Jeddah : The Islamic Research and Training Institute (IRTI), an affiliate of the Islamic Development Bank (IsDB) Group, is considering partnering with other institutions to establish a center of excellence on Islamic social finance as part of efforts to develop the sector.

IRTI Director General Dr. Humayon Dar encountered demand for such a center during a visit to a number of institutions in Jakarta, following his participation in the 3rd Annual Islamic Finance Conference in Makassar. The conference, held from July 4-5 , was organized by various organizations with IRTI as one of the sponsors and key promoters.

Dr. Dar said IRTI would consider collaboration with the United Nations Development Program (UNDP), Indonesian Financial Services Authority (OJK) and Indonesian Ministry of Finance to establish the Center of Excellence on Islamic Social Finance.

“IRTI has pioneered Islamic social finance, and Indonesia provides a number of best practices in this field; we should look into leveraging on Islamic social finance practices in the country and active involvement of the likes of UNDP therein, to promote Islamic social finance as part of IsDB’s commitment to UN’s Sustainable Development Goals (SDGs),” the IRTI director general explained.

During his visit to the institutions in Indonesia, Dr. Dar also identified a number of avenues for cooperation with local players and international organizations based in Jakarta to support the development of Islamic finance.

In one of such collaborations, IRTI and Hasanuddin University are working on a Memorandum of Understanding (MoU) under which IRTI will help the university to develop its Islamic finance program.

IRTI will also deliver a training program, jointly with the Indonesian Ministry of Finance, on Public-Private Partnerships, to be held in Jakarta in September.

—AG/UNA-OIC