Islamic Development Bank 47th Board of Governors Meeting Endorses IsDB Strategic Alignment (2023-2025)

Sharm El Sheikh, Egypt, 4 June 2022  – The Islamic Development Bank (IsDB) Board of Governors in its 47th Annual Meeting held on 3 rd June 2022 endorsed the IsDB’s Strategic Realignment for the period 2023-2025. This exercise was initiated based on the guidance provided by the Governors during the Governors’ Roundtable held at the 46th Annual Meeting of IsDB Group held in Tashkent, Uzbekistan in September 2021.

In view of the Governors’ pressing call for strategic realignment of the Bank amid the COVID-19 pandemic and beyond, the Bank initiated the repositioning of the Bank in order to effectively help its Member Countries (MCs) to tackle the multitude of challenges they are facing. The medium-term strategic direction of the Bank has therefore been realigned with the MCs’ evolving needs given the global economic recovery is facing significant headwinds amidst the ongoing negative impact of COVID-19 and the Eastern European conflict.

The pandemic and the Eastern European conflict have translated into higher prices of critical food items and fuel. Furthermore, the food security situation is further aggravated by the drought in Eastern Africa affecting millions of people. These factors are further exacerbating the prospects of early recovery
and further increased uncertainties.

In this global context, the IsDB’s Strategic Realignment (2023-2025) was undertaken, founded upon a widely inclusive and consultative process to help the MCs address these challenges effectively. It has three focus areas namely: (i) Boosting recovery; (ii) Tackling poverty and building resilience; and (iii) Driving green economic growth. The Bank’s interventions in the next 3 years will be driven by two key pillars. The First Pillar aims at supporting Green, Resilient and Sustainable infrastructure. It will cover 6 critical infrastructure sectors namely: (i) Clean and Renewable Energy; (ii) Sustainable Multi-model Transport; (iii) Agriculture and Rural Development; (iv) Information and Communication Technology & Digitization; (v) Social Infrastructure; and (vi) Urban Development, Water and Sanitation.

The Second Pillar will cover promoting inclusive human capital development focusing on 5 complementary sectors and thematic areas, namely: (i) Universal Healthcare / services; (ii) Resilient and Quality Education; (iii) Nutrition and Food Security; (iv) Social Protection; and (v) MSMEs and Job Creation.

The four cross-cutting enabling areas that support the two pillars are Islamic Finance, Climate Change, Women and Youth, and Capacity Development. The IsDB’s Strategic Realignment’s Implementation will be driven by four guiding principles: (i) to be responsive to MCs; (ii) to be results driven; (iii) to ensure regional presences is further strengthened and empowered; and (iv) for IsDB Group comprising the six entities to work as a single unit under the “One Group- One Goal” approach aimed at offering holistic and complementarity services to MCs.

In order to effectively implement the strategy, the Bank’s support will originate from and be driven by the National Plans of MCs. The support will also be adaptive to the diverse needs of MCs and use technologies to effectively deliver development financing and knowledge services.

Furthermore, the IsDB Group will expand development partnerships and mobilize additional financing and also scale-up its own financing with the materialization of 6th General Capital Increase. In addition, beside development financing it will also provide value added knowledge services to MCs. The Bank will enhance its organizational efficiency and development effectiveness, empower field staff with clear accountability and put the right people in the right places that will enable it to effectively deliver on the Strategic Realignment 2023-2025.

47th Annual Meeting IsDB Board of Governors Wraps up Work

Sharm El Sheikh, 4 June 2022
The 47th Annual Meeting of the Board of Governors of the AAA-rated biggest South-South Multilateral Development Bank (MDB) was held from 4 June in the framework of the 2022 Annual Meetings of the IsDB Group in the iconic city of Sharm El Sheikh under the patronage of the Hon. President of the Arab Republic of Egypt, His Excellency President Abdel Fattah El-Sisi, under the theme: “Beyond Recovery: Resilience and Sustainability”.

