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CBK event to highlight global 'inclusiveness' of Islamic finance
March 28, 2018, 9:31 am

An upcoming global conference on Islamic finance co-organised by Kuwait's Central Bank and the Islamic Financial Services Board will shed light on the importance of Islamic finance to sustainable and inclusive growth.

The conference, slated for May 2, follows the earlier 'Islamic Finance: Meeting Global Aspirations' conference, which was co-organised by CBK and the International Monetary Fund (IMF).

It will focus on Islamic finance's "major appeal" as a tool for "inclusiveness" and its role in the broader national economic agenda, read a CBK statement. The event is expected to attract leading financial experts, senior banking officials, policy-makers as well as global rating agency and audit body representatives.

The event will be held "at the right time for the development of the global Islamic finance industry," Mohammad Al-Hashel, IFSB chairman and CBK governor, said. "We feel that Islamic finance offers a universal value proposition which can drive sustainable, inclusive growth and shared prosperity for all."

Discussions at the gathering will result in recommendations aimed at developing the global Islamic finance industry, he mentioned. Kuwait was first introduced to Islamic finance four decades ago, said Al-Hashel.

It aims to encourage other nations to take up this financial practise. "Today, we aim for this conference to complement those endeavors, to foster the Islamic finance industry.

That still requires further development to parallel with the advanced traditional banking industry," he concluded.

Attendees will include representatives of young, emerging and advanced Islamic financial markets, added IFSB chief Bello Lawal Danbatta. These markets will offer their own viewpoints on the topic alongside global regulatory bodies and development banks.

Source: KUNA

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