Jeddah, 25.12.06, The Islamic Development Bank hosted at its headquarters a reception in honour of media persons from Muslim countries, who are currently in the Kingdom of Saudi Arabia to cover events of the 1427H Hajj. The occasion was also attended by many newspapers and news agencies active in Saudi Arabia.

In his speech, the President of the Islamic Development Bank, Dr. Ahmad Mohamed Ali, spoke about the Bank's activities and accomplishments since its inception in 1395H (1975) towards boosting the socio-economic development of member countries and Muslim communities in non-member countries in accordance with Islamic Principles. He indicated that another mission of the Bank is to increase cooperation among its member countries. He highlighted the Sharia-compatible modes of financing that the Bank applies in its operations as well as the schemes and institutions that form what is now called the IDB Group with a membership of 56 countries which is growing. He talked about the latest developments, such as the major steps it has taken to comply with the Extraordinary Makkah Summit resolution to establish a fund designed to combat poverty and unemployment in member countries for which 19 member countries have so far pledged contributions. The Bank's capitait was increased on several occasions, and now it stands at US$ 40 billion. The capital increases have facilitated the financial position resulting in M/s Standard and Poor's awarding credit ratings of AAA for long-term credit and A1+ for short-term credit five years in a row.

The President touched upon the 1440H (2020) IDB Vision on future challenges which was formulated by a commission comprising dignitaries from the Muslim world headed by Dr. Mahathir Mohamed, former Prime Minister of Malaysia. On the establishment of the International Islamic Trade Finance Corporation (ITFC) with a capital of US$ 3 billion,the President stated that so far, 48 IDB member countries have signed its articles of agreement .

On the Kingdom of Saudi Arabia Project for the Utilization of Hajj Meat, which the Bank has been operating since 1403H in collaboration with stakeholders of the Project in the Kingdom, he stated that the Project was designed to make it easy for pilgrims to perform the ritual by providing sheep which are examined by veterinary doctors to ensure compatibility with sharia and health requirements and by ensuring that the environment around the Holy Sites is clean and protected. His Royal Highness Prince Mutib Ibn Abdul Aziz, Minister of Municipal and Rural Affairs and Chairman of the Makkah Al Mukarramah, Madina Al Munawwarah and the Holy Sites Development Authority, recently inaugurated the Project's website( www.adahi.org) dedicated to this project. The site is designed to enable individuals to purchase sheep for hady or odhiya with a credit card or by money transfer through the National Commercial Bank. During this year the Project has made provisions for 700,000 sheep and 10,000 cows and camels.

The Project has so far enabled pilgrims to perform this rite with great ease and thus focus on other Hajj rituals. The Project helps to make the meat available to its rightful beneficiaries among the poor at the Holy Mosque area and Holy Sites and ships the surplus to 28 countries for distribution among the people eligible to it.

The President appealed to the media to help sensitize the pilgrims about the need to avoid going to the Project's abattoirs during peak periods.

He then answered questions on the various activities of the Bank in general, and about the Hajj Meat utilization Project, in particular.

At the end of the reception, the President expressed gratitude and appreciation to the Custodian of the Two Holy Mosques, Crown Prince and Government for their valuable support for the Islamic Development Bank as well as Hajj meat utilization project, which is designed to demonstrate Allah's wisdom through this ritual.