Jeddah / Hong Kong, 10 January 2022 – Islamic Development Bank (IsDB) Group Chairman, Dr. Muhammad Al Jasser, said that "the next normal" comes in the wake of unprecedented socio-economic disruption, followed by a recovery challenged by vaccine inequality and rising debt.
Dr. Al Jasser made the remarks on Tuesday, 10 January 2022, while addressing the 15th Asian Financial Forum held virtually in Hong Kong under the theme: 'Navigating the Next Normal towards a Sustainable Future.'
In his speech, the IsDB Group Chairman stated that moving towards a sustainable future for all would entail adding health and environmental tax as part of incentives for resource mobilization to enable a healthy population devoid of consumption of harmful products, leading to increased productivity.
As per its 2020-2025 Climate Action Plan, the Islamic Development Bank has set a climate funding objective of 35% of overall financial commitments by 2025. This objective is assertive of IsDB's commitment to its member countries' long-term vision of low-carbon and climate-resilient development.
"As part of its continued commitment to sustainability and SDGs, the Islamic Development Bank has developed a Sustainable Finance Framework to enter the green and sustainability-linked domain. Under the framework, the Bank has pioneered both green and sustainability Sukuk and mobilized more than US$5 billion for climate-friendly and social development projects," said that IsDB Group Chairman.
Dr. Al Jasser also underlined the commitment of the Islamic Development Bank in its endeavors to promote a sustainable future for all through closer cooperation with international policy setters, international development partners, Islamic infrastructure bodies, and financial market regulators, among others. He also called for innovative resource mobilization and increased public-private partnerships, essential to achieving a sustainable future for all.
The IsDB Group Chairman indicated that despite the challenges posed by the pandemic, a key positive takeaway is the unprecedented acceleration of digital transformation across various sectors. He added that digital transformation could make life-long learning the next normal to create an adaptable workforce, as white-collar robots increasingly make workers in knowledge-intensive services more dispensable.
The two-day high-level forum (10-11 January 2022), organized by the Hong Kong Special Administrative Region Government, People's Republic of China, brought together global financial leaders, investors, thought leaders, renowned experts, and other business community members.
The forum provides high-level exchanges on global and regional financial and economic issues.