The President of Islamic Development Bank (IsDB), H.E. Dr. Muhammad Al-Jasser, has called on governments across the world to begin the nurturing of a generation of entrepreneurial leaders, who can help propel the world toward a future rooted in ethical principles and sustainable development.
Al-Jasser gave the charge in his opening speech during the just concluded 18th Islamic Development Bank Global Forum on Islamic Finance at the sidelines of the IsDB Group Annual Meetings and Golden Jubilee Celebration in Riyadh, Kingdom of Saudi Arabia.
Under the theme “Innovation, Entrepreneurship, and Leadership in Islamic Finance”, the forum attracted an array of thought leaders, policymakers, financial experts, and major stakeholders in the Islamic finance industry who deliberated on how entrepreneurship can advance sustainable development.
Al-Jasser highlighted the impact of entrepreneurship on both individual and global economies, citing examples of enterprises that have created immense value for people worldwide, such as Alibaba, Alphabet, Amazon, Apple, Microsoft, Nvidia, and Tesla.
The IsDB President noted that the combined current market value of these companies was almost US$12 trillion, which exceeded the economic output in 2023 of the UK, France, and Russia combined.
This is even as he clarified the disparity in new business creation rates between high-income and low-income economies, and stressed the need to address this gap by fostering an enabling environment that supports and nurtures entrepreneurship.
The President suggested that initiatives such as microfinancing, tailored to comply with Islamic financial principles, could be helpful in achieving the goal.
In addition, the development finance expert also linked the spirit of entrepreneurship to the realm of Islamic finance, noting that Prophet Muhammad (SWA) was a successful entrepreneur, embodying the qualities of trustworthiness, risk-sharing, and a commitment to the betterment of society.
According to him, when financial institutions are grounded in these principles, they can effectively promote ventures that contribute to sustainable growth and empower potential entrepreneurs
In their keynote speeches, Governor of the Saudi National Development Fund, H.E. Dr. Stephen Groff, and Board Member of Saudi SME Bank, Engr. Mutlaq H. Al-Morished, also highlighted how to synergize Islamic finance principles with entrepreneurship for sustainable economic development.
The forum also featured the launching of a new IsDBI report titled “Catalyzing Social Entrepreneurship through Islamic Finance”, which explores the potential of Islamic finance to support social entrepreneurship and impact investing.
