17th World Islamic Economic Forum (WIEF) Roundtable
Penang, Malaysia, 27th September 2022 – The World Islamic Economic Forum (WIEF) Foundation organised its 17th Roundtable at Setia SPICE Convention Centre in Penang, Malaysia. It is themed ‘Economic Rebound: Transforming the Future’.
The WIEF Roundtable Penang 2022 marks the first physical event by the Foundation after the pandemic and multiple lockdowns. This edition of the Roundtable was hosted by Penang State Government. The Roundtable featured five topics on prevailing issues in five sessions, namely:
- Economic Revitalisation: Mapping a Sustainable Recovery
- Net Zero Transition: Growing Urgency
- Digital Transformation Revolution: Embracing Technology
- Muslim-Friendly Tourism and Hospitality: Capturing Opportunities
- Revitalising Waqf: Role of Islamic Finance
Mr. Mohamed Abida, Head of IsDB KLCoE participated as a panelist in the first session on Economic Revitalisation: Mapping a Sustainable Recovery.
The session addressed few important topics among others (i) how global recovery from the COVID-19 pandemic has affected the future of sustainable development; (ii) innovative recovery strategies to help accelerate progress and achieve SDG goals; and (iii) could Islamic economy and finance be the panacea to help augment an inclusive, multi-pronged economic recovery agenda.
He highlighted the impacts of the COVID-19 pandemic on the IsDB Member Countries and the challenges they face to boost economic recovery and progress towards SDGs targets. These challenges include higher inflation rate, rising food and energy prices, slow GDP growth and slowdown in the intra-trade. He then briefly presented the realigned strategy of ISDB to help its Member Countries to achieve three strategic objectives namely (1) Boosting Recovery, (2) Tackling Poverty and Building Resilience and (3) Driving Green Economic Growth.
He also emphasized on the importance of adopting innovative approaches and unconventional mechanisms for achieving these objectives while presenting the outcomes of three (3) Cases Studies jointly undertaken by IsDB KLCoE and UNDP Malaysia on innovations in Islamic Finance which focused on successful experiences in Malaysia and Indonesia in the area of Islamic Finance and Social Finance Ecosystem such as issuing Digital Social Sukuk known as Sukuk Prihatin, value-based intermediation (VBI), fintech and Islamic social finance such as Zakat, Waqf and Sadaqah.
The event was attended by Tuan Yang Terutama Tun Dato’ Seri Utama Ahmad Fuzi Abdul Razak, Governor of the State of Penang, and YB Dato’ Ir. Hj. Ahmad Zakiyuddin Abd Rahman, Deputy Chief Minister and brought together more than 300 participants including key decision-makers, state government leaders, CEOs, entrepreneurs, and SMEs from all over the world.