IsDBI Concludes 19th Global Forum Highlighting Digital Innovation in Islamic Finance

The Islamic Development Bank Institute (IsDBI) has successfully wrapped up the 19th IsDB Global Forum on Islamic Finance, held in conjunction with the IsDB Group Annual Meetings in Algiers. With the theme “Digital Transformation and Financial Inclusion in Islamic Finance”, the Forum served as a pivotal platform for policymakers, industry experts, development professionals, and academics to discuss the evolving landscape of Islamic finance in the age of digital transformation.

This high-level forum brought together a multitude of stakeholders from across the globe to explore how technology and Islamic finance principles can be synergized to boost financial inclusion, drive economic growth, and support sustainable development.

Prominent Voices Shaping the Conversation

The opening session was marked by inspiring keynote addresses from esteemed global leaders. H.E. Dr. Muhammad Al Jasser, Chairman of the IsDB Group, underscored the importance of integrating Islamic finance into the digital economy to expand access to ethical financial services. “To realize this potential, we must build the foundations: secure and reliable digital infrastructure, responsive governance frameworks, and institutions prepared to regulate with wisdom and foresight,” he asserted.

H.E. Salah Eddine Taleb, Governor of the Bank of Algeria, welcomed participants and emphasized the country's readiness to leverage fintech within the Islamic finance ecosystem to enhance national development goals.

Adding a regional perspective, H.E. Mr. Nikolai Podguzov, Chairman of the Eurasian Development Bank (EDB), stated, “Central Asia is on the path of economic growth and inclusivity, where digital Islamic finance will play a key role. By leveraging technology, we can empower rural entrepreneurs, expand trade ties, and attract ethical investments.” He reaffirmed EDB’s commitment to collaborate with IsDB in shaping Central Asia’s Islamic finance future.

Key Highlights and Announcements

One of the event's major attractions was the announcement of the 2025 IsDB Prize for Impactful Achievement in Islamic Economics. The top honor was awarded to the Medikids Project, recognized for its transformative social impact and alignment with Islamic economic principles.

A significant portion of the forum spotlighted innovation, particularly through the “AI Hackathon in Islamic Finance.” This competition revealed a new frontier where artificial intelligence intersects with Shariah-compliant financial tools. H.E. Dr. Noureddine Ouadah, Algeria’s Minister of Knowledge Economy, Startups and Micro Enterprises, praised the initiative and emphasized the importance of fostering local innovation ecosystems that align with ethical finance.

Moreover, a groundbreaking publication titled “The Future of Islamic Finance in Central Asia” was launched during the forum. This joint endeavor by IsDBI and EDB outlines actionable strategies for accelerating digital Islamic finance across Central Asian economies. The Forum also previewed several landmark publications slated for release in the upcoming months.

Panel Discussions: Bridging Innovation and Tradition

Two dynamic panel sessions brought in-depth discourse on pivotal themes:

• Panel One: Integrating Digital Islamic Finance with Postal Services Moderated by Dr. Hilal Houssain of IsDBI, this session examined how leveraging postal infrastructure can widen financial access in underserved communities. Speakers included Dr. Sami Al-Suwailem (Acting Director General, IsDBI), Dr. Mohammad Farrukh Raza (Group CEO, Islamic Finance Advisory & Assurance Services), and Dr. Ali Mohamed Bourouiba (Head of Innovation & Product Development, Al Salam Bank). The panel emphasized the critical role of inclusive distribution channels in enhancing access to Shariah-compliant financial services.

• Panel Two: Unleashing the Potential of Sukuk for Sustainable Development This session explored the integration of Islamic capital market instruments, particularly Sukuk, within sustainable finance frameworks. Moderated by Mohammed Dawood of HSBC MENAT, the panel featured high-profile experts such as Sheikh Prof. Dr. Mohamed Ali Elgari, H.E. Dr. Zamir Iqbal (Vice President, Finance and CFO, IsDB), Mrs. Sharifatul Hanizah Said Ali (Executive Director, Securities Commission Malaysia), and Dr. Ghiath Shabsigh (Secretary General, Islamic Financial Services Board). The discussion concluded with an optimistic outlook on how Sukuk can serve as a scalable tool for financing green and socially responsible projects.

Organizers and Strategic Collaboration

The success of the Forum was a result of strong inter-departmental collaboration within the IsDB ecosystem. It was jointly organized by the IsDB Institute, the Kuala Lumpur Center of Excellence, the Resilience and Climate Action Department, and the Treasury Department. This multi-entity collaboration ensured a comprehensive program that reflected the multifaceted nature of Islamic finance’s role in contemporary development.

Charting a Forward Path

As the 19th edition of the IsDB Global Forum on Islamic Finance concludes, it leaves behind a roadmap that integrates innovation, ethical finance, and digital inclusion. The discussions and announcements made during the forum have set a powerful tone for the future of Islamic finance—not just as a niche financial system, but as a global force capable of addressing some of the most pressing development challenges of our time.

The IsDBI continues to reinforce its role as a knowledge leader and catalyst for transformative change, promoting the adoption of digital tools and Islamic financial principles for inclusive and sustainable development.