BAKU, Azerbaijan, October 8. More than 200
researchers, policymakers, entrepreneurs, and finance leaders
gathered at the International University of Sarajevo (IUS) on 23–24
September for “Values for Impact 2026: Solidarity, Authenticity and
Prosperity,” a conference co-organized by the Islamic Development
Bank Institute (IsDBI) and IUS. Across two days of discussions,
participants explored a central question: can finance be both
profitable and principled?


In his remarks during the opening of the conference, Dr. Sami
Al-Suwailem, Acting Director General of IsDBI, emphasized that
Islamic finance matters more for its ideas than for its market
size.


“Islamic finance, above all, is an idea, and we should never
underestimate the power of ideas,” Dr. Al-Suwailem said, noting
that the underlying fundamentals of Islamic finance, such as
risk-sharing, resilience, and stronger links between finance and
the real economy, are increasingly being embraced by regulators and
policymakers beyond the industry.


Prof. Dr. Ali Osman Kuşakcı, Rector of IUS, reiterated the
importance of integrating ethical values with economic and social
advancement. He said, “The challenge is not to choose between
values and progress. It is to build forms of progress that are
economically productive, socially responsible and intellectually
authentic”. He also underscored the role of universities in
transforming talent into knowledge, knowledge into innovation, and
innovation into sustainable value creation.


The conference began a day earlier with a masterclass titled
“Islamic Finance for the 21st Century,” delivered by Dr.
Al-Suwailem and organized by the IUS Center for Islamic Finance,
Innovation and Sustainability.


The session brought together academics, professionals, and
students to examine some of the most pressing questions facing the
industry, including the risks associated with excessive debt, the
balance between risk-sharing and risk transfer, and the
opportunities and challenges presented by artificial intelligence
in preserving the ethical foundations of Islamic finance.


The main conference opened with a panel on technoparks and
talent retention, moderated by Dr. Migdat Hodžić of ARTI Analytics.
The panel featured representatives from BH Telecom's BHTech Lab,
the Christian Michelsen Institute in Norway, the Federal Ministry
of Education and Science, and Technopark Istanbul.







A second panel explored whether Islamic finance can offer a more
effective model for startup-financing. Moderated by Dr. Šejma Aydin
of IUS, the discussion brought together Dr. Al-Suwailem, Dr.
Natalia Jiménez Arroyo of IE University, Dr. Zlatan Mujak of the
Sarajevo Canton Ministry of Economy, and Dženan Šarić of the Mozaik
Foundation.


The conference also featured keynote addresses by Prof. Dr.
Mehmet Asutay of Durham University, Dr. Afan Kalamujić, Minister of
Finance of Sarajevo Canton, and Semih Sel of Kuveyt Türk.


Beyond the panel sessions, more than 200 research papers were
presented across 12 academic sessions, covering green waqf
donations in Indonesia, cryptocurrency inheritance in Malaysia, AI
ethics through a Maqāṣid lens, climate risk and bank stability,
gamification in Islamic crowdfunding, and waqf governance in Bosnia
and Herzegovina. Across these discussions, a common theme emerged:
how to build environments where innovation takes root and talent
chooses to stay.


The conference concluded with a forward-looking forum focused on
the future of Islamic finance. Participants reflected on the
changes needed by 2030, the practices that require reform, and the
measurable outcomes that should demonstrate genuine impact over the
coming years.


Dr. Al-Suwailem returned to first principles. “At its core,
Islamic finance is a grand idea. It is moral, rational, and
universal,” he said.


Rector Kuşakcı turned that idea into a challenge for everyone in
the room: “We should move from values to institutions, from
institutions to action, and from action to measurable outcomes.” He
also reaffirmed the long-term partnership between IUS and IsDBI:
“We value IsDBI not simply as a partner for these two days, but as
a partner in the future we hope to build.”