Kicking off Conversations on the Role of Islamic Finance in Funding the SDGs

Elliott Harris, UN Assistant Secretary-General, Chief Economist was hosted to a roundtable discussion with several C-suite Leaders by Global Compact Network Malaysia

Elliott Harris (4th from left) was hosted by Faroze Nadar, GCMY Executive Director (3rd from left) and Stefan Priesner, the United Nations Resident Coordinator (7th from left)

Kuala Lumpur, 12th February 2020 – Global Compact Network Malaysia (GCMY) hosted Elliott Harris, UN Assistant Secretary-General for Economic Development and Chief Economist today over a C-Suite roundtable discussion on the role of Islamic Finance in supporting the Sustainable Development Goals (SDGs).

The relevance of private sector participation and the important role of financial institutions in enabling the achievement of the country’s SDGs Agenda was among the primary discussions at the roundtable.

Stefan Priesner, the United Nations Resident Coordinator for Malaysia, Singapore and Brunei was present at the roundtable, which was attended by Datuk Noripah Kamso, Chairman of Bank Rakyat, Arsalaan Ahmed, Chief Executive Officer of HSBC Amanah, Imran Yusof, Acting Head of Research, Malaysian Industrial Development Finance Bhd (MIDF) and other industry leaders.

Among the key points discussed was were the need for institutions to align their DNA with principles of the moral economy and the necessity for a top-down approach to institute these changes.

“The roundtable discussion focused on the role of Islamic financing in funding the SDGs and provided insights into the various Islamic financing approaches. Being more social development centric could be a viable alternative for public funding as compared to commercially driven banking models”, said Faroze Nadar, GCMY’s Executive Director.

GCMY is actively involved in many initiatives to catalyse sustainable finance in Malaysia, as it strives to position the country as a regional centre for sustainable and responsible investment.

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