by admin | May 25, 2021 | Halal Industries
Finance Minister Bambang Brodjonegoro (L) and IDB President Ahmad Mohamed Ali
Jakarta (IINA) – Indonesia is to cooperate with the Islamic Development Bank (IDB) Group in financing several infrastructure programs, one of which concerns the improvement of slum areas, Jakarta Post (JP) reported.
The two sides will sign a member country partnership strategy (MCPS) 2016-2020, covering slum area improvement worth $365 million, electricity transmission worth $350 million and the improvement of four universities and Islamic higher education facilities worth $176.5 million.
“The IDB Group will support Indonesian infrastructure development. The MCPS 2016-2020 will focus on social and physical infrastructure,” Finance Minister Bambang Brodjonegoro said on the sidelines of the IDB Group annual meeting at the Jakarta Convention Center on Monday.
IDB Group President Ahmad Mohamed Ali stated that the bank was committed to supporting the government in dealing with challenges in infrastructure, poverty alleviation and capacity building.
“IDB and the Indonesian government have also cooperated to enhance Indonesia’s financial system,” Ali said, adding that Indonesia contributed to the IDB’s technical cooperation mechanism through its Reverse Linkage Program.
He further said the IDB provided technical assistance to support Islamic finance, both in member and non-member countries.
“In 2015, IDB launched 36 technical assistance programs in seven member countries and 29 non-member countries. Ten of the programs aim to provide emergency assistance to seven member countries and three non-member countries worth $6 million,” he said.
IDB Chief Economist Savas Alpay said that the bank has been providing loans and grants to speed up socioeconomic development in member countries.
According to its 2015 Annual Report, the IDB approved $12.1 billion net loans and grants, up by 13 percent year-on-year.
by admin | May 25, 2021 | Halal Industries
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.
by admin | May 25, 2021 | Muslim World
Jeddah (IINA) – The Jeddah-based Islamic Development Bank (IDB) on Saturday hosted a reception in honor of media representatives from Muslim countries, who are currently in Saudi Arabia to cover Hajj, to discuss this year’s Adahi project and ongoing awareness strategies related to the project.
During the reception, IDB President Dr. Ahmed Mohammed Ali apprised the media of the Kingdom’s Project for the Utilization of Sacrificial Animals (Adahi), which is designed to help pilgrims perform the sacrificial ritual by providing them animals that meet all Shariah and health requirements while ensuring the environment remains clean and protected in and around the holy sites. He mentioned that it is the only institution approved by the Saudi government to issue and market coupons for sacrificial animals during Hajj, and appealed to the media to spread the information to pilgrims to avoid any bogus coupons that have prices lower than the IDB’s price.
Dr. Ali also requested them to inform pilgrims of their respective countries about the need to avoid going to the project’s abattoirs during peak periods.
The bank said it has already supplied adequate numbers of coupons among the authorized distributors: Saudi Post, Al-Rajhi Bank branches, Al-Amoudi Exchange bureaus and Al Hajj & Al Muatamir Society in Makkah. Moreover, people can also purchase coupons electronically through Saudi Telecom Co. (STC) and Mobily.
The IDB chief pointed out that as per the Royal Decree 131, the sole institution authorized to sell Adahi coupons is the IDB-run Saudi project for the Utilization of Hajj Meat. He added that the project has made provisions for 1 million sheep. The project provides livestock that fulfill Shariah and health requirements. Nearly 20,000 butchers and 800 veterinarian, as well as Islamic Shariah supervisors and administrators have been recruited to inspect and ensure high standards.
The project, established in 1983 by the Kingdom, so far has managed to utilize and distribute more than 18 million heads of livestock among the poor in the Kingdom and 24 other countries. This year IDB aims to make the meat available to its rightful beneficiaries in Makkah and to eligible people in different parts of the world.
Interested pilgrims can buy vouchers or coupons, which are available on www.adahi.org. This portal is also designed to enable individuals intending to buy sheep for Adhiya, Sadaqa or Aqeeqa to do so with credit cards all year round from any part of the world. The price of each coupon this year is SR475 ($127). Several Hajj missions have already signed memoranda with the IDB for the use of this program during Hajj.
