KUALA LUMPUR – The Islamic Development Bank (IsDB) will continue to further develop the roles of Islamic finance with Malaysia and its member and non-member countries.
According to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, IsDB’s scope of development will include the halal industry, new technology, awqaf, public health, social finance, and the environment.
In a recent Ministry of Finance-IsDB joint statement, the minister lauded IsDB’s Kuala Lumpur Centre of Excellence for its key role in enabling the exchange of Malaysia’s expertise and experiences in Islamic finance for the benefit of its 57 member countries.
“The tenets of Islamic finance are naturally aligned with the environmental, social and governance (ESG) considerations, and due to that, play a crucial role in advancing sustainable development,” he added.
The statement was made in conjunction with Dr. Muhammad Al Jasser, the IsDB president and group chairman, making his first official visit to Malaysia.
During their meeting, both leaders acknowledged their long-standing cooperation in the areas of education, scholarships, and the reverse linkages between the IsDB and the Malaysian government. They further agreed to expand their ongoing joint initiatives through the Centre of Excellence, while at the same time assisting Malaysia in key priority areas in accordance with its national development plan.
Additionally, both leaders also discussed the recent IsDB Strategy Realignment (2022-2025) which was recently supported by the board of governors to be called the most responsive and relevant document that addresses the needs and aspirations of the member countries.
“Malaysia is dedicated to partnering with the bank, particularly in the three pillars stated in the strategy document: enhancing recovery, combating poverty, and creating resilience, as well as driving green economic growth,” Zafrul said.
Meanwhile, Dr. Al Jasser thanked the Malaysian government for its continuous support of the Islamic Development Group since it was established in 1974.
Furthermore, he also commended the government or its remarkable efforts to combat the tremendous health, social, economic, and financial challenges posed by the COVID-19 pandemic by preventive health measures and the implementation of various effective responses and stimulus packages
Dr. Al Jasser stated, “Malaysia has proven – once again – that its resilient economy, supported by solid governmental institutions and a diverse and thriving private sector can rebound from (some of) the most challenging crises.”
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