The Islamic Research and Training Institute (IRTI) is an entity within the Islamic Development Bank Group and serves as the IDB Group’s primary organizational unit for the delivery of Islamic Finance research, training, information, advisory, technical assistance and Islamic Financial Products development services within the Group and to its Member Countries.
IRTI is responsible for basic and applied research in Islamic finance with the mission to facilitate its practical application in collaboration with other IDB Group members and partner organizations. IRTI is also responsible for enabling the development and sustenance of a dynamic and comprehensive Islamic Financial Services Industry (IFSI), which supports the socio-economic development in member countries. It is also mandated to develop capacity of the personnel engaged in Islamic finance development activities in the IDB Group’s Member Countries.
IRTI’s lead role as the focal point in the IDB Group for all matters related to Islamic Economics and Finance will entail research, policy dialogue, training, advisory, technical assistance and Islamic Financial Products development, in addition to working closely with internal and external stakeholders (such as Islamic Finance Infrastructure Institutions) to support and promote the development of the Islamic Finance Services Industry.
IRTI underpins the IDB Group’s leadership role in the development and expansion of Islamic Economics research and the Islamic Financial Services Industry in line with the IDB Group 1440H Vision and the IDB Group strategic framework.
IRTI’s principal functions are to:
-Enable the development of a dynamic, innovative and sustainable Islamic Financial Services Industry, including assisting Member Countries and Non-Member Countries to create and foster an enabling environment for Islamic Finance sector development.
-Conduct applied research on how the principles and best practices of Islamic Economics and Finance can be harnessed for the socio-economic development of Member Countries and Muslim Communities worldwide.
-Promote the development of Islamic Economics and the Islamic Financial Sector and related institutions in Member Countries, in collaboration with relevant other business units in the IDB Group and external Islamic Finance research institutions.
-Conduct policy dialogue and collect, synthesize and disseminate the results of Islamic Economics and Finance research conducted by external entities, and the lessons of internal and external experience in Islamic Finance operations, to IDB Group members and Member Countries.
-Provide training in Islamic Economics and Finance sector and project financing modalities to IDB Group staff and Member Country officials.
-Provide advisory services and technical assistance related to Islamic economics, banking and finance.
-Be the focal point, collaborate and coordinate with Islamic Infrastructure institutions, multilateral bodies and other public and private sector organizations to promote Islamic economics, banking and finance.
-Collect, systematize and disseminate data and knowledge in Islamic economics, banking and finance in Member and Non-Member Countries.
-Assess existing Islamic Finance products and instruments used by IDB Group members and identify areas of further improvement.
-Develop innovative Islamic Finance products and instruments and promote their use by the IDB Group and Member Countries.