Month: April 2024

Riyadh, Kingdom of Saudi Arabia, 28 April 2024 –The first-place winner of the 2024 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics, Professor Mehmet Asutay, received the award during a ceremony in Riyadh, Kingdom of Saudi Arabia.

The award was presented by the IsDB Vice President (Operations), Dr. Mansur Muhtar, on behalf of H.E. the President, Dr. Muhammad Al Jasser, during the 18^th IsDB Global Forum on Islamic Finance, held on the sidelines of the IsDB Group Annual Meetings and Golden Jubilee Celebration. The first-place prize comes with a US$ 50,000 award and a certificate for the winner.

A professor of Middle Eastern and Islamic Political Economy & Finance at Durham University, Prof. Asutay was awarded the prize in recognition of his significant work on Islamic moral economy and the articulation of Islamic finance to be supportive of sustainable development and the welfare of human beings.

The winner was selected by an independent committee of experts from outside the IsDB Group, whose work is coordinated by the Islamic Development Bank Institute (IsDBI).

In his comments on this occasion, Prof. Asutay said: “I am grateful to the Selection Committee for this prestigious prize and the recognition of my work in Islamic Moral Political Economy and the impact it has so far created. I dedicate this award to my students and research collaborators, whose insights have been invaluable.

“I thank Allah (SWT) for giving me the strength to pursue a just and empowering economic framework inspired by Islamic values and norms in essentialising an ihsani (sustainance of an equilibrium based) governance system to ensure resource accessibility within the defined permissibilities of Islam. I appreciate the Founding Fathers of Islamic Economics and the IsDB Institute for their pioneering works, and I am grateful to have collaborated with many inspiring Founding Fathers and academics and professionals over the past decades.”

Prof. Asutay is the Director of the Durham Centre for Islamic Economics and Finance, the Programme Director for MSc in Islamic Finance, and the Director of the Durham Islamic Finance Summer School.

He teaches and supervises research on Islamic Political Economy; Islamic Moral Economy; Islamic Banking, Finance and Management; and Political Economy of Development in the Middle East, including Turkish Political Economy and Kurdish Political Economy.

The prize laureate has a Ph.D. in Political Economics and MA in Economics of Public Policy from the University of Leicester (UK);  a Postgraduate Diploma in Economic and Social Policy Analysis from the University of York (UK); and also studied for MSc in Public Finance at the University of Istanbul (Turkey).

Riyadh, Kingdom of Saudi Arabia, 28 April 2024 – The Islamic Development Bank (IsDB) in partnership with the Government of Azerbaijan conducted an influential high-level roundtable discussion today titled “The Road to COP29″. This significant event, led by His Excellency Mr. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and IsDB Governor, brought together distinguished heads of institutions and delegates from various governments, international institutions, and partners to deliberate on advancing global climate action.

The roundtable, a precursor to the Conference of the Parties (COP29) scheduled to be held in Baku, Azerbaijan, in November 2024, addressed pressing global environmental challenges and the collective action required to meet the goals of the Paris Agreement and the Sustainable Development Goals.

In his opening remarks, IsDB Vice President Dr. Mansur Muhtar expressed profound gratitude to His Excellency Mr. Mikayil Jabbarov for his pivotal role in the organization of this event. “We are united by the shared challenges of climate emergencies, biodiversity loss, and rising inequalities,” said Dr. Muhtar. He highlighted IsDB’s commitment to aligning all sovereign investments with the Paris Agreement’s objectives and dedicating substantial resources from the IsDB towards climate action. Last year the Bank was able to meet its climate financing target of 35%, two years ahead of its schedule.

The roundtable emphasized the urgency of the upcoming COP29 as a critical milestone for global climate initiatives, particularly following the insights from the Global Stocktake in Dubai, which underscored the need for enhanced global efforts. Discussions focused on the advancement of the global adaptation goal and the crucial need to secure adequate and predictable climate finance for developing nations and vulnerable communities.

