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Board of Trustees Commends IRTI’s Performance Amidst Covid-19 Crisis
The Board of Trustees of the Islamic Research and Training Institute (IRTI) has held its 9th meeting during which Board Members commended the performance of the Institute despite the constraints occasioned by the Covid-19 pandemic.
The Board comprises of eminent professionals from nine different countries working in regulatory authorities, central banks, and Islamic financial institutions. Board Members who attended the meeting are:
• H.E. Khalid Hamad Abdulrahman Hamad, Executive Director, Banking Supervision, Central Bank of Bahrain.
• H.E. Bulent Aksu, Deputy Minister for Treasury and Finance, Republic of Turkey
• H.E. Abdulmohsen Alkharafi, former Secretary General, Kuwait Awqaf Public Foundation.
• H.E. Nada Biaz, Director General, Groupe ISCAE, Morocco.
• H.E. Khaled Bohsali, Executive Director, Foreign Affairs Department, Central Bank of Lebanon.
• H.E. Mohamad Hammour, Founder and Chairman, Guidance Financial Group.
• H.E. Dr. Dadang Muljawan, Director, Islamic Economics & Finance Department, Central Bank of Indonesia.
• H.E. Dr. Shahin A. Shayan, Global Investment & Risk Management Advisor, Los Angeles, USA.
• H.E. Ms. Fatima Yasmin, Secretary, Economic Relations Division, Ministry of Finance, People’s Republic of Bangladesh.
H.E. Dr. Bandar M.H. Hajjar, President of the Islamic Development Bank (IsDB) and Chairman of IRTI Board of Trustees, chaired the virtual meeting held on 3 December 2020.
In his remarks, Dr. Hajjar thanked the Board Members for their advisory role in steering the affairs of IRTI. He also explained the recent expansion of the responsibilities of IRTI to serve as a hub of all research and knowledge functions within the IsDB Group.
Dr. Hajjar said with the new tasks assigned to IRTI, the Institute will spearhead IsDB Group’s initiatives to identify real-world problems facing Member Countries and formulate appropriate solutions. Moreover, IRTI shall initiate the process of rebranding itself to become the IsDB Institute (IsDBi).
The Acting Director General of IRTI and Chief Economist, Dr. Sami Al-Suwailem, who attended the meeting along with the Institute’s Management Staff, briefed the Board of Trustees on IRTI’s major achievements during 2020. These include:
• designing and obtaining patents for three IRTI innovative Fintech solutions which are expected to be of great value to the Islamic financial industry and governments.
• developing a pioneering IRTI e-book reader app dedicated to publications in Islamic economics and development, which is scheduled to be launched early 2021.
• launching the Smart Economy Grants Program to attract technology-based ideas with significant entrepreneurial potential that can help the economies of IsDB Member Countries.
• advancing the IRTI Future Knowledge Leaders Program with the aim to create a pool of entrepreneurial leaders in IsDB Member Countries, by providing essential learning and knowledge.
• developing a proposal for IsDB Multilateral Cooperative Insurance Fund, an off-balance sheet platform managed by the IsDB to insure the financing risks of the Member Countries. The proposal aims to reduce market cost of financing to MCs and complements other guarantee facilities of the IsDB.
Dr. Al-Suwailem mentioned also that IRTI has been voted as the ‘Best Islamic Research Firm’ in the IFN Service Providers Poll 2020, in recognition of the Institute’s demonstration of thought leadership and dynamism during the year despite the Covid-19 crisis.
Members of the Board of Trustees congratulated IRTI for the major accomplishments achieved in 2020 as well as the Institute’s immense contribution to the development of Islamic finance in general. The Board Members gave various suggestions on how IRTI can build on the achievements.
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Notes to Editors
About the Islamic Research and Training Institute (IRTI)
The Islamic Research and Training Institute (IRTI) is a Member of the Islamic Development Bank (IsDB) Group responsible for knowledge creation and dissemination in Islamic Economics and Finance and fostering the use of Islamic Finance to contribute to the sustainable development of IsDB Member Countries. Within the framework of the IsDB Group’s 10-Year Strategy and the President’s Five-Year Program, IRTI works as a catalyst for knowledge-based sustainable development.
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