Jeddah, Kingdom of Saudi Arabia, 9^th August 2021 – H.E. Dr. Muhammad Sulaiman Al Jasser assumed office, on Monday, as the new President of the Islamic Development Bank (IsDB) and Group Chairman of the AAA rated multilateral institution, based in Jeddah, Kingdom of Saudi Arabia.

Dr. Al Jasser was elected by the Board of Governors of the Bank in early July 2021 to lead the Bank Group for the next five years. The election to the presidency of this pioneering development institution comes as the former IsDB President, H.E. Dr. Bandar Hajjar, completed his five-year term in office and handed over the responsibility to H.E. Dr. Muhammad Sulaiman Al Jasser during a farewell ceremony at the IsDB Group headquarters in Jeddah on 8^th August.

In a special address to IsDB Group staff on his first day in office, H.E. Dr. Al Jasser, expressed profound gratitude to the Government of the Kingdom of Saudi Arabia for its trust and confidence in him and nominating him for the position. He also expressed appreciation to the Board of Governors of the IsDB for the responsibility and mandate entrusted to him during the July 2021 election to lead the institution. Furthermore, the new IsDB President extended thanks to the former President of IsDB for his exceptional efforts, achievements, and dedication to the institution and its mandate during his term of office.

H.E. Dr. Al Jasser, then, underlined the need to overcome the immediate challenges of the ongoing COVID-19 pandemic to help rebuild stronger economies for the IsDB Member Countries and move effectively towards cultivating new sectors for investment and growth.

“There is no greater priority than the immediate recovery from the COVID-19 Pandemic. We face unprecedented challenges, which require a stronger and more responsive IsDB Group. Many of these challenges have been addressed in the Group’s 3 Rs strategy and related programs. The priority must now be to develop this strategy further and implement it,” he stated.

The IsDB Group Chairman then emphasized on the Group as a beacon of hope that advocates for its Member Countries on the global stage and reflects their aspirations with efficient actions and results. “We honor the last 46 years of history and take the lessons from the past as we chart the course towards the future. Together, as one closely-knit team, we can strengthen the IsDB Group as the preeminent economic institution.”

H.E. Dr. Muhammad Sulaiman Al Jasser holds a Ph.D. in economics from the University of California, and has previously served as the Kingdom of Saudi Arabia’s Minister of Economy and Planning. He is also a former Governor of Saudi Arabia Monetary Authority (SAMA) – currently known as the country’s Central Bank, and an advisor at the General Secretariat of the Saudi Council of Ministers with the rank of a minister.