The agenda adopted by the meeting comprised several entries including a review of the 47 th Annual Report of the Bank, as well as the election of the Chairman of the board and two Vice-Chairmen for the Board of Governors for the year 2023.

Furthermore, the members of the IsDB Board of Governors adopted and approved the IsDB Strategic Realignment for the period 2023-2025.


They also discussed the allocation of part of IsDB’s net income to granting technical assistance (TA) operations as well as scholarship programs for 2023-2025, in addition to the appointment of the external auditors for several IsDB funds including the Waqf Fund, the Awqaf Properties Investment Fund (APIF), the World Waqf Foundation, IsDB Fund for Science and Technology for the Financial Year 2023 and the Economic Empowerment Fund for the Palestinian People for the Financial Years 2022 and 2023.

It is worth noting that the Arab Republic of Egypt, hosted the Annual Meeting of the Board of Governors of the Islamic Development Bank (IsDB) for the second time in the past 3 decades.

The 48th Annual Meeting of the IsDB Board of Directors shall be held in the port city of Jeddah, in the Kingdom of Saudi Arabia, in 2023.

Islamic Development Bank, Community Jameel, and Abdul Latif Jameel Poverty Action Lab ready to join forces on embedding evidence-based policy labs with governments

06 June 2022
Sharm El-Sheikh, Egypt | The Islamic Development Bank (IsDB), Community Jameel and the Abdul Latif Jameel Poverty Action Lab (J-PAL) announced that they are ready to join force on a comprehensive cooperation programme with the aim of embedding evidence-based policy labs within governments.

By embedding these labs within governments, the partnership will support countries in achieving their development objectives by leveraging an evidence-based approach in the design of their social development programmes. Evidence-based programme design utilises data and evidence from rigorous impact evaluations which allow for increased understanding of the needs of vulnerable groups and the design of more impactful policies and programmes.

Through this collaboration, the IsDB, Community Jameel and J-PAL plan to embark on the partnership with pilot projects in selected IsDB member countries, helping them improve their evaluation of interventions and policies, particularly in the realms of social protection, labour promotion, and other programmes to promote human capital development.

The announcement came at an event at the 2022 IsDB Group Annual Meetings, hosted in Sharm El Sheikh, Egypt. The event, titled Next Frontier in Evidence-Based Policies: Charting a Path Forward, was co-organised by the IsDB, J-PAL, the Egyptian Ministry of Planning and Economic Development, and
Community Jameel.

Successful models of evidence-based policymaking have been piloted in Indonesia and Egypt, among other countries, where government-led partnerships with J-PAL have allowed for enhanced programmes and policies in line with the governments’ development priorities. The event highlights
how government-led partnerships with researchers operate, how they can be designed, and how they
can help generate rigorous research to inform policy design.

H.E., Dr. Hala El Said, Egyptian Minister of Planning and Economic Development, said: “The utilisation of evidence essentially distinguishes effective policies from less effective ones. Promoting a culture of evidence-based policymaking is of particular significance to developing countries, having potential to save lives, reduce poverty, and improve development performance. From that perspective, high quality
evidence should be placed at the heart of policy development and implementation.”

H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank Group, said: “I would like to highlight that IsDB is ready to join forces with Community Jameel, the Abdul Latif Jameel
Poverty Action Lab (J-PAL) and other partners to develop a comprehensive South-South cooperation programme focused on evidence-informed policymaking through knowledge-sharing and government-
embedded labs among IsDB member countries.”

Hassan Jameel, Vice Chairman of Community Jameel, said: “The ethos of our work at Community Jameel is grounded in science and promotes multidisciplinary approaches to instigate change in how
we adapt to human challenges. J-PAL’s emphasis on evidence-based policy design has proven to be
capable of addressing these challenges and supporting policymakers in adapting to specific contexts.
We are proud to be coming together with the IsDB and J-PAL to announce a shared vision for achieving
lasting change in the social programmes of countries across the Global South.”

