TIEF 2019

Since 2014, the City of Turin, in partnership with the University of Turin, the Turin 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 focused on the opportunities offered by Islamic finance and organized three editions of the Turin Islamic Economic Forum (TIEF).

According to the Islamic Finance Development Report 2018 (Thomson Reuters, 2019), the Islamic finance sector is constantly expanding. Both Muslim-majority and Muslim-minority countries have recognized the potential of this sector, with banks and governments encouraging Islamic finance to improve financial inclusion. In addition to the usual sectors of the Islamic eco-system such as food, fashion, cosmetics, travel and entertainment, there is a further propulsive growth in the Islamic FinTech sector with over 93 start-ups. The turnover of Islamic assets has exceeded 2.5 trillion dollars in the world and is set to grow considerably, especially in Europe, where many Muslim professionals live. In the food sector, Muslims spend $ 1300 billion; followed by clothing ($ 270 billion), media and entertainment ($ 209 billion), travel ($ 177 billion), pharmaceutical and cosmetic ($ 87 and $ 61 billion respectively).

This topic is still little known in the Italian corporate world, whereas many European players have created the so-called “islamic windows”: twin companies structured in a Shariah-compliant way, enabling them to offer goods and services in accordance with the law of the Koran. Some household names that are working in this way are: Barclays, Citibank, Pictet, HSBC Bank, BNP Paribas, ABN Amro and Societé General. Islamic finance undoubtedly represents an opportunity to attract new capital that can be deployed in infrastructures, renewable energy and real estate.

The TIEF is the only Islamic finance forum in the world organized by the municipality of a major city that, in partnership with the Chamber of Commerce, the University and a research body that promotes financial innovation, encourages initiatives and events related to the Islamic eco-system aiming at the integration, and economic and social development of all members of society. The TIEF already has three successful editions to its credit – 2014, 2015 and 2017 – which have encouraged meetings and networking with companies and institutions in the major cities of the Middle East.

In particular, the events allowed local companies to enter into industrial and supply agreements with companies in the Middle East, and to public institutions and Italian research centers to interact with the most important players in the Islamic finance and economics world-wide.

The City of Turin and its institutional partners, consider the Islamic finance a useful tool to favor the integration and the attraction of investments from those countries where Islamic finance plays a decisive role in public policies.

The fourth edition of the TIEF themed “Creating a Holistic Environment for the Islamic Economy” will gather from 28th to 30th October 2019 and revolve on the following topics:

Fintech, Blockchain, Artificial Intelligence: all disruptive technology that, in their essence, are compliant with Islamic finance

New Urban Policies

Social Impact Policies

Islamic Creative Economy

The TIEF 2019 will provide three days of meetings to learn about and explore new trends related to these topics, generate opportunities for exchange and learn best practices from the world best players. The last day will be dedicated to the academician presentations of Islamic financial concepts.

The Forum will also host two round-tables powered by the “Global Islamic Economy Summit” (GIES), the global event organized by the Government of Dubai through the Dubai Islamic Economy Development Center (DIEDC), the Dubai Chamber and Thomson Reuters.

Two sessions dedicated to specific initiatives are also scheduled.

The first is dedicated to the Italian-Palestinian cooperation project NUR / New Urban Resources, co-financed by the Italian Agency for International Cooperation. The NUR project, aims at providing technology and technical assistance to increase energy autonomy from renewable sources, and includes professional training courses and advanced training as well as the incubation of 4 start-ups in collaboration with the University of Bethlehem to promote environmental sustainability in this city. NUR is a best practice through which the City of Turin intends to provide a model that can also be disseminated in other Middle Eastern countries.

The second is dedicated to the “Hub Middle East”, a new project organized by Artissima 2019 in collaboration with Fondazione Torino Musei that sets out to offer an overview of collecting, institutions and artists active in a geographical area of central importance for developments in contemporary society. During the fair, the presence in Torino of the most important representatives of foundations, museums and galleries, as well as collectors, critics, curators, and artists of the Middle East, will provide a versatile cutaway view of the most interesting contemporary developments in a territory that, in its diversities, embodies a sophisticated poetics connected both to ancient cultural traditions and to innovation, building bridges and areas of common interest able to go beyond religious and cultural differences.