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Malaysia-Islamic Development Bank to expand Islamic finance role

24/07/2022 07:42 PM

KUALA LUMPUR, July 24 (Bernama) -- Malaysia looks forward to the continuing collaboration with member and non-member countries of the Islamic Development Bank (IsDB) to advance the role of Islamic finance in areas such as the halal industry, new technology, social finance, awqaf, public health and the environment.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz commended the instrumental role of the IsDB’s Kuala Lumpur Centre of Excellence in facilitating the exchange of Malaysia’s knowledge and experience in Islamic finance for the benefit of the 57 member countries.

“Malaysia has established a strong global leadership in Islamic finance, and the IsDB has been instrumental in facilitating the sharing of our expertise with its member countries.

“The tenets of Islamic finance are naturally aligned to environmental, social, and governance (ESG) considerations, and as such, has a key role in advancing sustainable development," Zafrul said in Finance Ministry-IsDB  joint statement today in conjunction with the bank's president and group chairman Dr. Muhammad Al Jasser first official visit to Malaysia.

The two leaders noted their long-standing cooperation in the areas of education, scholarship, and reverse linkages between the Malaysian government and the IsDB and further agreed to scale up ongoing joint initiatives through the Centre of Excellence, as well as support Malaysia in key priority areas in line with its national development plan.

The two leaders also deliberated on the recent IsDB Strategy Realignment (2022-2025) endorsed by the board of governors as the most responsive and relevant document that espouses the needs and aspirations of the member countries.

“Malaysia is committed to partner with the bank, especially in the key three pillars: boosting recovery, tackling poverty and building resilience, as well as driving green economic growth as identified in the strategy document,” Zafrul added.

In his remarks, Dr. Al Jasser expressed his appreciation and gratitude to the Malaysian government for its continued support to the Islamic Development Group since its establishment in 1974.

He also lauded the government for its extraordinary efforts battling the unprecedented health, social, economic, and financial challenges posed by the COVID-19 pandemic through proactive health measures, and the deployment of several effective responses and stimulus programmes.

‘’Malaysia has proven -- once again -- that its resilient economy, supported by strong public institutions and a highly diverse and vibrant private sector can bounce back from (some of) the most challenging crises,” added Dr. Al Jasser.







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