George Richards, Director of Community Jameel, said: “This partnership unlocks the power of South-
South collaborations between researchers and policymakers to have a positive impact at scale on the lives of millions of people. Community Jameel is excited to be joining with J-PAL and the Islamic Development Bank to scale this model of embedding evidence-based policy labs in government, from
Cairo, where we launched the Egypt Impact Lab in March, to Jakarta and beyond.”

Iqbal Dhaliwal, Global Executive Director of J-PAL, said: “J-PAL is enthusiastic about the promise of this
collaboration with the Islamic Development Bank and Community Jameel. Our regional offices in the Middle East and North Africa and Southeast Asia are leading exciting work with national governments to develop evidence labs. We are committed to deepening these partnerships through this pilot with IsDB and Community Jameel and interested in replicating the model with other governments as we demonstrate together how these labs can reduce poverty through evidence.”

In March 2022, the Abdul Latif Jameel Poverty Action Lab Middle East and North Africa (J-PAL MENA) and the Egyptian Ministry of Planning and Economic Development (MPED) signed a memorandum of
understanding (MoU) which saw the launch of the Egypt Impact Lab, a collaboration that aims to strengthen the effectiveness of Egypt’s poverty reduction policies by rigorously evaluating promising and innovative government programmes and using results to inform scale decisions. The Lab seeks to
build a culture of evidence-informed decision-making across government by building partners’ capacity to use evidence in programme design and delivery, and using administrative data to facilitate evidence-
generation.


About The Islamic Development Bank (IsDB) Rated AAA by the major rating agencies, the Islamic Development Bank is a multilateral development bank that has been working for over 47 years to improve the lives of the communities it serves by delivering impact at scale. The Bank brings together 57-Member Countries across four continents, and Muslim communities in non-member countries, touching the lives of 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfill their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and centers of excellence in 11 of its Member Countries. Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment, and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).

About the Abdul Latif Jameel Poverty Action Lab: The Abdul Latif Jameel Poverty Action Lab (J-PAL) is a global research center working to reduce poverty by ensuring that policy is informed by scientific evidence. Anchored by a network of more than 190 affiliated professors at universities around the world, J-PAL conducts randomized evaluations to answer critical questions in the fight against poverty. We build partnerships with governments, NGOs, donors, and others to share this knowledge, scale up effective programs, and advance evidence-informed decision-making. J-PAL was launched at the Massachusetts Institute of Technology in 2003 and has regional centers in Africa, Europe, Latin America and the Caribbean, the Middle East and North Africa, North America, South Asia, and Southeast Asia.

About Community Jameel: Community Jameel advances science to help communities thrive in a rapidly changing world. An independent, global organisation, Community Jameel was launched in 2003 to continue the tradition of philanthropy and community service established by the Jameel family of Saudi Arabia in 1945. Community Jameel supports scientists, humanitarians, technologists and creatives to understand and address pressing human challenges in areas such as climate change, health and education. The work enabled and supported by Community Jameel has led to significant breakthroughs and achievements, including the MIT Jameel Clinic’s discovery of the new antibiotic Halicin, critical modelling of the spread of COVID-19 conducted by the Jameel Institute at Imperial College London, and a Nobel Prize-winning experimental approach to alleviating global poverty developed by the co-
founders of the Abdul Latif Jameel Poverty Action Lab at MIT.

Investing in Human Capital, Collaboration, and Development Assistance in the Post-Pandemic World

 
Sharm El Sheikh, Egypt, 2 June 2022 - The Lives and Livelihoods Fund ("LLF"),hosted a major panel discussion on the sidelines of the Islamic Development Bank ("IsDB") Group’s 2022 Annual Meetings in Sharm El Sheikh, the Arab Republic of Egypt.


The panel, which was delivered in collaboration with the Egyptian Ministry of Local Development, saw panelists share their respective experience with the LLF over the past six years, referencing how engaging with country-level decision-makers, partners, and donors have been beneficial to investing in human capital, particularly in the current global context and post-pandemic environment. 

During the discussion, the implications and the role of multilateral development cooperation platforms in strengthening the capacity of beneficiary countries to build resilience against emergencies and their economic impact in the future were unpacked.

