Malaysia’s Prime Minister, Anwar Ibrahim, inaugurated the Global Islamic Finance Forum (GIFF) 2025 in Kuala Lumpur on 13 October, as the Islamic finance industry targets US$7.5t in assets by 2028. The forum, organised by the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) with support from Bank Negara Malaysia, aims to advance business and empower communities through Islamic finance.
The opening session, titled “Unlocking the Power of Intra-OIC Investment,” highlighted the potential of Islamic finance to unify Organisation of Islamic Cooperation (OIC) member nations, fostering trade, investment, and sustainable growth. Panellists included Dr. Mahmoud Mohieldin, UN Special Envoy for Financing Sustainable Development; Dr. Sami Al Suwailem, Acting Director General of the IsDB Institute; and Professor Emeritus Dato’ Dr. Mohd Azmi Omar, President and CEO of INCEIF University.
Dr. Mohieldin emphasised the need for OIC countries to triple their efforts to achieve equitable growth, addressing a USD1 trillion funding gap for sustainable development. He advocated for regional solutions that localise finance and invest in human capital. Dr. Al Suwailem introduced a digital counter-trade platform initiative by the Islamic Development Bank Institute, leveraging fintech and blockchain to facilitate trade without hard currency.
Professor Omar highlighted Malaysia’s success in Islamic finance, stressing the importance of regulatory depth, talent development, and government commitment. He urged harmonised regulations and digital platforms to democratise access to Islamic investment instruments.
The session underscored the importance of human capital, trust, and regional cooperation for intra-OIC prosperity, with a focus on investing in the youthful population to drive innovation and economic growth. Dr. Mohieldin concluded by calling for improved data transparency and better communication of OIC countries’ economic strengths to global markets.
