Conference Report: Report and Findings of the 5th International Conference on Islamic Business (ICIB-2021)

Islamic Finance: The Need and Prospects of Moving to Social Finance February 27th, 2021

Abstract

The theme of 5th International Conference on Islamic Business (ICIB-2021) was, "Moving to social, ethical and responsible finance by the Islamic banking and finance institutions
(IBFIs)". This online conference was held on February 27th, 2021, and was conducted
through ZOOM. In the backdrop of the failure of the MDGs, the United Nations moved to
Value-based Intermediation (VBI) and social finance with sustainable development goals
(SDGs). The UN’s 2030 agenda seeks to achieve 17 vital SDGs and 169 specific targets,
encompassing the social, economic, and environmental dimensions of development. The
SDGs’ agenda for human dignity and to leave no one behind is certainly in line with the
principles and objectives of development from the Islamic perspective. The inaugural session of the conference started at 9:00 am on 27th February 2021 with the
recitation the Holy Qur’¯an.