Dubai, UAE, 1 December 2023 - On the sidelines of the ongoing CO28 events in Dubai, UAE, a meeting between Islamic Development Bank (IsDB) President and Director General of the International Committee of the Red Cross (ICRC) focused on taking the current cooperation between the two international organizations in the field of quick response to fragilities and emergencies.

The meeting between IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser and ICRC Director General, H.E. Robert Mardini, aimed to explore a new area of cooperation to bring effective solutions and strategies for addressing complex challenges within the Humanitarian-Development – Peace nexus. 

Expressing delight to observe the success of combined efforts of both institutions in advancing global initiatives that address climate change, Dr. Al Jasser to Mr. Mardini that IsDB is committed to the UN sustainable Development Goals and the 2030 Agenda.  

According to IsDB President, the Bank is looking forward to further strengthening its cooperation with ICRC and identifying concrete programs and projects bridging the humanitarian and development gap.

Given the current global crisis driven by compound challenges, the Bank and ICRC are currently looking at the possibility of capitalizing Humanitarian Sukuk to address the increasing humanitarian crisis and emergency in the member countries. 

Currently, there is an ongoing discussion between the Bank through its research and training arm, the IsDBI, and ICRC to support the Geneva based organization in developing its capacities in Islamic Finance through the hiring of a consultant who will strengthen the institution’s capacity in capitalizing Islamic Finance to support its innovative finance and, programs and projects.

The Bank and ICRC are currently partnering in knowledge products development and disseminations including the 3^rd Resilience Report of the Bank on Climate and Conflict. IsDB has been participating in the climate and conflict and climate finance advocacy efforts led by ICRC’s Policy Department. 

The two international institutions are also finalizing an Operational Framework Agreement (OFA) fast tracks IsDB’s emergency responses and facilitates the implementation and delivery of projects in member countries.