The panel also highlighted the importance of executing practical cooperation models to support sustainable growth and development in health, agriculture, and basic infrastructure sectors and the role such cooperation plays in realizing the SDGs' human development goals. Director-General Director-General for Country Programs, Mr. Anasse Aissami, provided opening remarks, following which a keynote address by H.E. Mahmoud Shaarawy, the Egypt’s Minister of Local Development.

Commenting on the importance of investing in human capital, H.E. Mahmoud Shaarawy expressed his appreciation for such an initiative: "The Ministry of Local Development is proud to co-organize this panel discussion. Muslim countries, like other countries, have suffered on many fronts due to the pandemic and its implications. Therefore, seeing representatives of leading development organizations an policymakers coming together today to discuss opportunities of investing in human capital is reassuring".

The Minister then also shared his perspective on implementing socio-economic projects post the pandemic, stating that despite the global disruption, sustaining focus on developing essential systems and securing livelihoods among the most vulnerable remains pivotal to mitigating against future threats: "By integrating innovative investment models that improve underlying systems of healthcare and economic empowerment, countries will be able to drive a resilient recovery from the pandemic and lay the foundation for more equitable, sustainable and robust growth".


According to Minister Shaarawy, Egypt's commitment to structural reform of the economy preceded the pandemic. He emphasized that Egyptian governmental initiatives such as the Decent Life and The Upper Egypt Local Development Program (UELDP) have introduced multiple growth opportunities to enhance competitiveness, raise living standards, and empower people to lead economic development.

The invited panelists represented a wide spectrum from the international development world. These included Dr. Abdul Hakim El Waer, Assistant Director-General of the UN FAO and Regional Representative of the Regional Office for the Near East and North Africa; Dr. Waleed Addas, Head of the LLF, and LLF donor representatives, ; Mr. James Carty, Head of Middle East and East Asia at the Bill & Melinda Gates Foundation, ; and Mr. Khemais El Gazzah, Senior Advisor at Islamic Solidarity Fund for Development.
  
On his part, Mr. James Carty emphasized incorporating effective partnerships to deliver results while ensuring development effectiveness principles: "The LLF represents one of the most influential investing models in human capital in the Middle East. Since its inception in 2016, the Fund has been leveraging the capacities and grants from six major development partners in the region; the Abu Dhabi Fund for Development (ADFD), the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development (ISFD), King Salman Humanitarian Aid and Relief Centre KSRelief and Qatar Fund for Development (QFFD) in addition to the funding from the IsDB."

"Through this innovative model, we don't just address an immediate need but help create fundamental change in country systems for generations." Mr. Carty added. Dr. Waleed Addas, Head of the LLF, commented: "This panel has convened in alignment with the annual meeting's theme of Beyond Recovery: Resilience and Sustainability with the aim of sharing the experiences of the LLF as well as building on these through the reflections of other members of the panel. As LLF, we strongly
believe in driving impact through collaboration, a key theme which the panelists outlined and agreed on.

" To date, LLF has 37 active projects in 22 countries to help lift the poorest out of poverty across IsDB Member Countries through projects in Health, Agriculture, and basic infrastructure.

High-Level Panel Convenes on Sukuk for Transition to Green Economy

Sharm El Sheikh, Egypt, June 4, 2022— A high-level panel has echoed the call for Islamic Development Bank (IsDB) Member Countries to further leverage on Sukuk to mobilize much- needed funding for efforts to transition toward a green economy for a sustainable and resilient future.

The panel titled “Leveraging Sukuk Markets for Transition to a Green Economy” was jointly convened by IsDB’s Treasury Department and Climate Change unit and co-hosted by the Ministry of Finance of Egypt on the sidelines of the 2022 Annual Meeting of IsDB in Sharm El Sheikh, Egypt.

Dr. Zamir Iqbal, Vice President (Finance) and CFO of IsDB, welcomed the speakers and emphasized the importance of Sukuk, especially Green Sukuk for Member Countries, as a tailored instrument to drive capital flows to transition efforts for a better future for the people, most of whom are living in the most climate-stressed regions of the world.