The event concluded with a reaffirmation of the commitment towards a successful and inclusive COP29. “This roundtable has provided us with invaluable insights and set the stage for a unified approach to COP29,” Dr. Muhtar remarked in his closing statement. He also thanked all participants for their active engagement and contributions, which are expected to significantly influence the discussions and outcomes of COP29.

IsDB and the Government of Azerbaijan are looking forward to continuing their collaborative efforts to ensure a productive and transformative COP29, fostering a future where sustainable development and environmental resilience are at the forefront of global priorities.

Riyadh, Kingdom of Saudi Arabia, 30 April 2024 – On the second day of the Islamic Development Bank Group’s (IsDB) 2024 Annual Meetings, convened in a pivotal Governors Dialogue Session on the economic diversification of Bangladesh, one of the Bank’s founding member countries. Part of the ongoing Annual Meetings, which have attracted significant international attention amidst IsDB’s Golden Jubilee celebrations, the session featured H.E. Abul Hassan Mahmood Ali, the finance minister and IsDB Governor of Bangladesh. In a lively and comprehensive dialogue with the Group Chief Economist Dr. Areef Suleman, Honorable Minister Ali shared thoughtful insights on Bangladesh’s development progress and challenges, exploring strategies for further economic diversification amidst global economic shifts.

The objective of the dialogue was to delve into the challenges and opportunities associated with expanding Bangladesh’s economic activities to achieve structural transformation and meet the objective of becoming an upper-middle-income country by 2031. The dialogue shed light on Bangladesh’s remarkable economic performance with the country ranking among the ten fastest-growing economies worldwide over the past 15 years. This sustained growth acceleration translated into significant multidimensional poverty reduction.

“Life in poverty does not have to be perpetual; it can be changed in our own time,” said H.E. Ali, reflecting on the many advancements that Bangladesh has witnessed across key industries. Bolstered by the continuous support of the Bank over the decades, the nation’s multifaceted approach to combating poverty spans the increased availability of electricity, healthcare, education, and general infrastructure, particularly in rural areas. The session also addressed the role these achievements have played in empowering women in rural areas to pursue local micro-enterprises and participate in the mainstream economy.

With this in mind, Bangladesh has established itself as a key success story for both IsDB and the Global South. H.E. Ali also attributed these milestones to the hard work, dedication, and optimism of the nation’s youth, who today benefit from diverse opportunities to venture into new industries and areas of specialization.

This dialogue is part of IsDB’s commitment to fostering socio-economic development across its member countries, as it marks 50 years of transformative impact and partnership.

Riyadh, Kingdom of Saudi Arabia, 29 April 2024 – The Islamic Development Bank Institute (IsDBI) and the Central Bank of Mauritania signed an Islamic Finance Technical Assistance Agreement on 28 April 2024, on the sidelines of the IsDB Group Annual Meetings and Golden Jubilee in Riyadh, Kingdom of Saudi Arabia.

The deliverables and outputs of the grant are expected to lay the foundation and pave the way for an efficient, sustainable, and modern Islamic banking sector in Mauritania. The overall aim of the technical assistance is to support the country’s socioeconomic development through an inclusive and resilient financial sector.

The grant agreement was signed by Dr. Sami Al-Suwailem, Acting Director General of the Institute, and H.E. Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania, who is also IsDB’s Alternate Governor for Mauritania.

Components of the IsDB Institute technical assistance will aim to enhance Mauritania’s Islamic banking regulatory and supervisory framework to enable an environment conducive to the growth, operations, and development of the Islamic banking industry.

This enhancement is in response to the challenges identified by the stakeholders in the mainstream growth and development of the Islamic banking industry in the country.

In his comments on the occasion, Dr. Sami Al-Suwailem stated: “The IsDB Institute is pleased and honored to support Mauritania in its aspirations to develop its Islamic banking industry. We stand ready as partners to support the country in achieving its overall economic development objectives through a resilient and inclusive Islamic financial sector.”

