Putrajaya 16 October 2018. H.E. Dr Bandar Hajjar, President of the Islamic Development Bank (IsDB), met with H.E. Mahathir Mohammad, Prime Minister of Malaysia today in Putrajaya and discussed with him ways and means to strengthen the already excellent relationships between the IsDB and Malaysia. He expressed, on this occasion his sincere thanks to the Government of Malaysia for the continuous support it provides to the IsDB Group and his great appreciation to H.E. Mahathir Mohammad for his able leadership in chairing IDB Vision 1440H (2020) Commission ten years ago.

Dr Hajjar shared with the Prime Minister his 5 Years Presidential Program for the IsDB – which was designed as an implementation mechanism of the Vision 1440H – aimed at helping to foster decentralization, financial sustainability and innovation, in order to address the rapid increasing needs of the Bank’s member countries. He also presented the progress made in transforming the IsDB Regional Hub in Kuala Lumpur into a Center of Excellence focusing on five key areas, namely: Science, Technology and Innovation, Islamic Finance, Technology Transfer, Resource Mobilization and Halal Industry.

HE Mahathir Mohammad welcomed the transformation process of the IsDB and supported the Orientation of the IsDB towards promoting Science, Technology and Innovation. In April 2018, the bank launched ‘Transform’, a US $500 million fund, which will provide seed money for start-ups and SMEs to develop their ideas and facilitate the commercialization of technology among the IsDB’s member countries.

The Malaysian Prime Minister also emphasized the importance of the promotion of the Islamic Finance industry, as well as effective management of financial resources. He highlighted the growing need for Halal Products, not only in Muslim countries but all over the world and encouraged the IsDB to play an active role in these areas, while benefitting from the experience and knowledge of Malaysia in this regard.