Jakarta, Indonesia, 18 May, 2016 - Following the announcement of Dr. Ahmad Mohamed Ali’s decision to retire, the IsDB’s Board of Governors, in a resolution issued during their 41st annual meeting in Jakarta, Indonesia, appointed Dr. Ahmad Mohamed Ali as President Emeritus and unanimously elected Dr. Bandar Hajjar as the Bank’s new President effective 1st October, 2016.

The Board of Governors of IsDB also expressed their sincere gratitude to Dr. Ali for his outstanding leadership, the contributions he has made to establish the Bank and for his help laying the foundation of its growth and success. They also expressed their admiration and appreciation for the distinction Dr. Ali has manifested through his high moral values, immense modesty, great enthusiasm and exemplary ability to create and maintain cordial relationships with IsDB’s member countries.

Dr. Ali leaves behind a great legacy of achievements and historic results that have helped to grow IsDB into a major international financial institution and an influential force in socio-economic development around the world.

Dr. Ali thanked the Custodian of the Two Holy Mosques, King Salman Bin Abdul Aziz for the support he received during his tenure as President of the Bank and welcomed Dr. Hajjar as his successor.
Dr. Hajjar was born in Al Madina in 1955. He received his Bachelor’s degree in Economics and Political Science with first class honors from King Saud University; a Master’s degree in Economics from Indiana University, USA; and a Doctorate degree in Economics from the University of Loughborough, UK.

Dr. Hajjar worked as a Professor of Economics at the University of King Saud and King Abdulaziz. He served as Deputy Director of the Islamic Economics Research Center and Head of Islamic Perspective Curriculum Committee.

In 1997, Dr. Hajjar was selected as member of the Shura Council in its second session with continued membership for three consecutive sessions. He is a member of several special committees set up by the Shura Council, including the National Strategy for Integrity and Anti-Corruption, which resulted in the creation of the Anti-Corruption Commission, and the Civil Authority for Zakat Committee.

Dr. Hajjar was Editor-in-Chief of Al Amwal Magazine for more than 10 years. He was the Founder and Chairman of the National Society for Human Rights from 2004-2009. He is Head of the Coordinating Council for monitoring the first municipal elections in Kingdom of Saudi Arabia and a member of a number of commissions and councils including: the International Congress on Islamic Economics and Finance (ICISEF); the Global Commission for Introducing the Messenger (May the Prayer and Peace of Allah be
upon him); the Disabled Children's Association; and the Board of Trustees of the Charitable Takaful Foundation for Sponsoring Orphans and Needy Students. Dr. Hajjar also served as Kingdom of Saudi Arabia’s Minister for Hajj from 2012-2016.