Main topics: 1. Artificial intelligence for an efficient Islamic finance sector 2. Sport as an instrument of integration between different...
Since 2014, the City of Torino in partnership with the University of Torino, the Torino Chamber of Commerce, the Association for the Development of Alternative Instruments and Financial Innovation (ASSAIF) and with the organizational support of Turismo Torino e Provincia, has organized four editions of the “Turin Islamic Economic Forum / TIEF” focusing on the use of Islamic finance to boost local economic development ( www.tief.it ).
According to the “State of the Global Islamic Economy Report” (Thomson Reuters, 2020/2021), the Islamic finance sector is constantly expanding. With banks and governments encouraging Islamic finance to improve financial inclusion, both Muslim-majority and minority countries have recognized the potential of this segment. In addition to the usual sectors such as food, fashion, cosmetics, travel and entertainment, there has been further propulsive growth in the Islamic FinTech sector with over 241 start-ups engaged in the adoption of technologies, such as blockchain and artificial intelligence. It is estimated that the turnover of these assets has exceeded 2.880 billion dollars in the world and that in Europe, where many citizens of Islamic religion live, will grow considerably. In the food sector, Muslim consumers spend 1380 billion dollars; followed by the fashion sector ($ 277 billion), media and entertainment ($ 222 billion), travel ($ 194 billion), pharmaceuticals and cosmetics ($ 94 billion and $ 66 billion respectively).
In Europe, the Islamic finance-sector’s growth is rapidly accelerating. The British government has isssued a second sovereign sukuk, after the maiden issue of 2014, subscribed by both domestic and international investors for the amount of 500 million pounds. Luxembourg has an extremely developed regulatory infrastructure, especially with regards to the management of Islamic funds, and Ireland is emerging as the third European pole of Islamic finance. In Italy, the knowledge of the issue is growing both at institutional and media level, thanks also to the several initiatives undertaken under the umbrella of the TIEF. The Islamic finance contribution to the EU Next Generation could be of an extraordinary importance to attract fresh capital to be invested in strategic resources such as infrastructures and new technologies, renewable energy and real estate.
The TIEF is the only Islamic finance forum in the world organized by a local authority which, in partnership with the Chamber of Commerce, the University, and a research body, aims to promote initiatives and events related to Islamic finance for the economic and social integration of the local and regional territory. The TIEF has already four editions to its credit, held in 2014, 2015, 2017 and 2019. They have fostered knowledge and promotion of Turin and of the Piedmontese territory abroad, in particular in the Emirates: on the one hand they have allowed local companies to enter into industrial and supply agreements with Middle Eastern companies and on the other hand Italian public institutions and research centers to interact with the most important players in Islamic finance and economics worldwide.
With a resolution of the Municipal Council (mecc.n. 2016 06609/072) a Memorandum of Understanding was approved among the City of Torino, the Università of Torino, the Torino Chamber of Commerce and the Association for the Development of Alternative and Financial Innovation Instruments (ASSAIF) to achieve, within their respective roles and competences, the following objectives:
1. promotion of initiatives finalized to the deepening of topics related to the Islamic finance aimed at improving the integration and the economic and social development of the Turin territory;
2. study and research activities in the field of Islamic finance and culture; collaboration with national and international players for the definition of compatible Islamic finance products; contact with the Islamic communities resident in the territory (University of Torino);
3. actions to support the internationalization of local companies (CCIAA);
4. activities of study, promotion, dissemination and enhancement of Islamic finance and the halal economy; consultancy (market analysis, studies and evaluations, product creation) to governments, central banks, public and private institutions, local and regional authorities, professional firms and investors (ASSAIF).
To fulfill their statutory objectives, the project partners have planned to organize a fifth edition of the Forum, from 13 to 15 October 2021, with the aim of exploring the following issues:
- artificial intelligence, a ‘disruptive’ technology to make administrative processes more efficient with many aspects compatible with Islamic finance and potentially capable of building bridges between different worlds.
- innovative financial forms with a view to improving and involving Middle Eastern investors in the funding of major works and infrastructures;
- sport and Italian Islamic cultural heritage as elements of reduction of inequalities;
- social impact and participatory finance for a new sustainable world.
The TIEF 2021 Agenda includes three days of meetings to delve into the above issues, and to generate opportunities for exchange of best practices from around the world. The last day, in particular, will be dedicated to the scientific study of the topics under discussion and will see the participation of academics from all over the world through a call for papers issued by the Management Department of the University of Torino.
The Forum will also host round tables between distinguished national and international partners. The event will run parallel to the inauguration of Dubai Expo 2020 which is held from 1/10/2021 to 31/03/2022.
The Turin Islamic Economic Forum is a project shared by the City of Torino, the Chamber of Commerce of Torino, the University of Torino and ASSAIF– Associazione per lo Sviluppo di Strumenti Alternativi e di Innovazione Finanziaria – to promote effective initiatives on Islamic Finance for social inclusion and economic development of the territory.
It’s a unique event hosted by a local government that offers local stakeholders the chance to meet international leading players in the fields of Islamic finance and economy.
An event to share ideas, learn from outstanding international best practices and examine new trends in Islamic Finance focusing on the use of Islamic finance to trigger processes of social inclusion and to foster economic development and internationalisation.
The Turin Islamic Economic Forum (TIEF) is a project shared by the City of Torino, the Chamber of Commerce of Torino, the University of Torino and ASSAIF– Associazione per lo Sviluppo di Strumenti Alternativi e di Innovazione Finanziaria – to promote effective initiatives on Islamic Finance for social inclusion and economic development of the territory.
Torino, with its 908.000 inhabitants, its 130 km2 of territorial extension and its GDP of 55.000 millions of Euros (which is 4.5% of the national GDP), is one of the most important cities in Italy. It is a modern and vibrant city which can be considered as a model worldwide since it has become a centre of innovation and culture of which we are very proud.
The Islamic economy and finance is growing and making an increasing contribution to the global economic growth. According to the Economist magazine (September 2014), Islamic finance grew at an annual rate of 17.6 percent between 2009 and 2013, faster than conventional banking and is estimated to be US$2 trillion in size.