Ministry of Finance Malaysia and IsDB Confer on Ways to Enhance Cooperation

Kuala Lumpur/Jeddah, 24 July 2022 – Islamic Development Bank (IsDB) President and Chairman of IsDB Group, H.E. Dr. Muhammad Al Jasser, on his first official visit to Malaysia, held a productive bilateral meeting with H.E. YB Datuk Seri Utama Zafrul bin Tengku Abdul Aziz, the Minister of Finance, and IsDB Governor for Malaysia, during which ways of enhancing cooperation were discussed.

The two leaders noted the long-standing cooperation in education, scholarship, and reverse linkages between the Government of Malaysia and the Islamic Development Bank and further agreed to enhance and scale up ongoing joint initiatives through the Center of Excellence, as well as provide support to Malaysia in key priority development areas in line with its national development plan.

In his remarks, Dr. Al Jasser expressed his profound appreciation and gratitude to the Government of Malaysia for its continued support to the Islamic Development Group since its establishment in 1974. He also lauded the Government of Malaysia for its extraordinary efforts
in battling the unprecedented health, social, economic, and financial challenges posed by the COVID-19 pandemic through proactive health measures and the deployment of several effective responses and stimulus programs.

‘’Malaysia has proved, once again, that its resilient economy, supported by strong public institutions and a highly diverse and vibrant private sector, can bounce back from the most challenging crises’ said Dr. Al Jasser.

Tengku Datuk Seri Utama Zafrul Aziz said, “Malaysia has established a strong global leadership in Islamic finance, and the IsDB has been instrumental in facilitating the sharing of our expertise with its member countries. The tenets of Islamic finance are naturally aligned to ESG considerations, and as such has a key role in advancing sustainable development. To that end, we look forward to the continued collaboration with IsDB Member Countries and non-Member Countries on advancing the role of Islamic finance in areas such as the Halal industry, new technology, Social Finance, Awqaf, public health and the environment.

Tengku Zafrul commended the instrumental role of IsDB’s Kuala Lumpur Center of Excellence in facilitating the exchange of Malaysia’s knowledge and experience in Islamic finance for the benefit of the 57 member countries.

The two leaders also deliberated on the recent IsDB Strategy Realignment (2022-2025) as endorsed by the Board of Governors as the most responsive and relevant document that espouses the needs and aspirations of the member countries. Malaysia is committed to partner with the Bank, especially in the key 3 pillars: Boosting Recovery, Tackling Poverty and Building Resilience as well as Driving Green Economic Growth; identified in the strategy document.

Ministry of Finance, Malaysia
Islamic Development Bank
24 July 2022

IsDB Group and Malaysia Relations

Malaysia joined the IsDB in August 1974 as one of the main key founders of the institution. Its capital subscription stands at ID 823.1 million (1.63% of IsDB total subscribed capital). To date, the Bank has undertaken more than 140 projects to a tune of over USD 1 Billion in the country. Malaysia doubles up as the host country for IsDB’s Centre of Excellence. The Centre facilitates the exchange of Malaysia’s strong knowledge and experience in various sectors such as the Halal industry, technology transfer, Islamic Social Finance, and the Awqaf sector amongst others for the benefit of IsDB’s 57 member countries.

For more information, please contact:
Abdikadir Abdi
IsDB Regional Press Officer
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