The Islamic Financial Services Board, in partnership with Bank Indonesia and the International Islamic Liquidity Management Corporation, convened its annual Joint High-Level Seminar and Investment Forum in Jakarta on resilience and innovation in liquidity management for the Islamic financial services industry. In the keynote address, IFSB Secretary-General Dr. Ghiath Shabsigh argued that as Islamic finance reaches approximately USD 3.9 trillion and approaches systemic importance across the Middle East and North Africa, South Asia and Southeast Asia, monetary authorities need robust liquidity management frameworks tailored to Islamic finance, with responsibility resting primarily with policymakers. The remarks positioned central banks as pivotal to money market development through their monetary policy regimes, operational frameworks and liquidity regulations, while governments influence market depth through debt management practices and instruments. Dr. Shabsigh cautioned that without adaptation by monetary authorities and governments, Islamic institutions will continue innovating within conventional frameworks by creating instruments that reference Islamic contracts but mimic conventional outcomes, with potential consequences for market development and public trust. The programme included panels on policy responses to economic trends and resilience, the role of digital technology and inclusivity in liquidity management (moderated by IFSB Deputy Secretary-General Abdullah Haron), and an IILM-led investor forum focused on sukuk as cross-border liquidity solutions, with participation from Bank Indonesia, Bank Negara Malaysia, the Islamic Development Bank, the International Monetary Fund and industry representatives.

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