This session, a replay of a webinar released on 11 May 2020 organized by RFI Foundation and Dubai Islamic Economy Development Centre (DIEDC), looks at the role for Islamic finance in the Covid-19 response.

Speakers:

• Blake Goud, CEO, RFI Foundation (Moderator)
• Abdulla Al Awar, CEO, DIEDC
• Ramya Gopalan, Global Innovation Coordinator and Alternative Financing Lead, IFRC
• Rafe Haneef, Chief Executive Officer, Group Transaction Banking, CIMB
• Khaled Al Aboodi, Managing Partner, Sustainable Finance Solutions

Discussion questions:

• What is the scope of the challenge from Covid-19 for OIC countries? Is the impact of Covid-19 different than Western countries? What are the major points of need that financial institutions can address?
• What challenges do Islamic financial institutions face looking beyond the immediate Covid shock in OIC markets, especially in relation to expanding their focus on Maqasid/SDG/ESG related issues?
• What existing needs within OIC countries has Covid-19 highlighted, and how can Islamic and responsible finance provide a unique solution?

Key conclusions:

• The response to Covid will come in two phases: crisis response and rebuilding
• Islamic finance does not come equipped with the same intrinsic features that insulate it the way it did in the Great Financial Crisis, and it has to focus on its core ethical values to distinguish itself post-crisis
• Growth of responsible finance has helped change investors' expectations to find a better balance between economic and social impact, and Islamic finance can benefit by focusing more efforts on social impact