21.01.2014, Jeddah, KSA – A Cooperation Framework Agreement between the Republic of Indonesia’s Ministry of Religious Affairs and the Islamic Development Bank (IDB) Group was signed at the Indonesian Consul General’s residence in Jeddah between the country’s Minister of Religious Affairs, HE Suryadharma Ali, and IDB Group Chairman Dr. Ahmad Mohamed Ali, addressing a number of subjects including Waqf management and utilization of the services of the Saudi Project for Utilization of Hajj Meat
(Adahi Project).

At the signing session, the two sides discussed the development aspects of Awqaf (endowment) properties in Indonesia as well as the arrangements for performing Hajj rituals by Indonesian Hajj pilgrims in the framework of Adahi Project, an environment-friendly project managed by IDB since 1983 which oversees the utilization, conservation and distribution of hundreds of thousands of heads of livestock during the Hajj season every year.

The agreement aims to upgrade different modes of existing cooperation and exchange of expertise in a number of fields including setting a framework to place and develop Indonesian Hajj Pilgrims’ savings under a Shari’ah-compliant transaction structure with the Islamic Corporation for Development of the Private Sector (ICD), IDB’s private sector arm. It also envisages exchange of expertise in management of Awqaf properties and development in Indonesia aimed at reviving the great Islamic tradition
of Waqf (endowment of properties for charitable purposes).

The Indonesian official expressed his appreciation over the ongoing trend of long lasting cooperation which links Indonesia with IDB.

The IDB Group President for his part appreciated the outstanding level of cooperation with the Republic of Indonesia since the Bank was established more than 40 years ago. Dr. Ali underlined that Indonesia is one of the founding members of the IDB and closer cooperation with the country’s Ministry of Religious Affairs would assist the Bank in realizing its development mandate.