RIYADH, April 28 — The Islamic Development Bank (IsDB) has called on its 57 member countries to nurture a generation of entrepreneurial leaders who can help propel the world towards a future rooted in ethical principles and sustainable development.
In his remarks, IsDB president Muhammad 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 combined current market value of these companies is almost US$12 trillion (RM57 trillion), which exceeds the economic output in 2023 of the UK, France, and Russia combined,” he said during the 18th IsDB Global Forum on Islamic Finance held on the sidelines of its Annual Meetings and Golden Jubilee Celebration here.
He also pointed out the disparity in new business creation rates between high-income and low-income economies, and stressed the need to address this gap by fostering a conducive environment that supports and nurtures entrepreneurship.
To this, he suggested that initiatives such as microfinancing, tailored to comply with Islamic financial principles, could be pivotal in this respect.
He also linked the spirit of entrepreneurship to the realm of Islamic finance, noting that Prophet Muhammad (peace be upon him) himself was a successful entrepreneur, embodying the qualities of trustworthiness, risk-sharing and a commitment to the betterment of society.
“When financial institutions are grounded in these principles, they can effectively promote ventures that contribute to sustainable growth and empower potential entrepreneurs,” he added.
Dr Stephen Groff, governor of the Saudi National Development Fund, and engineer Mutlaq H Al-Morished, board member of Saudi SME Bank, also delivered keynote speeches highlighting how to synergise Islamic finance principles with entrepreneurship for sustainable economic development.
The forum featured the launching of a new IsDB report titled “Catalysing Social Entrepreneurship through Islamic Finance”, which explores the potential of Islamic finance to support social entrepreneurship and impact investing. — Bernama