Riyadh, 29-04-2024, The private sector institutions of the Islamic Development Bank (IsDB) Group successfully organized the 12^th edition of the “Private Sector Forum – 2024”. Held from 28^th to 30^th April 2024 at the Intercontinental Hotel in Riyadh, Saudi Arabia, the Forum took place on the sidelines of the Annual Meetings of the IsDB and the Golden Jubilee of the Islamic Development Bank under the patronage of the Custodian of the Two Holy Mosques, King Salman Bin Abdelaziz Al Saud.

The primary objective of the Private Sector Forum was to provide a unique platform for the global business community to connect, network, and explore investment and trade opportunities offered by member countries. Additionally, the Forum showcased IsDB Group activities, projects, services, and initiatives across member countries, highlighting the organizations’ role in promoting Public Private Partnership (PPP) projects and its services to the private sector. This event served as a gateway for potential investors interested in Saudi Arabia and as a platform to promote the KSA Vision2030.

The event attracted more than 2,000 participants, including government officials, Chairpersons, Presidents, and CEOs of local and international companies, multilateral and financial institutions, chambers of commerce and industry, business associations, investment promotion agencies, individual investors, and entrepreneurs. The Forum facilitated parallel business to business (B2B) and business to government (B2G) meetings, enabling business communities across member countries to establish valuable connections. Moreover, the event featured exhibitions for partners, a competition for start-ups, and, for the first time, recognized and awarded notable organizations and personalities has been recognized and awarded by the IsDB Group entities.

In his address, H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the IsDB Group, remarked: “The 12^th edition of IsDB Group Private Sector Forum, taking place this year in the Kingdom of Saudi Arabia, has successfully promoted the integration of the public and private sectors, which is crucial for the economic and social development of our member countries. It is the responsibility of the public sector to develop infrastructure and legislation to foster an attractive business climate for the private sector to stimulate production and create jobs” H.E. Dr. Muhammad Sulaiman Al Jasser thanked the attendees for their participation in the Forum, which included 17 sessions, more than 60 speakers, 32 exhibitors, and more than 2,000 participants representing 83 more countries and witnessed the signature of 53 agreements with amount of US$ 6,486 billion.

Mr. Oussama Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, on the impactful outcomes of the forum, stated: “The Private Sector Forum has served as a crucial platform for ICIEC to explore innovative strategies that merge trade, insurance, and investment sectors, especially in line with Saudi Arabia’s Vision 2030. This year’s forum has been instrumental in facilitating a valuable exchange of knowledge among leading experts and stakeholders.” “Moreover, the Forum played a critical role in highlighting the importance of these sectors in fostering economic diversification and sustainability. Our approach at ICIEC, guided by robust underwriting, reinsurance, and risk management policies, has significantly contributed to this effort. With over US$ 108 billion in cumulative trade and investment insurance, focusing on key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture, we have been able to identify challenges and opportunities that align with Vision 2030, fostering essential partnerships. ICIEC remains committed to driving economic growth and sustainable development in our member states through strategic insurance and investment solutions.” added Mr. Kaissi .

Reflecting on the success of the Private Sector Forum, H.E. Eng. Hani Salem Sonbol, the Acting CEO of The Islamic Corporation for the Development of the Private Sector (ICD), and CEO of the International Islamic Trade Finance Corporation (ITFC), highlighted the core focus of their activities on sustainability and development. He expressed hope that the forum effectively presented existing co-financing opportunities available for the private sector and discussed potential solutions in sustainable development. Eng. Hani Salem Sonbol emphasized the importance of the private sector as a vital driver of economic growth, job creation, and poverty alleviation in member countries. The ICD has been instrumental in this effort, having disbursed more than USD 4.5 billion to unlock private sector investment in finance, infrastructure, agriculture, manufacturing, and energy for sustainable development since its inception in 1999. This is a testament to their commitment, with a record of 451 approved projects in 50 countries. He reaffirmed ITFC’s commitment to supporting private sector growth, underscoring the collaborative efforts in empowering businesses and driving economic progress across member countries. Over the last 15 years, ITFC has approved a cumulative total of US$ 18.5 billion in support of private sector and SME clients, accounting for 25 % of its trade finance portfolio.

