The forum emphasized the importance of the third sector in unlocking the potential of the economy.
The Islamic Development Bank Institute (IsDBI), in collaboration with the Higher School of Commerce (HEC) in Algeria and the Institute of Islamic Economics, Marmara University of Turkey, hosted the sixth edition of the International Forum on Islamic Financial Industry.
Titled "The Role of the Islamic Financial Industry in Developing the Third Sector Institutions and Enhancing their Contribution to Achieving Sustainable Development in the Algerian Economy," the forum was held on 5-6 December 2023 in Algiers.
The forum emphasized the importance of the third sector in unlocking the potential of the economy. The third sector comprises the social finance institutions in addition to the government efforts, private and public institutions of the profit sector.
Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, in his virtual keynote address highlighted the significance of the third sector in Islamic finance and its contribution to sustainable development and economic growth. He reiterated the importance of inclusive development and the need for strategically designed financial sustainability models to maximize development impact.
Dr. Mahmoud Bekri, representing IsDBI, presented IsDB Group's initiatives for empowering waqf and endowment institutions across Member and Non-member Countries, projecting their participation in sustainable development. He also introduced the new IsDBI flagship project, “the Awqaf Free Economic Zones”, which received praise for being innovative with practical approach.
Dr. Kamel Bousafi, Dean of HEC, underscored the crucial role of institutionalization in waqf and zakah, confirming that “financial sustainability and collaboration with third-sector institutions are essential for achieving the set development goals”.
The forum attracted prominent figures from Algeria's economic and financial regulatory bodies, key practitioners from Islamic finance institutions across Algeria and beyond, as well as academicians and students, who showed enthusiasm to apply creative solutions in order to maintain economic development.
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