Islamic finance model to 'solve income inequality'

ISTANBUL

Experts from around the world gathered in Istanbul Tuesday to discuss the role of Islamic finance in the global economy.

The first annual symposium on Islamic finance was organized by the World Bank Group’s Global Islamic Finance Development Center, in collaboration with Borsa Istanbul, the Islamic Development Bank, the Islamic Research and Training Institute and the Guidance Financial Group.

Finance experts from all over the world attended the event.

Gloria Grandolini, senior director of the group’s finance and markets global practice, said Islamic had an important role in encouraging sustainable economic development to ensure the participation of different factions in society and create a healthy finance sector.

Turkey’s Deputy Prime Minister Cevdet Yilmaz said: “The world does not invest sufficiently. Money and finance exists in the world, we cannot say otherwise. The money that existed before was not vaporized and went away. This money should be mobilized and directed towards investment.”

The two-day meeting, to which Anadolu Agency is the media partner, will host a broad range of regional and global participants from academia, policy-making and the private sector.

Held under the theme Islamic Finance: A Catalyst for Shared Prosperity, the symposium aims to foster innovation and discussion on Islamic economics and finance.