by admin | May 25, 2021 | Islamic Banking, Islamic Finance, Muslim World, News
Jeddah : The Islamic Research and Training Institute (IRTI), an affiliate of the Islamic Development Bank (IsDB) Group, is considering partnering with other institutions to establish a center of excellence on Islamic social finance as part of efforts to develop the sector.
IRTI Director General Dr. Humayon Dar encountered demand for such a center during a visit to a number of institutions in Jakarta, following his participation in the 3rd Annual Islamic Finance Conference in Makassar. The conference, held from July 4-5 , was organized by various organizations with IRTI as one of the sponsors and key promoters.
Dr. Dar said IRTI would consider collaboration with the United Nations Development Program (UNDP), Indonesian Financial Services Authority (OJK) and Indonesian Ministry of Finance to establish the Center of Excellence on Islamic Social Finance.
“IRTI has pioneered Islamic social finance, and Indonesia provides a number of best practices in this field; we should look into leveraging on Islamic social finance practices in the country and active involvement of the likes of UNDP therein, to promote Islamic social finance as part of IsDB’s commitment to UN’s Sustainable Development Goals (SDGs),” the IRTI director general explained.
During his visit to the institutions in Indonesia, Dr. Dar also identified a number of avenues for cooperation with local players and international organizations based in Jakarta to support the development of Islamic finance.
In one of such collaborations, IRTI and Hasanuddin University are working on a Memorandum of Understanding (MoU) under which IRTI will help the university to develop its Islamic finance program.
IRTI will also deliver a training program, jointly with the Indonesian Ministry of Finance, on Public-Private Partnerships, to be held in Jakarta in September.
—AG/UNA-OIC
by admin | May 25, 2021 | Corporate, Muslim World
Jeddah : For the first time in its four-decade of development intervention, the Islamic Development Bank (IDB) unveiled a new brand identity that reflects its modern values, strategic direction, and relationship with its 57 member countries.
The IDB, which is one of the world’s largest multilateral development banks, has been undergoing significant strategic reform in the last year, led by the Bank’s new President Dr. Bandar Hajjar, formerly Saudi minister of Hajj.
As development enters a new era, Dr. Hajjar is reimagining the traditional role of a development bank, making the organization more globally facing, placing partnerships, technology and innovation, and global engagement at the heart of his modernizing programme.
The new brand identity maintains the core elements of the IsDB’s heritage while signaling modernity, independence, and transparency, future proofing the bank’s identity and evolving it for an international audience.
President of the Bank Dr. Hajjar explained the momentous decision: “The Islamic Development Bank has been a symbol of trust, credibility, strength, and stability for over 44 years, with a proud heritage of providing resources, fighting poverty and restoring dignity in our member countries. As we build on the successes of the past, we must also look to the future. I believe that this new brand identity is one of a world-class institution – tackling the challenges of today’s modern world.”
The IDB’s mission, as it enters its next stage of growth, includes equipping people to drive their own economic and social progress at scale; putting the necessary infrastructure in place to enable them to fulfil their potential; building collaborative partnerships between public and private sectors; and championing the latest science, technology and innovation led solutions to the UN sustainable development goals.
From her side, Scientific Advisor to the President and General Supervisor of Communications and External Relations for the bank Dr. Hayat Sindi, said: “This is a significant moment in our organization’s history. It is a new identity for the next generation of the IsDB, putting our vision at the heart of our brand, harnessing the achievements of our past, as we build towards the future.”
It is noteworthy that, IDB has also launched a new website to coincide with their new brand identity and future vision. www.isdb.org
—SM/UNA-OIC
by admin | May 25, 2021 | Business Summit, Events, Investing, Islamic Banking, Muslim World, News
By Gokhan Ergocun,
Ankara: Turkey will host an exporters and investors summit on April 26-27.
The Islamic Development Bank (IDB) and Turk Eximbank will organize the event in the western Izmir city, according to a Tuesday statement.
“The IDB and Turkey’s lead lender for exports and imports, Turk Eximbank, have joined hands to bring in the country’s top-notch exporters and investors together,” the IDB said.
More than 300 Turkish private sector leaders, elite traders, industrialists, entrepreneurs, and investors will discuss past achievements, challenges, and opportunities ahead in the two-day summit.
Economy Minister Nihat Zeybekci, IDB’s president Bandar Hajjar and Turk Eximbank’s CEO Adnan Yildirim will give speeches on the opening day.
Also, panel discussions on various subjects of interest will be held.
Within the scope of the summit, investors, exporters, and contractors would explore how IDB and Turk Eximbank can provide support and assistance to boost Turkish exports and services in the world markets.
Turk Eximbank ranks second globally after South Korea’s Eximbank in terms of financing exports.
Since its establishment in 1987, the bank has implemented international credit, guarantee, and credit insurance programs aimed at developing economic and political ties between Turkey and other countries.
Turkey is a founding member of the IDB, which is an international Islamic financial institution — formally opened in 1975 — to foster the economic development and social progress of member countries and Muslim communities.
Since the establishment of the IDB, the bank has contributed more than $11.2 billion of funding to 483 projects in various sectors in Turkey such as infrastructure, agriculture, health, education, transport, energy, and trade.
