H.E. the President of IDB Group, Ahmad Mohamed Ali and H.E. the Governor of Central Bank of Indonesia (Bank Indonesia), Agus Martowardoyo signed a Memorandum of Understanding (MoU) on strengthening the role of Islamic finance and economics in the development of Indonesia on 8 December 2015 in Jeddah, Saudi Arabia.

The priority areas of the MoU include capacity building and strengthening of social finance governance, involving the strengthening of Zakat and Awqaf. The capacity building in Zakat and Awqaf sectors is expected to stimulate the development of Islamic finance in Indonesia and to generate funds, especially for people living below the poverty line. Zakat is expected to accelerate the economy to support the sustainable development and poverty alleviation.

The IDB Group and Bank Indonesia are involved in the formulation of Zakat and Awqaf governance at international level with other countries and international organizations such as the United Nations. An internationally-standardized Zakat and Awqaf governance will elevate its credibility and generate more funds to be mobilized effectively.