Riyadh, Kingdom of Saudi Arabia, 29 April 2024 – In a major step forward to consolidate their development cooperation, the Republic of Türkiye and the Islamic Development Bank (IsDB) Group have launched a new Country Engagement Framework (CEF) under the theme of: “Supporting Resilient, Inclusive and Sustainable Development in Türkiye”

The launching took place on 29 April 2024 in Riyadh, Kingdom of Saudi Arabia, between, IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, and H.E. Dr. Mehmet Şimşek, Minister of Treasury and Finance and IsDB Governor for Türkiye, on the sidelines of the ongoing 2024 IsDB Group Annual Meetings and Golden Jubilee celebrating the 50^th establishment anniversary of the Bank.

At the ceremony, H.E. Minister Mehmet Şimşek, stated: “Today, as a significant milestone in our historic relations with our strategic partner IsDB, we are pleased with the launch of the new Country Engagement Framework for 2024-2026.

The main objective of CEF is to support Türkiye in attaining resilient, inclusive and sustainable development.

CEF is a clear display of IsDB’s belief as a Group in Türkiye’s economy.  

I would like to thank the Management and the Regional Hub Türkiye staff for their cooperation in preparing CEF.”

IsDB Group Chairman, H.E. Dr. Al Jasser, meanwhile, reiterated: “This cooperation agreement follows our Realigned Strategy (2023–2025) that aims to boost recovery, tackle poverty and build resilience and drive green economic growth. IsDB Group is pleased to state that this CEF is designed to support Türkiye in its efforts towards sustainable, inclusive, and private-sector-led growth.”

The CEF is a three-year plan (2024-2026) that fully aligns with IsDB Group’s mission and realigned strategy that enables impactful solutions in line with Türkiye’s 12th Development Plan (2024-2028) and Medium-Term Program (MTP, 2024–2026) corresponding with the UN sustainable development goals (SDGs).

The CEF aims to support the Government in achieving its development targets by addressing some of the critical bottlenecks under current and emerging economic and financial challenges. The financing envelope for the IsDB Group’s CEF (2024-2026) is tentatively set at US$6.3 billion. It comprises IsDB’s public-sector and public-private partnership (PPP) funding of US$2 billion, ITFC (the International Islamic Trade Finance Corporation) financing of US$900 million, ICD (the Islamic Corporation for the Development of the Private Sector) financing of US$300 million, and ICIEC (the Islamic Corporation for the Insurance of Investment and Export Credit), IsDB Group’s investment insurance arm, coverage of US$3.1 billion.

The IsDB Group-Türkiye CEF is based on two strategic pillars: (i) Resilient and Sustainable Transition (ii) Productivity Enhancement, Competitiveness, and Inclusive Growth, and has cross-cutting pillars of Digital Transformation; Islamic finance; Regional Economic Cooperation and Integration; Capacity Development; and South–South cooperation.

The CEF will be reviewed periodically and adjusted with mutual agreement between IsDB Group and Türkiye based on the selection of proposed projects, financing instruments, and co-financing opportunities with development partners.

Türkiye is a founding member of the IsDB which hosts a Regional Hub with two offices in Ankara and Istanbul. In the past 5 decades, the Bank has provided nearly US$13 billion in financing to the country in more than 545 development projects in various sectors including education; health; clean and high-speed transport; infrastructure and industries; Islamic banking and finance; international trade; green energy production; energy efficiency; as well as investment and export insurance. 

Jeddah, Saudi Arabia  28 April 2024- The Islamic Development Bank (IsDB) marked its Golden Jubilee today in Riyadh, Saudi Arabia, with the Bank’s President, H.E Dr. Muhammad Al-Jasser highlighting the institution’s growth over five decades and its commitment to serving future generations.

“This is a moment of pride and esteem that stands as testimony to the great efforts exerted by everyone concerned,” Dr. Al-Jasser said, crediting the initiative of King Faisal bin Abdulaziz and other Islamic leaders for establishing the IsDB in 1975.