—AA
by admin | May 25, 2021 | Islamic Banking, Islamic Finance, Muslim World, News
Tunis : President of the Islamic Development Bank (IDB) Group Dr. Bandar Hajjar said on Monday the IDB’s total funding for development projects in the member states of the Organization of Islamic Cooperation (OIC) reached $9.8 billion during 2017.
Hajjar made the remarks at a press conference, during which he launched the IDB’s 2017 Annual Report, in the presence of Tunisian Minister of Development, Investment and International Cooperation Ziad Al-Athari.
During the press briefing, held on the sidelines of the 43rd Annual Meeting of the IDB Group kicked off here on Sunday, Hajjar said the top-five beneficiaries of IDB Group 2017 financing are Egypt, Turkey, Pakistan, Bangladesh and Kazakhstan.
The IDB chief praised the Islamic Finance practiced by the Islamic financial institutions, which is based on the principles of risk sharing and asset-backed finance. He noted the IDB’s efforts over 44 years in the field of Islamic Finance to promote long-term sustainable economic development by launching a partnership initiative with both the public and private sectors, developing financial markets and financial infrastructure as well as expanding the role of the private sector through risk sharing and supporting financial sectors in the IDB member states.
Hajjar pointed out that the IDB seeks new visions for partnerships with the private sector in the Islamic world to train the cadres capable of innovation and production and benefit from the loans granted to them within the framework of what is known as Integrated Development Work Chains. “So this year’s theme was the Partnership for Sustainable Development,” he said.
Asked by the Union of OIC News Agencies (UNA) about the new Science, Technology and Innovation Fund launched by the IDB and what distinguishes it from past experiences to strengthen innovation in the Muslim world, Hajjar said the IDB focuses on the space of science and innovation, so it initiated the idea of establishing a $500 million Science, Technology and Innovation (STI) Fund. He stated the IDB and the Islamic Solidarity Fund (ISF) have each made a $100-contribution to the fund, adding that coordination is underway to provide the remaining amount.
Hajjar explained that the IDB model is a different and distinct model. It is composed of an integrated system including a finance fund, an office for the protection of patent and intellectual property, scholarships and an electronic platform for receiving innovations.
For his part, Minister Al-Athari said the total funding received by Tunisia since the establishment of the IDB reached $3.2 billion, of which $765 million in the electricity sector and $275 million in support of agricultural projects. He added that the sanitation sector, youth employment and education have also benefited from the IDB funding.
—AB/UNA-OIC
by admin | May 25, 2021 | Banking, Business Summit, Economy, Events, Islamic Banking, Islamic Finance, Muslim World, News
By Gokhan Ergocun and Bahattin Gonultas,
ANKARA: Business leaders from Muslim nations will gather in the Tunisian capital on Sunday to review last year’s performance by the Islamic Development Bank (IDB), and discuss and approve its development agenda for the year ahead.
Representatives of 57 member states, senior government officials and ministers of finance, economy, planning and international development will attend the 43rd annual meeting of the bank in Tunis from April 1-5.
Several events have been organized on the sidelines of the conference from April 1-3 which deal with a wide range of issues, such as women empowerment, youth, preventing blindness, sustainable development, fintech, efficient water usage, global partnerships and Islamic bonds.
The governing board of the bank, which has been rated AAA by the three major credit rating agencies of the world for the past 14 years, will meet on April 4-5.
Speaking to Anadolu Agency, Bandar Hajjar, group president for the bank, said: “We are committed to the development needs of our member countries.
“In the last one year, we have introduced several initiatives that would help in building capacity of our member countries, particularly by leveraging on the opportunities offered by science and technology.”
He added that the bank will decentralize its operations in order to be closer to its clients.
“No institution can solve development challenges alone. That is why the annual meeting in Tunisia is focusing on partnerships for sustainable development,” Hajjar said.
$11.2B for Turkey’s development
Deputy Prime Minister Mehmet Simsek will represent Turkey at the summit, where Ankara’s participation in a major international humanitarian health project in cooperation with the Alliance to Fight Avoidable Blindness (AFAB) will be announced. The project will span across 12 African countries.
Turkey is among the founding members of the bank and a major development partner.
The bank maintains an office in the Turkish capital Ankara and another in Istanbul, from where it handles projects in Turkey, Azerbaijan, Albania and Bosnia Herzegovina.
Since its inception, the bank has provided $11.2 billion in funds to 483 different projects in Turkey.
On April 3, the bank will officially launch a $500-million fund called TRANSFORM to provide direct and immediate support to scientists, innovators, and entrepreneurs from all over the world, to find solutions to socio-economic challenges member states face.
The bank will also present awards for women empowerment, science and technology, and Islamic banking and finance.
The 2018 IDB Prize for Women’s Contribution to Development will be presented to three winners from Togo, Uganda and Nigeria. The award for Islamic banking and finance will be presented to a scholar from Sudan.
– $128 billion of funding
In recent years, the institution which is the most successful Multi-lateral Development Bank (MDB) of the Muslim world, has been boosting its cooperation with major players in the global development arena while focusing on innovative ways of financing.
The Jeddah-based bank started operations in 1975, as the development arm of the Organization for Islamic Cooperation (OIC) and the largest such entity in the Muslim world.
Since starting operations 43 years ago, the bank has provided nearly $128 billion of funding to various development projects in all its member countries in Asia, Africa, Europe and Latin America.
The institution is also focusing on fighting poverty and preventable diseases and epidemics, capacity building, and creating job opportunities, especially for the youth.
—AA
