The project focuses on identifying and structuring financing instruments adapted to the needs of early-stage ventures operating in civil law systems. Contractual solutions widely used in common law jurisdictions, such as convertible notes, simplified convertible preferred shares, and SAFE agreements, have proven effective in reducing cost, complexity, and negotiation time. However, their application within civil law frameworks requires further legal development, particularly to ensure compatibility with Islamic finance principles.

Within this framework, the initiative combines research, comparative legal analysis, and contract design to review existing risk-sharing financing models, assess their alignment with Islamic finance principles, and examine the feasibility of adapting comparable mechanisms to the Spanish legal framework. Particular attention is given to identifying enabling factors as well as legal and regulatory constraints that may affect their implementation.

Building on this analysis, the project will develop a set of Shari’ah-compliant risk-sharing contract models fully compatible with Spanish and European Union law. These models are conceived to ensure legal enforceability, economic efficiency, and adaptability for use across EU Member States and, more broadly, in non-European civil law jurisdictions, including North Africa and the Gulf.

The project also evaluates the potential of these instruments beyond early-stage ventures, with a view to supporting entrepreneurship more broadly and contributing to more ethical, inclusive, and socially responsible economic development.

“This project represents an important step in strengthening the Islamic finance industry by translating its core principles of risk sharing, fairness, and real economic activity into legally robust instruments suitable for contemporary startup ecosystems,” said Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute. “By anchoring these solutions in European civil law frameworks, the initiative supports the development of Islamic finance in Europe and offers scalable models adaptable to Muslim countries with civil law or hybrid legal systems, reflecting IsDBI’s commitment to ethical, inclusive, and innovation-driven finance at a global level.”

Dr. Celia de Anca, Deputy Dean and expert in Islamic Finance at IE University, who is leading the development of this project, said. “Ensuring that entrepreneurs have access to suitable financial tools is essential for the success of their ventures and for the sustainable development of local and regional economies.

Startups play a key role in innovation and social value creation. Islamic finance offers principles that are highly relevant today, but they require practical and flexible legal instruments that can work across different jurisdictions. This initiative responds to that need and comes at a particularly relevant moment, with the new EU-INC (European Inclusive Company) framework, which will greatly facilitate the adoption of these legal innovations across Europe.”

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The KIAD Railway is a flagship infrastructure project under Türkiye’s 12th Development Plan (2024–2028), spanning 223.9 km from Kars to Dilucu at the Turkish-Azerbaijani border and linking directly to the Kars–Tbilisi–Baku corridor. With five stations serving key districts in the Kars and Iğdır provinces, the line will become a vital segment of the Silk Road Economic Belt, strengthening the Trans-Caspian Middle Corridor as a competitive Asia–Europe freight route.

The Project is set to generate a strong economic and environmental impact by shifting freight from road to electrified rail, cutting logistics costs by an estimated 40% by 2030, enhancing supply chain efficiency, and supporting regional industries. It will employ around 3,000 workers at peak construction and stimulate broader economic activity. Its fully electrified, double-track design will also contribute significantly to Türkiye’s climate goals, reducing 498,276 tons of CO₂e annually and achieving 95% energy efficiency—placing KIAD among the region’s greenest transport initiatives.

Dr. Khalid Khalafalla, CEO of ICIEC, stated, “Thisstrategic investment reflects ICIEC’s continued commitment to supporting sustainable, high-impact infrastructure in Türkiye and across our member states. The KIAD Railway strengthens regional connectivity, advances cleaner and more efficient transport solutions, and promotes trade integration between Asia and Europe. Our participation ensures confidence for financiers and helps accelerate completion of this transformative project.”

The Project reinforces ICIEC’s mandate to promote inclusive development and integration among member countries. By enhancing freight mobility, supporting economic diversification, and contributing to Türkiye’s 2053 Net Zero vision, ICIEC’s support advances three key UN Sustainable Development Goals: SDG 8 – Decent Work and Economic Growth, SDG 9 – Industry, Innovation and Infrastructure, and SDG 11 – Sustainable Cities and Communities.

