The Global Forum on Islamic Economics and Finance convenes in Kuala Lumpur, aiming to leverage Islamic economics and finance to foster shared prosperity and equity. Pioneering initiatives showcased include MLC Impact Projects, Memorandums of Collaboration, and a pilot programme on Greening Halal Businesses, highlighting Malaysia’s commitment to innovative solutions in Islamic finance.
28 May 2024 – The Global Forum on Islamic Economics and Finance (GFIEF), inaugurated today by Prime Minister YAB Dato’ Seri Anwar Ibrahim, gathers over 2,300 policymakers, industry leaders, and practitioners from 75 countries in Kuala Lumpur. Themed ‘Shaping a Resilient Global Islamic Economy Through Values-based Reforms’, the two-day forum aims to harness Islamic economics and finance to foster shared prosperity and equity, facilitating profound policy discussions and showcasing innovative solutions.
Under the patronage of the Ministry of Finance Malaysia (MOF), GFIEF is organized by Bank Negara Malaysia (BNM) in collaboration with the Securities Commission Malaysia (SC), Labuan Financial Services Authority (LFSA), the International Islamic Liquidity Management Corporation (IILM), the Islamic Development Bank (IsDB), the Islamic Financial Services Board (IFSB), and the World Bank Group (WB).
Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour highlighted the forum’s potential to catalyze innovative solutions and collective action, emphasizing the transformative power of Islamic economics and finance in addressing global economic challenges.
Pioneering Initiatives Showcased
GFIEF features Malaysia’s pioneering initiatives, including:
- The launch of MIFC Leadership Council (MLC) Position Paper focusing on ‘Establishing Islah (reform) through Islamic Finance’, highlighting 18 MLC Impact Projects to foster inclusivity, sustainability, and ethical practices.
- The exchange of Memorandums of Collaboration (MOCs) emphasizing Islamic finance product innovation and capacity building between MLC and counterparts from Indonesia, Hong Kong, Türkiye, and the United Kingdom.
- The issuance of a new sukuk structure under the Malaysian Government Investment Issues (MGII) program, enhancing Malaysia’s financial system resilience.
- The development of a global programme for Islamic economists to address contemporary global challenges.
- A pilot programme on Greening Halal Businesses (GHB) to transition halal businesses in Malaysia towards greener and more sustainable practices.
GFIEF hosts conversations with international leaders, panel sessions, and fireside chats focusing on policy actions to enhance economic resilience and unlock the potential of the Islamic economy and finance. Additionally, 17 side events support areas such as climate resilience, financial stability, and social finance. Over 50 exhibitors from various sectors participate in the event.