The Keynote Address was delivered by H.E. Mr. Perry Warjiyo, Governor of Bank Indonesia, who shared the successful Green Sukuk experience, including challenges and lessons learned by the Republic of Indonesia, which continues to expand its very successful Green Sukuk program and its commitment to greening the economy on the path towards achieving their net-zero target.

The high-level panelists included H.E. Dr. Mohamed Maait, Minister of Finance of Egypt; H.E. Dr.
Zainab Shamsuna Ahmed, Minister of Finance of Nigeria; Dr. Heba Ahmad,
Former Minister of Finance of Sudan; and Mr. Issam Abousleiman, Regional Director (GCC Countries) at the World Bank. Mr. Mohammad Dawood, Global Head of Islamic Finance, HSBC, was the moderator.

In his remarks, H.E. Dr. Mohamed Maait shared the experience of Egypt issuing its debut Green Bonds and the plan for their debut Sukuk issuance which is currently in the works. He stressed the need for Member Countries to further enhance skills and processes for actualizing Green Sukuk due to the additional framework and reporting requirements by issuers to cater to the demands of investors.

This will help to reap the benefits of diversifying sources of funding as well as attracting new investors including those who focus on Environment, Social and Governance (ESG) and Socially Responsible Investments (SRI) linked instruments.

H.E. Dr. Zainab Shamsuna Ahmed highlighted the successful domestic Sukuk issuances within Nigeria which helped build critical infrastructure in the country and their plans for a debut sovereign Sukuk as well as Green bonds/Sukuk in the near future. Social housing and large-scale solar projects are among the project categories that they are focusing on to build a strong pipeline for these potential issuances.

Dr. Heba Ahmad presented the ambitions of Sudan for a national climate action plan, while also reiterating the importance of close coordination among different line ministries through working groups in order to align their objectives with the national plan and exert all their efforts for generating a pipeline of bankable projects that prioritize green growth for a better future. Countries can then use these projects as the underlying pool of assets for potential Green Sukuk issuances.

Mr. Issam Abousleiman called for greater regulatory support and streamlining of taxonomies to make it easier for countries to classify projects as green. This will help to scale up the volume of Green Sukuk issuances and ultimately boost the shared benefits of green growth in Member Countries.

47th Annual Meeting IsDB Board of Governors Wraps up Work

Sharm El Sheikh, June 4th, 2022

The 47th Annual Meeting of the Board of Governors of the AAA-rated biggest South-South Multilateral Development Bank (MDB) was held from 4 June in the framework of the 2022 Annual Meetings of the IsDB Group in the iconic city of Sharm El Sheikh under the patronage of the Hon. President of the Arab Republic of Egypt, His Excellency President Abdel Fattah El-Sisi, under the theme: “Beyond Recovery: Resilience and Sustainability”.

The agenda adopted by the meeting comprised several entries including a review of the 47th Annual Report of the Bank, as well as the election of the Chairman of the board and two Vice Chairmen for the Board of Governors for the year 2023.

Furthermore, the members of the IsDB Board of Governors reviewed and approved the IsDB Strategic Realignment for the period 2023-2025.

They also discussed the allocation of part of IsDB’s net income to granting technical assistance (TA) operations as well as scholarship programs for 2023-2025, in addition to the appointment of the external auditors for several IsDB funds including the Waqf Fund, the Awqaf Properties Investment Fund (APIF), the World Waqf Foundation, IsDB Fund for Science and Technology for the Financial Year 2023 and the Economic Empowerment Fund for the Palestinian People for the Financial Years 2022 and 2023.

It is worth noting that the Arab Republic of Egypt, hosted the Annual Meeting of the Board of Governors of the Islamic Development Bank (IsDB) for the second time in the past 3 decades.

The 48th Annual Meeting of the IsDB Board of Directors shall be held in the port city of
Jeddah, in the Kingdom of Saudi Arabia, in 2023.