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Hosted by the Arab Gulf Programme for Development (AGFUND), the meeting brought together senior representatives and experts from all ACG member institutions. Participants reviewed progress on ongoing programs, explored new opportunities for collaboration, and agreed on key priorities to accelerate sustainable development across member and partner countries.

Discussions focused on enhancing joint financing mechanisms, promoting innovation in development cooperation, and advancing climate resilience and social programs aligned with the Sustainable Development Goals (SDGs). The group also followed up on prior engagements, including virtual meetings held on November 27 with the Green Climate Fund and the Regional Center for Renewable Energy and Energy Efficiency, aimed at fostering new partnerships with potential partners to achieve shared objectives.

The meeting highlighted several key topics, including the Abdlatif Y. Al-Hamad Development Award in the Arab World, Prince Talal International Prize for Human Development,  the Group’s Advisory Report on future strategic directions, and outcomes from ACG’s 50^th Anniversary Celebration, held in October in Washington, D.C. Representatives emphasized the importance of solidarity, shared learning, and coordinated action to address emerging global challenges and strengthen the Group’s collective impact.

The outcomes of the meeting will help guide and reinforce the ACG’s commitment to effective partnerships, innovative financing, and sustainable development globally.

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GELEPHU, BHUTAN: The Gelephu Mindfulness City (GMC) has signed a strategic Memorandum of Understanding (MoU) with Khaitan & Co, one of India’s oldest and most respected law firms, today.

The partnership aims to strengthen legal and regulatory confidence for both Indian and Global investors while supporting Bhutan’s aspiration to emerge as South Asia’s new economic growth and innovation hub.

At the signing, GMC Governor Dasho Dr Lotay Tshering said Gelephu Mindfulness City is advancing His Majesty’s vision of creating a new economic gateway for Bhutan, one where innovation, sustainability, and purpose-led growth work together to unlock mindful and long-term prosperity.

“As the India–Bhutan partnership deepens, this MoU with Khaitan & Co marks an important step in building trusted pathways for investment, entrepreneurship, and collaboration,” he added.

Siddharth Shah, a Senior Partner at Khaitan & Co, said that the firm is honoured to support one of Bhutan’s most visionary economic initiatives.

He added, “The GMC represents a new paradigm of development, where harmony, innovation, and sustainability converge. This partnership will help Indian and Global companies engage with Bhutan through a transparent and trusted legal environment, contributing to shared regional prosperity.”

Under the MoU, Khaitan & Co will:

• Advise Indian companies exploring opportunities in GMC on market entry, compliance, and investment structuring.
• Support Bhutanese businesses seeking to expand into India across corporate, tax, and operational matters.
• Collaborate with the Bhutanese legal fraternity to share best practices and build cross-border legal capacity.
• Enhance investor confidence through clarity on governance, compliance, and business structuring.

Situated along Bhutan’s southern border with India, GMC is being developed under a unique governance framework aligned with international standards. The city focuses on eight priority sectors – spirituality, health & wellness; education & knowledge; agri-tech & forestry; green energy & technologies; finance & digital assets; aviation & logistics; and tourism – creating a new model of holistic and sustainable growth.

This MoU underscores the growing momentum in India–Bhutan economic cooperation and reinforces GMC’s position as one of Asia’s most promising new destinations for sustainable and responsible investment.

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India’s Premier Real Estate Conclave returns to the ‘Lion City’ as over 1,200 Industry Leaders converge on the grand stage

MUMBAI: The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of private real estate developers, announces the 23^rd edition of its flagship event, CREDAI NATCON 2025, to be held in Singapore from September 11-13, 2025. Under the transformative theme “$30 Tn economy by 2047 backed by real estate sector growth”, this premier conclave will unite over 1,200 industry leaders, including developers, investors, policymakers, financial experts, and global innovators to chart the roadmap for India’s ambitious $30 trillion economic vision.