Originally a single institution with 22 member countries, the IsDB has grown into a group of five institutions serving 57 member states across four continents. Its total project approvals have surpassed $182 billion since inception.

Dr. Al-Jasser expressed gratitude to the Kingdom of Saudi Arabia for hosting the celebration and for its continuous support throughout the IsDB’s journey. He also commended member countries, partner development organizations, Board members, past IsDB leadership, and staff for their contributions.

“These achievements were enabled primarily by the grace of Allah Almighty and subsequently by the concerted efforts of our member countries,” he said, acknowledging the role of development partners and IsDB staff in building “a world-class development institution.”

Looking ahead, Dr. Al-Jasser emphasized the IsDB’s commitment to charting its future course. “We are currently studying plans to draw up a new strategy … that contemplates the future, aligns with the ambitious visions of our member countries,” he stated.

The IsDB President concluded by reiterating the institution’s dedication to serving humanity and contributing to the socio-economic development aspirations of its member countries, not just for present challenges but also for future generations.

He expressed renewed thanks to the Saudi Arabian government for its hospitality, led by King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.

The Securities Commission Malaysia (SC) today signed a Memorandum of Understanding (MOU) with the Islamic Development Bank (IsDB) Group, paving the way for greater cooperation in Islamic capital market (ICM) and broadening the reach of Islamic fintech and social finance, particularly waqf.  

Honorable Prime Minister of Malaysia, Dato’ Seri Anwar Ibrahim and IsDB President and Chairman, His Excellency Dr. Muhammad Al Jasser, witnessed the signing of the landmark MOU, the first-of-its-kind between the Malaysian capital market regulator and the premier multilateral development bank of the Global South.

The SC Chairman, Dato’ Seri Dr. Awang Adek Hussin and IsDB Vice President, Finance and Chief Financial Officer, Dr. Zamir Iqbal signed the MOU on the sidelines of the IsDB Annual General Meeting 2024 in Riyadh.

Dato’ Seri Anwar and H.E. Dr. Muhammad Al Jasser, in their meeting in March 2023, had agreed that regulators, authorities and businesses in Malaysia to work closely with IsDB to explore new areas of collaboration. These include developing and piloting innovative Islamic finance products, promoting the halal industry, and supporting micro, small and medium enterprises (MSMEs).

Under the MOU signed this morning, both the SC and IsDB will collaborate in several key areas. These include facilitating innovation in Islamic fintech, promoting development of Islamic social finance, and encouraging inflow of investments, among others.

It also aims to increase capacity building, knowledge sharing and joint technical projects in key interest areas related to ICM, which can also be capitalised by both institutions for the benefit of other IsDB member countries. 

Dato’ Seri Dr. Awang Adek said the synergistic collaboration marked a historic milestone for the SC and IsDB.

“We now intend to broaden and deepen Islamic fintech state of play via scalability and new markets as well as amplify opportunities through social finance including development of waqf assets, by using our respective capital markets and financial development expertise,” he said.

“Through greater collaboration, both parties can also develop and scale up the MSMEs, in support of our aspirations,” he added.

Dr. Muhammad Al Jasser said, “Under this MOU, the Securities Commission Malaysia and IsDB will collaborate to enhance Islamic fintech, social finance, and attract foreign investment in private markets. This will enhance the Islamic capital markets not only in Malaysia but also across IsDB Member Countries. This partnership prioritises support for MSMEs and private markets, which are crucial for economic empowerment.” 

Dato’ Seri Dr. Awang Adek added that this MOU is also in line with the key strategic initiatives for the Malaysian ICM under the Capital Market Master Plan 3 (2021 – 2025), including expanding the reach of ICM to the broader stakeholders of the economy and embracing collaboration and innovation for growth.

To that end, the SC together with its affiliate, Capital Markets Malaysia recently engaged with various stakeholders in Abu Dhabi, Dubai and Riyadh. This includes lending Malaysia’s voice to reinforcing ICM’s impact and enhancing Malaysia’s global thought leadership.

