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TIEF 2021

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.

About TIEF

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.

1. What

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.

2. Where

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.

3. Why

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.

Program 2021

8.45 – 9.30

Chiara Appendino, Mayor, City of Torino Dario Gallina, President, Torino Chamber of Commerce Stefano Geuna, Rector, University of Torino Laura...

Introduction: Alberto Brugnoni, Managing Partner, ASSAIF   Presenter: Rafi-uddin Shikoh, CEO and Managing Director, Dinard Standard New York and Dubai...

Moderator: Paolo Pietro Biancone, Full Professor, University of Torino   Panelists: Pietro Perlo, CEO, I-Fevs Turin Conceivement and development of...

Moderator: Paolo Pietro Biancone, Full Professor, University of Torino   Panelists: Mussaad al-Razouki, Silicon Gulf Technologies Kuwait Health and Entrepreneurship...

9.00 – 9.15

Gilberto Pichetto Fratin, Italian Vice Minister of Economic Development  

13.15 – 13.45

Moderator: Alberto Brugnoni, Managing Partner, ASSAIF   Panelists: Paolo Pietro Biancone, Full Professor, University of Torino MENA Entertainment & Media:...

Entisar Al Obaidli, Curator of the Sharjah Museum of Islamic Civilization and Giovanni Curatola “Drop by Drop, Life Falls from the Sky: Water,...

9.00 – 9.45

WELCOME REMARKS Luigi Di Maio, Italian Minister of Foreign Affairs and International Cooperation   STRATEGIC CONSIDERATIONS Francesca Culasso, Director, Department...

CHAIR: Prof. Kabir Hassan Technical Support: Dr. Davide Calandra Paper 17: Exploring the Challenges of Adoption of Islamic Banking Products...

15.30 – 16.15

Closing speech “Future Challenges for Islamic Finance” – Professor Kabir Hassan (University of New Orleans, USA) Awards and final closing...

Speakers

CHIARA APPENDINO

CHIARA APPENDINO

Mayor of Torino since June 2016, she has served as Member of the City Council and as Vice Chairman of...

STEFANO GEUNA

STEFANO GEUNA

Rector of the University of Torino, he graduated in Medicine at the University of Torino in 1990 and here, in...

DARIO GALLINA

DARIO GALLINA

President of the Torino Chamber of Commerce. After obtaining a Master’s degree in Economics, he became CEO of the family-owned...

PAOLO PIETRO BIANCONE

PAOLO PIETRO BIANCONE

Full Professor of Financial Management and Islamic Finance at the University of Torino. He acts as the director of the...

ALBERTO BRUGNONI

ALBERTO BRUGNONI

Former director of the Italian desk with the Merrill Lynch Bank, is the founding and managing Partner of the Associazione...

MASSIMO LAPUCCI

MASSIMO LAPUCCI

He is the General Secretary of the Fondazione CRT, Italy’s third largest foundation of banking origin in terms of assets....

FIORELLA ALTRUDA

FIORELLA ALTRUDA

She obtained a degree in Biology from the University of Torino in 1975. She is Full Professor of Molecular Genetics...

NUNZIO ANGIOLA

NUNZIO ANGIOLA

Member of the Italian Parliament, for Five Stars Movement (M5S) – Italian political party. He is also Professor of Business...

SAVERIO BERTI

SAVERIO BERTI

During a period of almost eighteen years he has been working mainly in sports events dealing with preparation of international...

GUIDO BOLATTO

GUIDO BOLATTO

Graduated in Economics at the University of Torino, enrolled in the register of auditors and contributing journalists. He joined the...

REUBEN BUTTIGIEG

REUBEN BUTTIGIEG

Managing Director and founder of Erremme Business Advisors, a business and management consultancy firm where he is also directly involved...

MARIO CALDERINI

MARIO CALDERINI

Ph.D. in Economics from the University of Manchester, he is full Professor at Politecnico di Milano, School of Management, where...

LAURA CASTELLI

LAURA CASTELLI

  She is the Undersecretary for the Economy in the Draghi Government. Deputy Minister of Economy in the 1st and...

SULTAN CHOUDHURY

SULTAN CHOUDHURY

Sultan Choudhury OBE is an Islamic Banking Executive, Director, Chairman, Advisor & Charity Trustee based in Birmingham, England. He has...