Dr. Al Jasser Presents Awards to Winners of 2022 IsDBI Prize for Impactful Achievement in Islamic Economics

President of the Islamic Development Bank, Dr. Muhammad Al Jasser, presented awards to the winners of the 2022 IsDB Prize for Impactful Achievement in Islamic Economics.

The awards were presented to two of the prize winners, Prof. Habib Ahmed (first prize) and Prof. Mansur Masih (second prize), during the Host Country Gala Dinner held on the sidelines of the 2022 IsDB Group Annual Meetings in Sharm El Sheikh, Egypt. The third prize winner, Prof. Tariqullah Khan was unable to attend the ceremony.

The three laureates are internationally recognized academics who produced pioneering and impactful scholarly works. They won the Knowledge Contribution category of the prize for their significant and influential contributions in the field of Islamic economics and finance.

In his separate letters to the winners conveying their selection for the awards, Dr. Al Jasser congratulated them for their various accomplishments. “I hope that the award of this Prize shall encourage more researchers to discover, innovate, and convert knowledge and principles of Islamic economics into practical initiatives for wider economic development,” the IsDB president added.

During the awards presentation ceremony in Sharm El Sheikh, Dr. Al Jasser handed over the prize plaques to the winners. In addition, the prize comes with a US$ 50,000 award for the first prize winner, US$ 30,000 for the second prize, and US$ 20,000 for the third prize.

The winners were chosen by a Selection Committee of experts with the coordination of the IsDB Institute. Acting Director General of the Institute, Dr. Sami Al-Suwailem, also congratulated the winners and wished them success in their endeavours.

Prof. Habib Ahmed receiving the prize from President Muhammad Al Jasser

Prof. Habib Ahmed is the Sharjah Chair in Islamic Law and Finance at Durham University, Durham, U.K. He received the first prize for his pioneering and innovative work in Islamic economics and finance that pushed forward knowledge and influenced policymaking for the use of Islamic finance in socio-economic development.

In his response to his selection for the prize, Prof. Ahmed said, “I pray that Islamic economics and finance can continue to contribute further to resolve the complex economic problems that the humanity faces.”

Prof. Mansur Masih receiving the prize from President Muhammad Al Jasser

Prof. Mansur Masih, a Senior Professor at University Kuala Lumpur Business School, Malaysia, won the second prize for his original and pioneering contributions in bringing out ground-breaking works, particularly in the area of empirical Islamic economics and finance. 

Prof. Masih, in his response, expressed appreciation for the award adding: “I am pleased to accept this kind award. I look forward to receiving the award, Insha'Allah.”

Prof. Tariqullah Khan, the third prize winner, was selected for his ability to carve a niche through his works to revitalize the original value proposition of Islamic economics and finance. 

“Over the years the Prize has done wonderful service in supporting, recognizing and encouraging knowledge and institutions building in Islamic Economics and Finance,” Prof. Khan said.

IsDBI and Partners Discuss Deepening Collaborations during IsDB Group Annual Meetings

Sharm El Sheikh, Egypt, 1-2 June 2022 - The Islamic Development Bank Institute (IsDBI) held a series of bilateral meetings with various partner organizations on 1-2 June 2022 on the side lines of the 2022 IsDB Group Annual Meetings in Sharm El Sheikh, Egypt.

The meetings aimed to discuss the progress of projects under implementation as well potential future collaborations with the various institutions to proactively support the Islamic finance industry with nnovative and sustainable development solutions.

Dr. Sami Al-Suwailem, Acting Director General of IsDBI and Chief Economist, led the Institute’s team during the meetings, supported by Dr. Rami Abdelkafi, Team Leader for Knowledge Leaders, and Mr. Syed Faiq Najeeb, Senior Islamic Finance Specialist. I

n one of the sessions, the IsDBI team hosted H.E. Dr. Khaled Al-Mabrouk Abdullah Al-Mabrouk, Minister of Finance of Libya, where they discussed the implementation of a memorandum of understanding signed recently by the IsDB and Libyan government.

