The Road to the SDGs

Emirates, 9 in Saudi Arabia and 13 in Indonesia. Many digital platforms have been launched, such as MyAhmed, an electronic money platform included under the FCA Regulatory Sandbox, the Qardus Islamic lending platform and the Shariah-compliant gold trading platform. There are initiatives to launch Sharia-compliant digital banks. The Wahed Invest platform has more than 150,000 customers in 130 countries and is valued at about US$ 100 million. It is seeking to become the leading retailer of Shariah-compliant financial products. Amid these rapid and successive developments in fintech, the Islamic Development Bank Institute has launched a number of initiatives, with a view to playing a promising role in this field. Moreover, IsDB has established a centre of excellence in Malaysia focusing mainly on Islamic finance, STI and reverse linkages to help the financial and banking sector in MCs. IsDB also established incubators at the Mohammed V University in Rabat (Morocco) and in Jakarta (Indonesia). IsDB has recently issued a comprehensive report on the future of finance, part of which was devoted to Islamic finance in the light of the rapid technological developments driven by Industry 4.0 and its various applications in fintech, blockchain and others. Saudi Arabia, the United Arab Emirates, Indonesia, Malaysia and Iran are leading markets for this industry. In fact, Saudi Arabia is considered one of the best markets and a pioneering country in the field of fintech, with a market size estimated currently at US$ 18 billion and expected to expand to US$ 47 billion in the next four years. QUESTION: There has recently been increased interest in investing with institutions that respect environmental, social and governance standards. How committed is IsDB to these standards? What are the notable examples in this regard? ANSWER: IsDB has launched a number of initiatives that reflect its keenness to comply with environmental, social and governance standards in its business and activities. IsDB's commitment to these standards provides it with greater opportunities for growth, as the number of investors and partners seeking to achieve an environmental and social impact, along with profitability, is increasing worldwide. Furthermore, an institution that respects these [ 20 ]