Singapore, renowned for its visionary urban planning, technological integration, and global connectivity, serves as an ideal backdrop for NATCON 2025. Its journey from a resource-scarce island to a thriving global hub exemplifies how strategic policies and innovative design can transform cities. CREDAI NATCON 2025 aims to draw inspiration from Singapore’s success while fostering knowledge exchange to shape a future-ready India.

Following the success of previous summits—each chosen for their unique policies, development challenges, and approaches to urban growth—NATCON 2025 continues this tradition of purposeful learning. Each edition has offered valuable insights into real estate norms, regulatory frameworks, and innovative practices that inform India’s progress. This year, Singapore has been chosen to enable a deeper understanding of its commercial and residential growth models and to explore how collaborative policies, integrated planning, and innovation have shaped its urban landscape. NATCON 2025 will provide Indian developers with the opportunity to learn from Singapore’s holistic approach and adapt these insights to drive sustainable, inclusive, and future-ready development back home.

Shekhar Patel, President, CREDAI, said, 

“As India moves towards becoming a $30 trillion real estate economy, CREDAI NATCON 2025 will play an important role in guiding this growth in line with India’s Vision 2047. The focus is not just on expansion, but on building responsibly with technology, sustainability, and inclusiveness at the core. India needs over 25 million new affordable homes by 2030, along with greener buildings and stronger urban infrastructure, and we believe immersive sessions during CREDAI NATCON will help us tackle these priorities. It brings together the best minds in the industry to discuss ideas, explore partnerships, and shape the policies needed for the future. Through this, we aim to make India’s real estate sector more innovative, resilient, and globally competitive.”

CREDAI NATCON 2025 will feature an inspiring lineup of visionary speakers, industry experts, policy influencers, and thought leaders who will share invaluable insights on emerging trends, global best practices, and strategic opportunities. Their diverse perspectives will empower participants to navigate challenges, embrace innovation, and contribute effectively to shaping the future of India’s real estate sector.

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Set on a serene private island in the middle of Udai Sagar Lake, framed by the Aravalli hills, Raffles Udaipur offers a setting that feels at once cinematic and deeply personal. From majestic multi-day affairs to soulful, intimate unions, every celebration is imbued with the signature Raffles grace, care, and attention to detail.

said Rajesh Namby, General Manager, Raffles Udaipur.

With the recent unveiling of Raffles Udaipur Lakeshore, the hotel has seamlessly expanded its offering, now catering to celebrations of every scale. The addition of expansive manicured lawns and new event spaces along the lakeside has elevated the property’s capacity, making it a truly versatile canvas for destination weddings — whether opulent or understated.

The hotel’s dedicated wedding curators, bespoke culinary journeys, and legacy of service ensure that every occasion at Raffles Udaipur is not just memorable but deeply meaningful.

This recognition at WOW Awards Asia 2025 stands as a tribute to the hotel’s continued evolution as a modern palace of celebration, where heritage meets imagination and every moment is worthy of a story.

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The event, held at the IUS Campus in Sarajevo from 18-19 June 2025, was supported by platinum sponsor Kuveyt Türk Katılım Bankası and BH Telecom, which sponsored a key panel on artificial intelligence.

The conference was inaugurated by IUS Rector, Prof. Dr. Ahmet Yıldırım, who highlighted its global significance, stating, “This conference represents a pivotal moment for global collaboration, uniting diverse perspectives to advance ethical finance and sustainable development, aligning with IUS’s commitment to fostering innovation and moral responsibility in economic systems.”

Dr. Sami Al-Suwailem, Acting Director General of IsDBI, delivered a keynote address, articulating a bold vision for Islamic finance. He stated: “Islamic finance offers the blueprint for aligning finance with markets, technology with values, and innovation with sustainability. As the world desperately seeks a new paradigm, we must rise to the challenge and contribute to a better future that we all aspire to. The path ahead will not be easy. But the mission is worth the journey.”

