International Monetary Fund
World Bank GroupIslamic Finance: Unlocking its Potential and Supporting Stability
imf seminars event
DATE: April 16, 2015
DAY: Thursday
12:30 PM - 2:00 PM
LOCATION: George Washington University, Jack Morton Auditorium
Overview
Though still a small share of global finance, Islamic finance is growing rapidly and has enormous potential for further growth. The Islamic banking sector is now systemically important in several member countries and the internationalization of the Sukuk market has increased cross-border financial flows and linkages. Islamic banking also has the potential to foster greater financial intermediation and inclusion, especially among Muslim populations that may be underserved by conventional banks, and to facilitate lending in support for small- and medium-sized enterprises, while Sukuk can facilitate investment in public infrastructure projects. However, for this potential to be realized and to allow this industry to develop in a safe and sound manner, it will be important, among other measures, that countries adapt their regulatory, supervisory, and consumer protection frameworks to address the unique risks in Islamic finance, take further steps to develop Shari`ah-compliant financial markets and monetary instruments, and strengthen the international architecture for the growing cross-border operations.
Broadcast event: No video or flash photography permitted for this session
Related Link
Islamic Finance and the Role of the IMF
Media Partners
Islamic Finance: Unlocking its Potential and Supporting Stability
Panelists
Moderator: Naser Eltibi
Naser El Tibi is a Senior Producer of business news at Al Arabiya News Channel, the leading pan-Arab TV station, based in Dubai, U. A. E. He plays a key editorial role on the highest rated business news programs on Arab Television. He holds a MA in Economics and the Mass Media from England and a Bachelors of Commerce in Economics from Canada. During his years in financial journalism, Naser has interviewed many prominent figures and decision makers such as ministers, Nobel Award laureates and CEOs of major multi-nationals.
Min Zhu
Min Zhu was appointed Deputy Managing Director of the International Monetary Fund on July 26, 2011. Previously he was a Deputy Governor of the People’s Bank of China, responsible for international affairs, policy research, and credit information. He served as the Group Executive Vice President of Bank of China before joining the country’s Central Bank. He also worked at the World Bank and taught economics at both Johns Hopkins University and Fudan University. He holds a Ph.D. from Johns Hopkins University.
Zeti Akhtar Aziz
Appointed Governor in 2000, Dr. Zeti has had an important role in the successful transformation of the financial system in Malaysia including overseeing the enactment of eight new major legislations for the financial sector. Dr. Zeti is also actively involved in strengthening regional financial integration in Asia. She chaired the regional taskforce that prepared the report for future financial cooperation in the region.
Ali Babacan
Ali Babacan is Deputy Prime Minister and State Minister for Economic Policy. Born in 1967, he was appointed Economy Minister in 2002, and is widely credited for the success of the 2001 and 2005 Fund programs. After a stint as Foreign Minister during 2007-09, he was appointed to his current position. He also presides the financial stability committee was appointed to his current position. He also presides the financial stability committee.
Ali Al-Madani
Dr. Ahmad Mohamed Ali Al-Madani is the first President of the Islamic Development Bank (IsDB) and has led this institution most of the time since 1975. He has also held different positions in the Saudi Government. He holds a PhD in Public Administration from State University of New York
Pierre Gramegna
Pierre Gramegna was appointed Minister of Finance on 4 December 2013. He also becomes EIB Governor for the Grand Duchy of Luxembourg, succeeding Mr Jean-Claude Juncker.Before joining the government Mr Gramegna was Director General of the Chamber of Commerce since 2003.