Over the past years, the Islamic financial industry has witnessed significant developments, earning a reputation as one of the fastest-growing global financial segments. Despite the economic shocks caused by COVID-19 pandemic, the industry continued its growth ans reached a value of USD 3.5 trillion in 2022. With its ethical and socially responsible principles, Islamic finance is attracting the attention of global investors and financial markets, offering valuable opportunities for sustainability and economic growth.

The Mediterranean region occupies a vital position in the global economy, serving as a hub for trade and commerce between three continents – Europe, Asia and Africa. Rich in natural resoursces, including oil, gas, minerals and agricultural land, the region is home to various significant industries such as tourism, manufacturing and services. Despite its enormus potential, the region is grappling with several challenges that could impede its growth. Climate change emerges as a significant challenge for the region, with extreme weather events such as droughts, floods, and rising sea levels adversely affecting agriculture, infrastructure and natural resources.

With its focus on economic properity and human welfare, Islamic finance could play a crucial role in furthering economic development and fostering properity in the region. With tools such as Sukuk, Islamic social finance, and risk sharing-based financing structures, Islamic finance has the potential to address development challenges in the region by promoting financial inclusion, supporting small and medium enterprises (SMEs), encouraging ethical investment and providing infrastructure financing.

Tha 7th Mediterranean Islamic Finance Forum aims to bring together global experts and stakeholders to explore the potential of Islamic finance for the region and seixe the opportunities presented by its high-growth prospects. The forum will offer insightful discussions on how Islamic finance can support the Mediterranean’s financial plans and economic development, focusing on the opportunities presented by the growth of ethical, sustainable and responsible finance. Through sharing experiences and insights, the forum will create opportunities for collaboration and partnership to advance economic development and foster prosperity in the Mediterranean region.