Dr. Ahmet Albayrak, Executive Vice President of Kuveyt Türk Katılım Bankası and Patron of the IUS Center for Islamic Finance, Innovation, and Sustainability, emphasized the importance of uniting global thought leaders to strengthen the moral and digital foundations of economic systems.

One of the highlights of the conference was the participation of three distinguished recipients of the Islamic Development Bank Prize in Islamic Economics:

• Dr. Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy & Finance, Durham University Business School, UK
• Dr. Mohammad Kabir Hassan, Professor of Economics and Finance, University of New Orleans, USA
• Dr. Habib Ahmed, Sharjah Chair in Islamic Law and Finance, Durham University Business School, UK

These luminaries enriched discussions with their expertise, offering profound insights into the intersection of ethics, innovation, and finance.

Over 160 participants from more than 20 countries, including academics, industry leaders, policymakers, and representatives of international organizations, engaged in dynamic sessions exploring topics such as Islamic fintech, sustainable investment, and the moral foundations of economic systems.

Notable sessions included “Reviving the Moral Foundations of Economic Life,” “Islamic FinTech for Inclusive and Ethical Futures,” and “Green Waqf: Islamic Sustainable Solutions to Climate Change.” A special parallel session, led by Dr. Beebee Salma Sairally, Editor of the International Journal of Islamic Finance and Sustainable Development (a jointly produced journal by IsDBI and INCEIF), provided valuable guidance on publishing in peer-reviewed journals.

The conference is expected to pave the way for Bosnia and Herzegovina to become an intellectual hub for the development of Islamic economics and finance in the region and to contribute to the national and regional sustainable development agenda.

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VIENNA, AUSTRIA: The fourth OPEC Fund Development Forum concluded with a strong slate of new commitments, loan agreements, and strategic partnerships to advance inclusive transition and sustainable development. The Forum brought together more than 700 global leaders, including government representatives, development institutions, and private sector stakeholders, under the theme “A Transition That Empowers Our Tomorrow”.

The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America, and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries.

OPEC Fund President Abdulhamid Alkhalifa said, “The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today, we achieved tangible progress – with new signings, new partnerships, and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture, or finance, we are responding with solutions that make a difference.”

As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure.

Deepening Country Partnerships for Long-term Impact

New country-level agreements and cooperation frameworks include:

• A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years.
• A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA), and the Kuwait Fund.
• A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country’s development priorities, including quality infrastructure, improved essential basic services, and the promotion of entrepreneurship and the private sector.
• Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector.

Scaling up Private Sector Support

The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa:

• In Côte d’Ivoire, a €30 million loan agreement with Coris Bank International Côte d’Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs).
• A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania, and Rwanda, strengthening regional integration and inclusive growth.

New Trade Finance Initiative

• At the Forum, the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps, and strengthening resilience to external shocks in vulnerable economies.

Advancing global cooperation

The Forum also featured new agreements to deepen multilateral cooperation:

• A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy, and human development projects across the Latin American and Caribbean region.
• The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems.
• A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.

Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani, to strengthen development collaboration and mobilize investment flows to Mauritania. The roundtable resulted in an ACG joint pledge of US$2 billion in financing over the next five years. This will be directed to vital sectors, including energy, water, transportation, and digital infrastructure, to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region’s urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund’s partner institution, the Arab Bank for Economic Development in Africa (BADEA).

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OPEC Fund President Abdulhamid Alkhalifa will open the Forum alongside President Mohamed Ould Ghazouani of Mauritania and Minister of Finance Mohammed Aljadaan of Saudi Arabia. Senior government officials from across Africa, Asia, the Middle East, Latin America, and the Caribbean, along with heads of multilateral institutions, will join forces to drive solutions to some of the world’s most pressing challenges.  

President Alkhalifa said: “Today’s interconnected crises – from climate change to economic volatility – demand institutions that are agile, responsive, and resolute. The OPEC Fund stands firmly with our partners and with the Global South. Our Development Forum is not just a platform for dialogue – it is a catalyst for collective action and transformative impact. Together, we can transform adversity into opportunity.”

