MANAMA: The Annual Islamic Finance Innovation Day (IFID), founded and organized by FinMark Communications, today announced that its fourth edition is set to take place on 30 May 2023 at the Gulf Hotel in the Kingdom of Bahrain.

The Forum will focus on “Embedding ESG into Islamic Finance – Opportunities for Innovation and Growth” and is being held with the support of Lead Partner Bahrain Islamic Bank (BisB).

The half-day event will see senior regional and international experts in Islamic banking, finance and insurance, sustainability and ESG and technology engage in high-level discussions looking at how institutions and businesses in the industry can leverage the principles of ESG and the power of financial technology to accelerate further industry advancement, drive innovation and achieve long-term sustainable growth.

The Forum will comprise of a keynote address and fireside chat with industry leaders as well as two panel sessions, “Going Beyond Compliance – ESG as a Driver for Innovation and Sustainable Growth” and “The Essential Role of Fintechs in Accelerating ESG Adoption” in Islamic financial services.

The theme for this year’s event was set by the 2023 Advisory Committee, a group of industry experts that are guiding the development of this year’s programme to ensure a dynamic day of exchange and information sharing for the industry.  Its members are Mr. Yaser Alsharifi, CEO – Bahrain Islamic Bank (BisB), who is heading the Committee, Yasmeen Al-Sharaf, Director – FinTech & Innovation Unit, Central Bank of Bahrain, Blake Goud, CEO, RFI Foundation, Ashar Nazim, Founder and Group CEO, Aion Digital, Mujtaba Khalid, Head Islamic Finance Center, Bahrain Institute of Banking and Finance, Dr. Wajeeha Hussain Awadh, Chief Digital Officer, Al Baraka Group and Mrs. Yasmeen Al Saffar, Director of Research & Initiatives at the Bahrain Chamber of Commerce.

Commenting, Mr. Yaser Alsharifi, CEO of BisB, said, “With increased demand from investors and customers to accelerate the embedding of environmental, social and governance practices into the operational frameworks and culture of business across sectors, we look forward to a day of high-level engagement to promote faster and more comprehensive adoption across Islamic banking and finance. BisB is proud of the significant strides we have made to be a leader in this area, and we’re pleased to partner with IFID to support important platforms such as this. With input from senior colleagues from across the industry, discussions will not just look at strategies for implementing ESG but rather how to embrace its adoption as an opportunity to drive innovation and set foundations for sustainable and socially responsible growth, principles that lie at the heart of Islamic finance and its mission.”

Mr. Blake Goud, CEO of RFI Foundation, added, “The rapid rise of focus on environmental, social and governance topics within Islamic finance during the past two years is testament to an industry finding alignment of its value-based orientation with wider responsible finance.  As Islamic financial institutions are increasingly focused on exploring innovative uses of ESG and Fintech, it is more important than ever to have forums like the fourth IFID to discuss how Islamic finance, ESG and Fintech combine to show, by example, ways in which Islamic finance can create a more equitable, inclusive and sustainable future.”