In several panel sessions in the region, the SC’s Executive Director of Islamic Capital Market, Sharifatul Hanizah Said Ali spoke about how ICM can be harnessed to structure innovative financing instruments to further advance social impact investing, sukuk issuances and Islamic asset management.

In 2023, the Malaysian ICM grew 4.5% to RM2.4 trillion while sukuk outstanding rose by 7.4% and Shariah-compliant equities by 1.5%.

Malaysia remains the global leader in ICM, particularly in sukuk outstanding as well as Islamic fund management, securing top rankings in global indices including Islamic Fintech Index, the Global Islamic Economy Indicator and the global Islamic Finance Development Indicator for the 10th consecutive year.

SECURITIES COMMISSION MALAYSIA

Members of the Media may contact the Corporate Affairs Department at +6012 2072787 (Delyana Nordin), +6019 434 8707 (Aina Farhani) or e-mail: cau@seccom.com.my.

About the Securities Commission Malaysia:

The Securities Commission Malaysia (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. More information about the SC is available on its website at www.sc.com.my. Follow the SC on our social media channels @SecComMalaysia for more updates

الرياض، المملكة العربية السعودية، 28 أبريل 2024 – على هامش أعمال المنتدى الاقتصادي العالمي المنعقد في العاصمة السعودية الرياض، أجرى دولة رئيس الوزراء الباكستاني ميان محمد شهباز شريف، محادثات مع معالي رئيس مجموعة البنك الإسلامي للتنمية الدكتور محمد سليمان الجاسر، تناولت تعزيز العلاقات التعاون بين باكستان ومجموعة البنك الإسلامي للتنمية.

وفي بداية اللقاء، قدم رئيس وزراء باكستان التهنئة للدكتور الجاسر بمناسبة الاحتفال باليوبيل الذهبي للبنك، مشيدا بالشراكة المتنامية بين باكستان ومجموعة البنك الإسلامي للتنمية في مختلف المجالات التنموية.

من جهته قدّم الدكتور الجاسر لمحة عامة عن العلاقات الراسخة بين الجانبين، موضحاً أن مجموعة البنك الإسلامي للتنمية خصّصت تمويلاً يصل إلى 15.4 مليار دولار لباكستان يشمل مساهمات كبيرة من مختلف أذرع المجموعة، من ضمنها 3.1 مليار دولار لتمويل مشاريع من البنك الإسلامي للتنمية، و274.9 مليون دولار من المؤسسة الإسلامية لتنمية القطاع الخاص، و7.2 مليار دولار للعمليات التجارية التي تيسّرها المؤسسة الدولية الإسلامية لتمويل التجارة، وغيرها، كما قدّمت المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات دعما بلغ 6.2 مليار دولار في مجال تأمين الأعمال، إلى جانب 4.2 مليار دولار لالتزامات التأمين الجديدة.

جدير بالذكر أن باكستان دولة عضو في البنك الإسلامي للتنمية منذ إنشائه في 12 أغسطس 1974، وتضم المحفظة النشطة لمجموعة البنك الإسلامي للتنمية في باكستان 47 عملية يبلغ إجمالي تمويلها 2.3 مليار دولار، بما يشكّل 15.2% من إجمالي المحفظة. وخلال العامين الماضيين، كانت هناك زيادة ثابتة في الموافقات على المشاريع، حيث تعهّد إعلان جنيف الأخير بتقديم 600 مليون دولار من موارد التمويل العادية للفترة الممتدة من 2023 إلى 2025.

وكان البنك قد وافق في أكتوبر 2022 على تقديم منحة عاجلة بقيمة 700 ألف دولار لدعم جهود الإغاثة من الفيضانات في باكستان، في استجابة سريعة للكوارث الطبيعية، والتي تم تخصيصها من قبل الاتحاد الدولي لجمعيات الصليب الأحمر والهلال الأحمر وجمعية الهلال الأحمر الباكستاني.