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Islamic finance has an enduring appeal aftermath of a global financial crisis, says Muhammad Al-Jasser, governor of Saudi Arabian Monetary Agency (SAMA) at the Sixth Annual Summit of the Islamic Financial Services Board (IFSB) in Singapore last week.  The summit was attended by more than 250 Islamic financial services industry stakeholders from across the world.

His comment seems parallel with the speakers said at World Islamic Economic Forum (WIEF) held in Jakarta early this year. I noted that experts and practitioners of Islamic finance still have optimistic perspective on the development of Islamic finance industries, although the world’s struggle on global financial crisis is on the way.

More countries are affected by global financial crisis, including countries that addressing both conventional finance and Islamic finance. Currently, some countries are paying more attentions to Islamic finance and let the institutions grow.In response of global financial crisis, is there any need to revitalize Islamic financial services industry in the middle of reformation of global financial architecture?

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In fighting of global economic recession, a greening of fiscal stimulus packages should be considered.  I think this is an important massage for the leaders of most powerful economic gathering in The London Summit 2009.

I notice recent policy brief of UNEP  called Global Green New Deal (GGND). The proposal says that fiscal stimulus should prioritize energy efficient buildings and investments in sustainable transport and renewable energy. In the meantime, developing countries should prioritize investment in agricultural productivity measures, freshwater management, and sanitation, as these have demonstrable and exceptional social returns.

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More countries are fighting the current economic recession as we can see in this week’s London Summit of Group of 20 meeting. Leaders of the world’s 20 largest economic powers discuss the global recession and decide new measures establishing the world on a more stable economic footing. In facts, many countries are facing the facts that their economic growth is decreasing, less exports and more jobs are loss. Many governments then made a plan of new economic stimulus for various sectors, including natural resources business such forestry. The new economic stimulus is expected to create more jobs.

I noted a press release of FAO referring recent report on Green Jobs by ILO. According to the study, unemployment worldwide could increase from 179 million in 2007 to 198 million in 2009 under the best case scenario.  With the worst case scenario, it reach higher as 230 million.

Another estimation of  job losses in US says it spread from construction, retail, professional services until manufacturing. The number were varies from 12,000 to 51,000 for each sector.

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