Jeddah, Saudi Arabia, November 9, 2026. H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, received H.E. Mr. Ismail Ould Cheikh Ahmed, Secretary-General of the Organization of Islamic Cooperation (OIC), at IsDB Group Headquarters today for discussions on closer cooperation to support member countries’ development priorities. The two leaders agreed to work on a memorandum of understanding (MoU) to turn their discussions into practical action and to share knowledge and best practices. 

The meeting focused on how the OIC’s role in promoting peace and social cohesion and the IsDB Group’s development financing capabilities can reinforce each other. Dr. Al Jasser highlighted the scope for closer cooperation to help member countries address their infrastructure needs and strengthen the foundations for economic and social development. 

He emphasized the value of bringing together the OIC’s engagement with member countries and the IsDB Group’s financial resources and technical expertise. Such cooperation offers a basis for identifying shared priorities and developing projects and programs that respond to countries’ needs. 

The proposed MoU would build on the cooperation framework established in 2010. Its renewal provides an opportunity to give the partnership a clearer operational focus, connect shared priorities with development financing, and strengthen follow-up on joint activities. Preparatory exchanges have identified clearer responsibilities, more regular coordination and a focused program of work as areas for consideration. 

Dr. Al Jasser outlined the breadth of support available through the IsDB Group, spanning development and trade finance, investment and export credit insurance, private-sector financing, and knowledge and advisory services. These capabilities offer member countries a range of ways to finance essential services, support businesses and expand trade and investment. 

The Group brings together IsDB, the Islamic Development Bank Institute (IsDBI), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC). By the end of September 2026, cumulative Group financing had reached US$227 billion. 

Knowledge sharing and the exchange of country experience will support cooperation in food security, trade, capacity development and Islamic social finance. Earlier technical exchanges identified Islamic social finance as a workstream for closer cooperation, drawing on IsDBI’s experience in zakat, waqf and Islamic microfinance to help member countries address poverty and widen access to finance. 

The Secretary-General shared his aspirations for the OIC’s role in advancing member countries’ development. Dr. Al Jasser welcomed those ambitions and reaffirmed the IsDB Group’s commitment to working closely with the General Secretariat to take forward shared priorities. 

The Secretary-General also commended IsDB’s AAA credit standing. Both leaders recognized the support of member countries and other stakeholders in sustaining the Bank’s financial strength and its capacity to respond to their development needs. 

The meeting provided direction for further work on the MoU, with a focus on translating the partnership into practical support for member countries and the communities they serve.