The 2025 Forum will tackle four high-impact themes: financing development, climate resilience, digital inclusion, and sustainable transitions for vulnerable economies. Sessions will focus on generating actionable ideas and partnerships that can accelerate progress toward the delivery of the Sustainable Development Goals. A series of cooperation agreements will be signed to further strengthen South-South partnerships.

Confirmed speakers at the OPEC Fund Development Forum include the Vice-President and Minister of Finance of the Republic of Botswana, Ndaba Nkosinathi Gaolathe, the Prime Minister of São Tomé and Príncipe, Américo d’Oliveira dos Ramos; the Prime Minister of the Solomon Islands, Jeremiah Manele; the Minister of Finance of Nigeria, Adebayo Olawale Edun; the Minister of Economy of Azerbaijan, Mikayil Jabbarov; the  Minister of Planning and International Cooperation of Guinea, Ismaël Nabé; the Minister of Finance of Nepal, Ghanshyam Upadhyaya; and the Minister of Finance and Economic Planning of Rwanda, Yusuf Murangwa.

Institutional leaders participating include the President-elect of the African Development Bank (AfDB) and current President of the Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah; the Executive President of CABEI,  the Central American Bank for Economic Integration, Gisela Sánchez; the Executive President of CAF, Development Bank of Latin America and the Caribbean, Sergio Díaz-Granados; the President of the Caribbean Development Bank, Daniel M. Best, and the Chairman of the Islamic Development Bank (IsDB), Muhammad Sulaiman Al Jasser.  

On June 16, one day prior to the Development Forum, the OPEC Fund will host the annual meeting of the Heads of Institutions of the Arab Coordination Group (ACG), followed by a high-level roundtable on Mauritania with President Ghazouani to mobilize coordinated support for Mauritania’s national development priorities, particularly in energy, food security and infrastructure.

The week’s activities will culminate with the OPEC Fund Ministerial Council and Governing Board meetings on June 18, where new projects supporting sustainable development will be approved.

For the full agenda and speaker list of the OPEC Fund Development Forum 2025, visit: opecfund.org

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NEW DELHI: At a pivotal moment for the UK–India economic corridor, following the signing of the Free Trade Agreement, Grant Thornton, in collaboration with India Global Forum and Confederation of Indian Industry, will launch the latest edition of the India Meets Britain Tracker at IGF London on 18th June. This highly anticipated report will deliver a powerful, data-led narrative of how Indian companies are reshaping the UK economy.

The report will be officially launched during a special session at the Queen Elizabeth II Centre, as part of IGF London’s flagship programme. With the UK and India ranking as the 6th and 4th largest economies, respectively, this report offers an incisive look at one of the world’s most strategic investment corridors.

The launch is a cornerstone moment and further builds on IGF’s ongoing efforts through the UK-India Future Forum to accelerate high-value collaborations and economic synergies between the two nations. By combining on-the-ground insights with granular data analysis, the report offers a roadmap for deeper engagement and evidence-based policymaking in the UK–India corridor.

Manoj Ladwa, Founder and Chairman of India Global Forum, said: “Indian businesses are no longer just investing abroad – they are transforming global economies. Our collaboration with Grant Thornton provides a powerful lens into this evolution and reinforces IGF’s mission to shape and support the UK–India economic partnership with data, dialogue, and delivery.”

Anuj Chande, Partner and Head of South Asia Business Group at Grant Thornton, added: “Indian companies continue to play a pivotal role in the UK’s growth story—from job creation to innovation. This year’s tracker showcases their growing diversification, scal,e and resilience, and reflects the growing maturity and confidence of Indian enterprise on the global stage.”

The official report launch will bring together senior business leaders, policymakers, and government representatives from both countries, underscoring the strategic significance of Indian investment in shaping the UK’s future economy.

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