Mobilizing Islamic Finance for Long-Term Investment Financing conference was held
The World Bank Group`s Global Islamic Finance Development Center (GIFDC), jointly with the Capital Markets Board and Borsa İstanbul, organized the G20 international conference on "Mobilizing Islamic Finance for Long-Term Investment Financing" in Istanbul, Turkey on November 18-19, 2015.
The event brought together various stakeholders from Islamic finance industry, multilateral development institutions, institutional investors, sovereign wealth funds, policy makers, regulatory bodies, and academia to exchange views and discuss how Islamic finance can contribute to the long-term sustainable growth with respect to G20 framework.
The speakers discussed in deep the linkage between long-term finance and economic development. Also alternative asset-backed financial mechanisms to finance large-scale projects in order to attract both domestic and international capital were evaluated from regulatory and market perspective.
The Conference started with welcoming remarks of Capital markets of Turkey Chairman Dr. Vahdettin Ertaş, Borsa İstanbul CEO Tuncay Dinç, World Bank Ankara Office Senior Financial Sector Expert Alper Ahmet Oğuz and World Bank Global Islamic Finance Development Center Head Zamir Iqbal. Hakan Tokaç, Director General for Foreign Economic Relations, Undersecretariat of Treasury, delivered a special presentation representing Turkey's G20 term presidency.
The organizers hope that the conference will enhance the role of Islamic finance for ling-term financing in promoting inclusive growth, reducing inequality and extreme poverty.
On behalf of the Capital Markets Board of Turkey, Chairman, Dr. Vahdettin Ertaş said, "The need for sustainable global economic growth is widely acknowledged and the G20 especially puts emphasis in this goal. Accordingly the availability of stable long term funding has become an indispensible need for supporting global growth in the future period. Especially in what regards infrastructure and SME investments, as drivers of growth, the Turkish G20 Presidency has placed a important focus on increasing the available instruments for long term investment and for securing demand for such instruments. In this respect, Islamic instruments have gained special attention in the recent period. As we now close the Turkish G20 Presidency I believe this event is very timely in terms of exploring the use of Islamic instruments in channelling the stable investments that especially an emerging market such as ours needs. Product diversification, especially for long-term investment has been among the priorities of the CMB. Therefore I believe the Conference will be especially valuable for us as a regulator to discuss trends and share ideas with the wide range of regulators and practitioners that will be participating in the conference. As the CMB we are very happy to be one of the organizers of this important event. We also commend the co-organizers, World Bank Global Islamic Finance Center and Borsa Istanbul, for the initiative and look forward to a fruitful conference".
On Borsa İstanbul's involvement in the conference, Tuncay Dinç, CEO, Borsa İstanbul, said, "It is obvious that Islamic finance has shown a remarkable growth over the last decade and has a remarkable potential to grow further in the future. Mobilizing this potential to fulfill the growing need for Infrastructure investments worldwide is of crucial importance. Sukuk as a viable capital market instrument can have a role in this respect. As the sole organized exchange of Turkey, we are strongly supporting the issuance of Sukuk at our markets especially to finance infrastructure investments. We are proud of organizing this meaningful G20 Event on how Sukuk can be utilized for Infrastructure financing purposes together with the World Bank and Capital Market Board of Turkey. Thanking to all people took part within the organization process, I want to reiterate our strong intention to increase our collaboration with World Bank Global Islamic Finance Development Center".
The event was held at The Marmara Hotel, Taksim. The media partner of the event is Anatolian Agency (AA).