Istanbul will host a consortium made up of the World Bank, Islamic Development Bank and the All Industrialist Businessmen Association (TUMSIAD) on 23 – 24 October, ahead of the G20 summit.
The International SME Conference makes up part of the G20s schedule ahead of the G20 Leaders Summit in Antalya on 15 – 16 November, and continues a string of events that have already taken place in Istanbul and Paris.
The aim of the summit in Istanbul next week is to bring together leading experts in the field of finance to explore the opportunities that Islamic finance could offer small businesses in Turkey and beyond.
With Istanbul already touted as a global Islamic financial gateway, the conference is likely to build momentum towards creating an infrastructure for finances funnelled into Europe in particular.
Furthermore, some local Turkey businesses would look upon Islamic finance favourably. According to the World Bank, 8% of Turks currently do not use conventional banks as they consider interest to be against their religion.
Speaking at a similar event in Istanbul on 1 September, Senior Director, Finance & Markets Global Practice of the World Bank Group, Gloria Grandolini said: “Together with our partners, Borsa İstanbul, Islamic Development Bank, Islamic Research and Training Institute, and Guidance Financial Group, we are committed to the advancement of Islamic economics and finance and believe it can play a central role in ensuring a sound financial sector and promoting inclusive economic development,”
The event will be opened by Turkish President, Recep Tayyip Erdogan and will be attended by the Managing Director and Group Chief Financial Officer of the World Bank, Bertrand Badre; and the President of Islamic Development Bank, Dr. Ahmad Mohammad Ali.
