponsors and key promoters.

Dr. Dar said IRTI would consider collaboration with the United Nations Development Program (UNDP), Indonesian Financial Services Authority (OJK) and Indonesian Ministry of Finance to establish the Center of Excellence on Islamic Social Finance.

“IRTI has pioneered Islamic social finance, and Indonesia provides a number of best practices in this field; we should look into leveraging on Islamic social finance practices in the country and active involvement of the likes of UNDP therein, to promote Islamic social finance as part of IsDB’s commitment to UN’s Sustainable Development Goals (SDGs),” the IRTI Director General explained.

During his visit to the institutions in Indonesia, Dr. Dar also identified a number of avenues for cooperation with local players and international organisations based in Jakarta to support the development of Islamic finance.

In one of such collaborations, IRTI and Hasanuddin University are working on a Memorandum of Understanding (MoU) under which IRTI will help the university to develop its Islamic finance program.

IRTI will also deliver a training program, jointly with the Indonesian Ministry of Finance, on Public-Private Partnership, to be held in Jakarta in September.

About the IRTI:

The Islamic Research and Training Institute (IRTI) is a Member of the Islamic Development Bank (IsDB) Group responsible for enabling the development and sustenance of a dynamic and comprehensive Islamic financial services industry, which supports socio-economic development of member countries and Muslim communities worldwide. More information about IRTI is available on www.irti.org. For media enquiries, contact Habeeb I. Pindiga (hpindiga@isdb.org).