Jeddah (IINA) – Saudi Arabia has proposed Bandar Hajjar, former minister of Haj, as the new president of the Islamic Development Bank (IDB) Group. Hajjar will replace Dr. Ahmed Muhammad Ali, who has been serving as the president of IDB for most of the period ever since its inception in 1975, the Saudi Press Agency reported.

Ali thanked Custodian of the Two Holy Mosques King Salman for the Kingdom’s unflinching support to IDB throughout his presidency. He wished Hajjar every success in his new endeavor as his successor. On his part, Finance Ibrahim Al-Assaf, who is also governor of IDB, lauded the outstanding performance and great efforts made by Ali in making IDB one of the largest financial bodies across the world.

The 41st annual session of the Board of Governors of IDB, which is to begin in Jakarta on Saturday, will ratify the Kingdom’s nomination of Hajjar as the new president of IDB.
Hajjar has a degree in economics and political science from King Saud University in Riyadh, a master’s degree in economics from Indiana University in the US, and a PhD in economics from Loughborough University in England. He was undersecretary in the economics department at King Abdulaziz University between 1995 and 1998, deputy president for research in Islamic economics at the same university from 1992 to 1995, and headed the external affairs committee in the Shoura Council.

He was later appointed deputy chairman of the National Human Rights Society between 2004 and 2005, and then as president in 2005. A royal decree was issued in December 2011 to appoint him minister of Haj.