Jeddah, Kingdom of Saudi Arabia, 14 December 2021 – Islamic Development Bank President and Chairman of IsDB Group, H.E. Dr. Muhammad Al Jasser, chaired the 10^th meeting of the IsDB Institute Board of Trustees, held virtually on 14 December 2021. The board meeting was the first to be held since Dr. Al Jasser assumed office in August 2021.

In his opening remarks, Dr. Al Jasser said with COVID-19 having a devastating effect on economies worldwide, the IsDB Group has prioritized support to its Member Countries in rebuilding their economies. He noted that the IsDB Institute has an important responsibility in this regard, given its mandate to be the knowledge beacon of the IsDB Group, a provider of thought leadership, and a source of innovative solutions.

“Islamic finance is one of the key differentiators of the IsDB Group amongst the multilateral development banks. Accordingly, our stakeholders have significant expectations from the Group. The Institute has a role of guiding them in using Islamic finance systems, instruments, and services to bring about genuine change in their socioeconomic wellbeing,” the IsDB Group Chairman said.

He further emphasized the need for the Institute to be relevant to the whole world, not just to Muslims, in particular through the development of Islamic financial instruments, adding: “We have to spend more time developing Islamic financial instruments that can be used beyond our Member Countries. We want to be relevant to the whole world.”

“My conclusion is we need to focus in areas where we have greater comparative advantage. We want to spend our scarce resources where we have the greatest value added. We also want to utilize and maximize the contribution of the human resources of the Institute,” Dr. Al Jasser asserted.

The IsDB Group Chairman then thanked the Board of Trustees for being a source of wisdom and guidance to the Management of the Institute. He also commended the Institute’s contribution towards realization of his strategic priorities including improved governance, greater transparency, efficiency, and teamwork.

The Members of the Board of Trustees commended the Institute for its accomplishments in 2021, and provided significant suggestions related to maintaining focus on key priorities that would contribute to solving the challenges facing IsDB Member Countries.

Earlier, the Acting Director General of IsDB Institute, Dr. Sami Al Suwailem, thanked the IsDB Group Chairman H.E. Dr. Muhammad Al Jasser and the members of the Board for their support and guidance to the Institute. Dr. Al Suwailem, along with the Institute’s Management Team, also briefed the Board on the Institute’s key accomplishments in 2021 as well as the strategic priorities going forward.

The Board of Trustees comprises eminent personalities from various countries working in both the public and private sectors. Board Members who attended the 10^th meeting are:

• H.E. Dr. Şakir Ercan Gül, Deputy Minister for Treasury and Finance, Republic of Turkey, and Member of the IsDB Board of Executive Directors.
• Hon. Hassan Jaafar Abdulrahman, Project Coordinator at the Ministry of Finance and Economic Planning, Sudan, and Member of the IsDB Board of Executive Directors.
• Hon. Khalid Hamad Abdulrahman Hamad, Executive Director, Banking Supervision, Central Bank of Bahrain.
• Hon. Abdulmohsen Al Kharafi, former Secretary General, Kuwait Awqaf Public Foundation.
• Hon. Khaled Bohsali, Executive Director, Foreign Affairs Department, Central Bank of Lebanon.
• Hon. Mohamad Hammour, Founder and Chairman, Guidance Financial Group.
• Hon. Dr. Dadang Muljawan, Director, Islamic Economics & Finance Department, Central Bank of Indonesia.
• Hon. Dr. Shahin A. Shayan, Global Investment & Risk Management Advisor, Los Angeles, USA.