Jeddah,27.6.2009 : The Custodian of the Two Holy Mosques, King Abdullah Bin Abdul Aziz Al Saud, expressed thanks to the Islamic Development Bank (IDB) and its member countries, in response to a cable received from H. E. Dr. Ahmad Mohamed Ali, President of the IDB Group, praying to God the Almighty to guide all to that which is in the best interest of our Muslim Ummah, and which promotes joint Islamic action.

Earlier, in a cable addressed to the Custodian of the Two Holy Mosques, on the occasion of increasing the share of the Kingdom of Saudi Arabia in the capital stock of the IDB, the President had expressed in the name of the 56 member countries of the IDB appreciation and gratitude for the continued special care, attention and support accorded by the Kingdom to the IDB Group. In the cable, the President had further stated that this was an action which stemmed from the Kingdom’s constant policy of promoting joint Islamic action, and prayed for the security and prosperity of the Kingdom under the leadership of the Custodian of the Two Holy Mosques.

It may be recalled here that the Council of Ministers of the Kingdom of Saudi Arabia had approved, in its meeting held in Riyadh during the month of May, participation of the Kingdom in the fourth increase in the capital stock of the IDB by 23649 additional shares, This Keeps the Kingdom’s share at (26.56%), in the current total authorized capital and subscribed capital of the IDB which is (30) and (15) billion Islamic Dinars respectively.

The value of one share in the IDB capital is 10,000 Islamic Dinars. One Islamic Dinar is worth one Special Drawing Right (SDR) of the International Monetary Fund comprising a basket of international currencies such as the US Dollar, the Euro, the Sterling Pound and the Japanese Yen.