My Takeaways From The Istanbul Conference
The Istanbul Conference / Islamic Finance @Hilton Kazyatagi, Istanbul, Turkey
The second annual Istanbul Finance Conference was organized by Gateway Global LLP and local partner Istanbul Islamic Finance Consultancy. Led by experts and thought leaders in business, banking, finance, public and third sector organizations, as well as academia from across the world, this inspirational, high-impact conference connected the themes of Islamic and halal economies with Sustainable Development Goals. The conference included topics related to #inclusion, the empowerment of women and youth, and the alleviation of poverty.
I believe that the Istanbul Conference was not designed exclusively for those in the field of finance. The conference offered a lot of useful information to people in this field but cast a broader and more profound net. Anyone who has established a startup, as well as entrepreneurs, corporation leaders, SMEs, businesswomen and men, and business owners from any sector, would benefit from learning the basics of how to manage their business the Islamic way.
I do not have a background in finance, so I assumed I might hear about topics that would not be of interest to me; however, this conference surprised me. It was quite different than I expected.
The Rundown:
This unorthodox two-day conference opened with an engaging and humorous speech by Ashley Freeman, CEO of Gateway Global, who challenged the audience to focus on three concepts throughout the conference:
- Robust Economy = Ethics Culture
- Social Inclusion
- Climate Change
“If you snooze, you lose:”
Sessions began shortly after that, and the breaks between sessions included special, intriguing announcements. My immediate impression was that if someone didn’t pay attention, they’d miss something of great value: so “don’t snooze, or you’ll lose.”
Diversity is an asset:
In addition to established companies at the conference, there were many fresh faces, along with lively contests between new startups pitching their services. It was interesting to watch the judging panel do its job.
Successful launches were also featured:
- The Launch of 5&Co, a financial literacy program grounded in the Islamic ethos, the DREAM BOOK.
- The launch of iKSAR, a Qard-hasan based Islamic microfinance program
Day One Finale:
The first day of the conference ended with a Deliberation Plenary session called ‘Shura’, which was a VIP meeting to discuss feedback on the conference and how Gateway LLP can make improvements for future conferences.
Day Two─ The Learning Continues:
The conference’s second day included interactive masterclasses that covered important topics ranging from Sustainable Development Goals’ relevance to Islamic finance, Islamic finance projects and structures, Sukuk, legal document drafting, and more.
I chose to attend the ‘Opportunities and challenges for Muslim women in entrepreneurship in the Islamic economy’ master class by Saeeda Ahmed & Fiona Farha Kirubi as well as Muna Al Mannai’s ‘How the Institution of Waqf can Support Growth in the Islamic Economy’ master class, and found both to be extremely practical and insightful.
My Favorite Moment: Should we eat elephants?
One speech that touched my heart was made by Recep Şentürk, President of Ibn Haldun University. He reflected on a Qur’an verse and transformed that verse into a core value of Islamic finance:
((يَا أَيُّهَا النَّاسُ كُلُوا مِمَّا فِي الْأَرْضِ حَلَالًا طَيِّبًا))
(O mankind! Eat of that which is lawful and good on the earth) [Qur’an- (1:168)].
Şentürk said it’s not only enough that we create or process products the halal (legal) way, but those processes should also be tayebb (good) and not harmful, i.e., meet the ethical ‘taqwa’ standards. Many products are produced rightfully, but can still do some harm, so they shouldn’t be considered halal.
There are two stipulations for a product to be considered both halal and tayebb: it should be both lawfully good and useful to others. This should also be representative of how we behave.
Şentürk mentioned an instance when he asked his university students if it should be okay to eat elephants. The students responded by citing Hadith and Islamic sharia rules, but the most impressive and honest response came from his son, who innocently answered, “We shouldn’t eat elephants even if it’s halal, because they will become endangered species, and this would disrupt the ecosystem.” In short: don’t harm yourselves or others.
“The people who are crazy enough to think they can change the world are the ones that do.”
-Anonymous
Overall, what I enjoyed most was that no one was there to brag, and It was evident we all attended for the same reason: to learn how to do business better through a halal approach.
Why did I write about this?
What I witnessed at this conference resonated with me. At R-School, I work to instill Islamic values in kids and run workshops in professional development titled “How to be a Global Citizen,” “Be Internet Awesome,” and “Bridges of Growth.” I encourage youth through internships R-School offers and create training programs such as Buddy-to-Buddy training, where young people train each other.
LadyLingua and R-School also promote the inclusion of women in a halal Islamic environment. Our annual leaves are planned based on Islamic holidays, and we base our business decisions on what is lawful and what is not. We encourage prioritizing family before work and help promote a balance between them through a work-from-home culture. Together, we are an ocean!
On a personal level, I promote Islamic values through interactions with everyone I meet and work with. Islamic values are part of who I am, and I believe that an authentic leader should be true to him/herself and follow through consistently.
“… you must have the courage of your convictions.”
–Jane Goodall
You can link to the conference press release here.
Happy Conferencing,
#halaleconomy #capacitybuilding #participation #empowerment #impact #wellbeing #ambassador #skills #change #women #SDGs
