Jeddah, Kingdom of Saudi Arabia, 4 May 2023 – Islamic Development Bank (IsDB) Vice President (Finance) and CFO, Dr. Zamir Iqbal, says strengthening the Islamic capital market is one of the focus areas of IsDB as part of developing Islamic Finance eco-system in the Bank’s 57 Member Countries.

Dr. Zamir was making a keynote address in a webinar organized by IsDB’s Treasury Department on the topic of “Local Currency Sukuk – Expert Insights from the Kingdom of Saudi Arabia (KSA) and Indonesia.” The event also included a panel discussion by senior experts from KSA and Indonesia, who shared their experiences of Local Currency Sukuk programs and their outlooks for this sector.

The webinar, which attracted a diverse audience of professionals, investors, bankers, and analysts from around the world, was part of a six-session webinar series in conjunction with the 2023 IsDB Group Annual Meetings which are soon to take place in Jeddah, Kingdom of Saudi Arabia, from 10-13 May 2023, under the patronage of The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

In his keynote address, the IsDB Vice President Finance and CFO, Dr. Zamir Iqbal, highlighted that Local Currency issuances play a critical role in economic development and serve as alternative sources of funding for public and private sector. The issuances  also open up and expand the domestic investor base, whereby investors can become part of the national economic growth stories through their investments, he stated.

The Keynote Address was followed by an expert panel comprising Mr. Mohammed Almuhayzie, Head of Markets Development at the National Debt Management Center (NDMC) in the Kingdom of Saudi Arabia (KSA), and Dr. Rifki Ismal,  Deputy Director in Bank Indonesia (BI, the Central Bank of Indonesia). The panel was moderated by IsDB Treasurer, Mr. Mohammed Sharaf.

In his presentation, Dr. Rifki showcased the features and structure of Indonesian Rupiah (IDR)-denominated Sukuk issuances that BI issues on a regular basis to support inclusive financing and deepen the domestic capital market in Indonesia.

Mr. Mohammed from NDMC outlined the extensive efforts undertaken towards expanding the domestic capital market, ultimately achieving a commendable share of 62% in KSA’s debt portfolio against 38% of international issuances in 2022 (international issuances were 100% in 2017).

The webinar concluded with a very interactive and engaging Q&A session. The recording of the webinar can be accessed here.