Kuala Lumpur, Malaysia, 20 July 2022 – During his first official visit to Malaysia after assuming office, Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, held a productive bilateral meeting with H.E. YB Datuk Seri Utama Zafrul bin Tengku Abdul Aziz, Minister of Finance, and IsDB Governor for Malaysia, during which ways for enhancing cooperation were discussed.
The two leaders noted the long-standing cooperation in education, scholarships, and capacity-sharing reverse linkages between the Government of Malaysia and the Islamic Development Bank Group and further agreed to scale up ongoing joint initiatives through the IsDB Center of Excellence in Kuala Lumpur and to provide support to Malaysia in key priority development areas in line with its national development plan.
They also deliberated on the recent IsDB Strategy Realignment (2022-2025) as endorsed by the Board of Governors as the most responsive and relevant document that espouses the needs and aspirations of the member countries.
H.E. YB Datuk Seri Utama Zafrul bin Tengku Abdul Aziz commended the noble initiative of the Bank and expressed Malaysia’s commitment to partner with the Bank, especially in the 3 key pillars identified.
In his remarks, H.E. Dr. Al Jasser expressed his profound appreciation to the Government of Malaysia for its continued support to the Islamic Development Group since its establishment in 1974. He also lauded the Government of Malaysia for its extraordinary efforts in 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 programs.
‘’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 the most challenging crises,” Dr. Al Jasser stated.
For his part, the Minister of Finance noted the instrumental role the IsDB’s Center of Excellence in Kuala Lumpur in facilitating access for exchange of Malaysia’s strong knowledge and experience in various sectors such as the Halal industry, technology transfer, Islamic Social Finance, and Awqaf sector amongst others, for the benefit of the 57 member countries of the Bank.
Malaysia joined the IsDB in August 1974 as one of the main key founders of the institution. Its capital subscription stands at ID 823.1 million (1.63% of IsDB total subscribed capital). To date, the Bank has undertaken more than 140 projects to a tune of over US$ 1 Billion in the country.
The country also hosts IsDB’s Center of Excellence in Kuala Lumpur. The Center facilitates the exchange of Malaysia’s strong knowledge and experience in various sectors such as the Halal industry, technology transfer, Islamic Social Finance, and the Awqaf sector amongst others for the benefit of IsDB’s 57 member countries.