The Minister requested IsDBI’s support in enhancing capacity of various development finance institutions in Libya. The IsDBI assured of its full support to Libya and will assign relevant teams to engage in technical discussions in due course.

The IsDBI team also held separate meetings with the heads of three Islamic finance infrastructure institutions. These were Dr. Bello Lawal Danbatta, Secretary General of the Islamic Financial Services Board (IFSB), Dr. Rami Sulaiman Abudaqqa, Chief Executive Officer of International Islamic Centre for Reconciliation and Arbitration (IICRA), and Dr. Abdelilah Belatik, Secretary General of the General Council for Islamic Banks and Financial Institutions (CIBAFI).

In these meetings, discussions centered on the Institute’s technical support to the infrastructure institutions as well as collaboration in various areas including capacity building and knowledge dissemination. IsDBI assured the institutions of its support in working together to provide innovative solutions to the present and near-future challenges of the Islamic finance industry.

The IsDBI team also held discussions with Mr. Sahba Sobhani, Director of the UNDP Istanbul International Center for Private Sector Development (IICPSD), Mr. Hassan Moussa Yassin, Executive Director of the Central Bank of Djibouti, and Mr. Gonzalo Rodriguez, Director of the Saudi-Spanish Center for Islamic Economics and Finance (SCIEF).


During the sessions, Dr. Sami Al-Suwailem underscored the significance of proactively raising the bar in enhancing value-based solutions and guidance to the industry that not only strengthens Islamic finance industry’s resilience but also solves the development challenges of IsDB member countries.

In the meeting with UNDP IICPSD, the discussions took stock of progress in current collaborations as well as plans for future projects to be implemented under the joint IsDB- UNDP Global Islamic Finance and Impact Investing Platform (GIFIIP).

In the other meetings, the IsDBI assured of its support to the Central Bank of Djibouti in developing its Islamic finance strategy. The Institute also agreed to explore the possibility of renewing the Islamic Finance Change makers Competition for a second round to be jointly organized with the SCIEF.

The bilateral meetings concluded overall on a very positive note with ambitious development plans for the Islamic finance and economic industry, led by IsDBI in collaboration with its various partner institutions.

IsDBI and IICPSD Launch Pioneering Online Course on Islamic Finance for SDGs

Sharm El Sheikh, Egypt, 2 June 2022 - The Islamic Development Bank Institute (IsDBI) and the UNDP Istanbul International Center for Private Sector in Development (IICPSD) have launched a new Massive Open Online Course on Islamic Finance for the Sustainable Development Goals (SDGs).

The launching ceremony was held during the 16th IsDB Global Forum on Islamic Finance, held on 2 June 2022 on the sidelines of the 2022 IsDB Group Annual Meetings Sharm El Sheikh, Egypt.

IsDBI and IICPSD developed the MOOC through a partnership with Durham University Business School, with the support of the IsDB’s Science, Technology and Innovation (STI) Fund.

The launching was performed in the presence of Dr. Sami Al-Suwailem, Acting Director General of IsDBI, and IICPSD’s Director Mr. Sahba Sobhani.

The MOOC is the first-of-its-kind training program specifically designed to engage development professionals and Islamic finance practitioners under the sustainable development umbrella and leverage Islamic finance instruments to finance the SDGs. It brings together 27 internationally recognized subject matter experts from 11 countries and 3 continents as course instructors.

During the launching, Ms. Fatma Çınar, Islamic Finance Portfolio Lead at IICPSD, gave a presentation highlighting the key components and objectives of the MOOC.

Dr. Rami Abdelkafi, Head of IsDBI Knowledge Leaders Team, explained that the course will be available free on both the IsDBI’s page on the edX platform as well as UNDP’s Learning for Nature Platform.

