IsDB President Reiterates Commitment to Deepening Collaboration with IMF, Urges Innovating Financing Schemes for the Growth of Islamic Finance Industry
Washington, USA, 24 October 2024 - President of the Islamic Development Bank, H.E. Dr. Muhammad Al Jasser, now in Washington to attend the 2024 Annual Meetings of the International Monetary Fund and World Bank Group, has underlined the Bank’s commitment to deepening collaborations with IMF; urging innovating financing schemes that facilitate the growth Islamic finance industry; and enhancing multilateralism in the field of development.
Addressing a meeting of the IMF Managing Director, H.E. Kristalina Georgieva with Finance Ministers, Central Bank Governors, and Heads of Regional Financial Institutions of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), Dr. Al Jasser reiterated that IsDB Group encourages robust governance and regulatory alignment that will facilitate unlocking the full potential of Islamic finance, fostering stability and resilience in financial markets while supporting inclusive economic growth.
In his remarks, the IsDB Group Chairman, H.E. Dr. Al Jasser, stated that reforms in terms of IMF finances and governance are intrinsically linked to the need for more robust and equitable global safety nets. He then suggested that rebalancing quota shares would reflect the increased importance of emerging markets and developing countries in the global economy.
Furthermore, to better transform the global development landscape, H.E. Dr. Al Jasser shared a number of recommendations and insights that included establishing a more efficient and transparent debt restructuring process; developing comprehensive frameworks to help countries navigate disruptive financial innovations; balancing fiscal responsibility with the need to foster inclusive growth; facilitating more evenhanded access to funding by vulnerable economies; developing more sophisticated models for risk detection; and enhancing surveillance capabilities for better detection of potential economic crises.
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Ahmad Abu Ghazaleh, Senior PR & External Communication Specialist
IsDB Communications and Outreach Department.
Email: aghazaleh@isdb.org
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