Surabaya (24-25). The 4th Annual Islamic Finance Conference (AIFC) 2019 held in Surabaya with the theme "Blending Islamic Finance and Impact Investing for SDGs" or how Islamic finance and impact-investing are jointly applied to achieve sustainable development (SDGs).

This event was attended by Deputy Minister of Finance Mardiasmo, East Java Deputy Governor Emil Elistianto Dardak, General Director of the Islamic Development Bank (ISDB) Wahid Abdelwahab, Indonesia Representative of the United Nations of Development Program (UNDP) Christophe Bahuet, Rector of the University of Airlangga Mohammad Nasih, and others from policy makers, economists, academics, and industry players, to discuss sharia economic and financial issues.

AIFC 2019 was opened by a speech of Elistianto Dardak, East Java Deputy Governor. In his speech Emil said the synergy of stakeholders was very important to develop Indonesia's Islamic finance and economy. "There must be a good synergy for economic development and Indonesian Islamic finance," Emil said.

Deputy Minister of Finance of the Republic of Indonesia, Mardiasmo conveyed in his remarks that Islamic finance has a large potential role in impact investment. "The purpose of Islamic investment is to achieve good things such as the obligation of zakah to those who are entitled. This is in line with impact investing, namely business goals are still achieved and can provide benefits to the community in achieving the SDGs, "said Mardiasmo.

Prof. Dato Azmi Omar, President of INCEIF Malaysia said that zakat and waqf, are seen as potential forms of Islamic finance in the context of impact investing or sustainable investment. This is because there are many similarities, among others, that both link between business activities and social activities, have a purpose to improve the welfare of the community, and promote financial inclusion, "said Dato.

Joanne Manda, Senior Advisor for UNDP's Innovative Financing, said that she was very interested in combining impact investments with Islamic finance. Because, Islamic finance has the same mission, namely for sustainable development that takes into account environmental and social factors. For example zakat, has been involved with sustainable development in 2018. At that time, the National Zakat Board (BAZNAS) and Bank Jambi built a hydroelectric power centre in Jambi with 2000 household’s beneficiary.

Walid Abdelwahab, General Director of Country Relations and Services at the Islamic Development Bank (IsDB), said that the prospect of Indonesia is very large to combine impact investment and Islamic finance. This huge potential is supported by the many similarities in Islamic finance and impact investments. "They are both value-based. Value that contributes directly or indirectly to social life, development, and environmental standards, "Walid said.