“The IsDB 2nd Resilience Report; Pandemic Recovery and Preparing for Future Shocks “

Sharm El-Sheikh, Egypt, 2 June 2022 - The Islamic Development Bank (IsDB), organized the “IsDB Resilience Forum: Recovery, Preparedness, and Path to Sustainability” as a side event during the IsDB Group Annual Meeting organized in Sharm El-Sheikh Egypt. During the Forum, IsDB launched its 2nd IsDB Resilience Report: Pandemic Recovery and Preparing for Future Shocks.

The IsDB Resilience Forum theme and objectives are in line with both the theme of the IsDB Group Annual Meeting “Beyond Recovery: Resilience and Sustainability” and the strategic objectives of “Reducing Poverty and Building Resilience” and boosting recovery of the strategic alignment of the IsDB Group.

In addition to launching the IsDB 2nd Resilience Report, the Forum objectives were to deliberate on countries approaches to interconnectedness of dimensions of resilience (economic and livelihood, health and pandemic, environment, forcible displacement), in addition to the need for improved knowledge and statistics in interconnected dimensions of resilience to help investment in preparedness, boosting recovery and resilience building. The Forum also reflected on the prospects of building partnerships to invest in resilience building.

H.E. Dr Mansur Muhtar, the Vice President Operations, IsDB explained in his statement which was delivered by Br. Amer Bukvic, Director General–Global Practice & Partnerships in IsDB - how IsDB was prompted to organize the Forum and produce the report. The opening session was also addressed by H.E. Mrs Kaba Nialé, Minister of Planning and Development, Republic of Côte d’Ivoire (IsDB Governor for Republic of Cote d’Ivoire) who shared with the audience the experience of Cote d’Ivoire in resilience building through interventions in critical sectors such as agriculture and education and the lessons learned from these interventions.

“COVID-19 and the ensuing global economic, food security and energy effects in addition to the developing security situation in Europe are most significant world- changing events in recent history. The impacts of these events are testing the resilience of states, systems, and communities worldwide and their capacities to stay the course of sustainable development,” H.E. Dr. Mansur underlined. The IsDB Resilience Forum included a panel of high-level officials and executives. H.E.Aslam Chaudhary, Alternate Governor-Islamic Republic of Pakistan highlighted the roles innovation in health sector infrastructure and social protection can play in strengthening resilience to future shocks. Ms. Nena Stoiljkovic, the Under Secretary General for Global Relations, Humanitarian Diplomacy and Digitalization at IFRC highlighted the important role innovative financing such as IsDB Sukuk play in supporting resilience building interventions. Mr. Fahad AL Sulaiti, the CEO of Education Above All stressed the importance of building on national plans and addressing issues of wide-reaching effects such as debt relief. Ambassador Ahmed AbdElatif, General Director, Cairo International Center for Conflict Resolution, Peacekeeping and Peacebuilding (CCCPA) emphasized how shocks can aggravate vulnerabilities and how its effects can extend through the peace and development nexus spectrum. Mr. Yannick Du Pont, the CEO of SPARK Organization highlighted the importance of localization and using national capacities in delivering resilience building interventions. Mr. Syed Husain Quadri, Director (Ag), Resilience and Social Development Department, IsDB underlined the importance of considering both incremental and transformative approaches for resilience building and the understanding how to engage the private sector and unconventional partners in funding resilience building initiatives.

Both the IsDB Forum and the IsDB Resilience Report discus and analyse the shocks and challenges imposed by COVID-19 and their fallout on dimensions of resilience in IsDB member countries. In this sense, they are very significant in terms of studying the interconnectedness of resilience and the inter-dimensional nature of preparedness for future shocks. The report specifically derives lessons and provide policy directions and recommendations for recovery, preparedness for future shocks and development interventions in this regard.

During the launch of the IsDB Resilience Report, Br. Amer Bukvic, Director General–Global Practice & Partnerships in IsDB elaborated on the critical concrete report recommendations on issues including preparedness to future shocks and building resilience through means such as addressing issues of rural health infrastructures, preparing education system for future shocks, leveraging civil society for social cohesion and improving social protection systems. Recommendations also include investing strategically in digitalization and mainstreaming resilience strategies. END.