Jeddah, KSA, 02.11.2014 – Prime Minister of Luxembourg, HE Xavier Bettel and Chairman of the Islamic Development Bank (IDB) Group, Dr. Ahmad Mohamed Ali, discussed the possibility of Luxembourg benefiting from IDB Group’s expertise in the field of Islamic financial instruments, Sukuk in particular, as an important tool to contribute to financing mega projects and providing liquidity.

The meeting took place at the residence of the prime minister in Dubai, UAE, on the sidelines of the 10th World Islamic Economic Forum (WIEF) with Luxembourg’s Minister of Finance HE Pierre Gramegna in attendance.

The two sides talked about the significance of issuing Sukuk as a Shari’a-compliant means to improve economic growth in various countries around the world through its role in supporting different governments’ investments in infrastructural projects.

In a similar development, IDB Group Chairman also met with HE Andrea Leadsom, the British Economic Secretary to the Treasury. The meeting focused on probing the importance of Islamic Finance and measures taken by the United Kingdom to turn London in to a hub for Islamic finance as well as the role IDB Group has played in providing institutional support to boost the links amongst different financial sectors including Islamic banking and finance, Sukuk and managing overall economic growth.

The IDB Group Chairman also held an extensive meeting with HE Mohammad Al Gergawi, UAE Minister of Cabinet Affairs and Chairman of the Dubai Islamic Economy Development Center to discuss several topics related to UAE’s initiative to make Dubai the World’s Capital for Islamic Economy and Finance. The meeting was attended by Governor of the Dubai International Financial Center (DIFC), Director General of the Economic Department of Dubai Islamic Economic Development Center as well as Secretary
General of the Center.

Dr. Ahmad Mohamed Ali was accompanied by IDB Vice President Finance, Dr. Abdulaziz Al Hinai and other senior IDB officials.