MASSIMILIANO CIPOLLETTA

MASSIMILIANO CIPOLLETTA

Has over thirty years of experience in ICT. He is an avid supporter of the business network model, a technical...

MARIA LUISA COPPA

MARIA LUISA COPPA

Since 2005 she has been President of Ascom Confcommercio Torino and province and President of Confcommercio Piemonte since 2012. From...

FRANCESCA CULASSO

FRANCESCA CULASSO

She is the Director of the Department of Management at the University of Torino. Full Professor of Management and Business...

GIOVANNI CURATOLA

GIOVANNI CURATOLA

Full professor of Archaeology and History of Islamic Art at the University of Udine. He also taught courses at the...

LUIGI DI MAIO

LUIGI DI MAIO

Minister of Foreign Affairs and International Cooperation and formerly Vice President of the Council and Minister of Economic Development and...

GIUSEPPE FRAIZZOLI

GIUSEPPE FRAIZZOLI

Chief Executive Officer of Humanitas Hospitals in Turin (Humanitas Cellini, Clinica Fornaca and Humanitas Gradenigo) and the Hospitals Humanitas Gavazzeni...

ANDREA GANELLI

ANDREA GANELLI

Notary lawyer in Torino since 2002. He graduated in Law at the Catholic University of Milano in 1994. Name partner...

KHALID HOWLADAR

KHALID HOWLADAR

Senior Managing Director / Head of Credit & Sukuk Advisory business at R.J. Flemings & Co. (UK/UAE). Partner of Acreditus...

VAHID JAFARI-SADEGHI

VAHID JAFARI-SADEGHI

He is a lecturer in International Business at Aston Business School. Before joining Aston University, Vahid was a senior lecturer...

GIOVANNI LA VALLE

GIOVANNI LA VALLE

Health Director of the Company of the AOU City of Health and Science of Torino since 2018. From November 2016...

MARIO MINOLA

MARIO MINOLA

After graduating at classical gymnasium, he attended the University of Torino obtaining a degree in Medicine and Surgery. He continued...

ANDREA PALTRINIERI

ANDREA PALTRINIERI

Associate professor of banking and finance at the Università Cattolica del Sacro Cuore in Milan. His main research interest topics...

REHAN NOOR PATHAN

REHAN NOOR PATHAN

He is the Managing Director and Head of Client Coverage at Shuaa Capital. He is a Bahraini executive with over...

PIETRO PERLO

PIETRO PERLO

President of Torino e-District and contract professor at the Moscow Institute of Physics and Technology “MIPT” for the development of...

MARCO PIRONTI

MARCO PIRONTI

Deputy Mayor for Innovation, Smart City and ICT Systems of the City of Torino. He is carrying out the municipality’s...

MUSSAAD AL-RAZOUKI

MUSSAAD AL-RAZOUKI

He is currently working with the Council of Ministry in Kuwait and is an advisor to the Kuwait government. During...

FABRIZIO RICCA

FABRIZIO RICCA

Regional Councillor in charge of Internationalization, Relations with companies with regional participation, Security, Local police, Immigration, International decentralized cooperation, Sport,...

ALBERTO SACCO

ALBERTO SACCO

Deputy Mayor for Economic Development, Commerce, Tourism and member of the Technical Management Commission of the Nitto Atp Final of...

GIUSEPPE SCELLATO

GIUSEPPE SCELLATO

He holds a Ph.D. in Economics and is Full Professor at the Politecnico di Torino, where he teaches Finance and...

RAFI-UDDIN SHIKOH

RAFI-UDDIN SHIKOH

  Founder and CEO of DinarStandard™, a specialized market research and advisory firm, Rafi-uddin has led thought leadership and strategies...

BURHAN ULUYOL

BURHAN ULUYOL

Burhan Uluyol, also known as Buerhan Saiti, is an Associate Professor at the Istanbul Sabahattin Zaim University and recipient of...

IDA ZILIO-GRANDI

IDA ZILIO-GRANDI

Currently working for the Ministry of Foreign Affairs and International Cooperation as Director of the Italian Institute of Culture in...

Pics from conference 2021

Partner & Sponsor

Organised by

Città di TorinoCamera di Commercio di TorinoUniversità degli Studi di TorinoAssaif

Organising partner

Turismo Torino e Provincia

International partners

DinarStandard

Media Partner

DIEDC

Supported by

DIEDC

Sponsored by

Iren

With the patronage of the Italian Academy
of Business Administration

Iren
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