Islamic Development Bank Launches Intellectual Property Initiative to Support Science, Technology and Innovation in the Developing World

IsDB announces new partnership with the World Intellectual Property Organization (WIPO) to protect and support the next generation of entrepreneurs who are developing science, technology and innovation led solutions to the Sustainable Development Goals

3rd April 2018, Tunis, Tunisia: The Islamic Development Bank (IsDB) – one of the world’s largest multilateral development banks – is today announcing the launch of a new partnership with the World Intellectual Property Organisation (WIPO) to support science, technology and innovation (STI) initiatives in their infancy.

The IsDB believes new business ventures grounded in STI will be critical in tackling development challenges across the world. In recognition of this, the IsDB recently launched a major online platform “Engage” which is an open forum, connecting innovators in the world’s developing communities with market opportunities and funding.

Protecting the IP of new innovations is a vital factor for attracting foreign direct investment and knowledge sharing. The new partnership with WIPO, launched today, will establish an intellectual property unit within the IsDB to help protect innovations and incentivize entrepreneurs and inventors by providing the legal support and IP to protect their rights, as well as support the commercializing of their ideas and inventions.  

The WIPO will also work alongside beneficiaries of the IsDB’s $500m Transform Fund, a new initiative 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.

Speaking at the launch of the WIPO partnership, which took place during IsDB group’s Annual General Meeting in Tunisia, H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank said: “The Islamic Development Bank understands that people living in the developing world need more than just grant funding. They need sustainable solutions to help them build their own way out of poverty. Today’s new partnership with WIPO will give entrepreneurs the support they need to develop their ideas into successful ventures.”

The initiative was pioneered by Dr. Hayat Sindi, Chief Scientific Advisor to the IsDB and member of the UN Scientific Advisory Board. She said: “We want to drive real change for millions of people by giving every scientist, technologist and innovator the opportunity to make a difference to the world around them. Today’s announcement will give entrepreneurs the legal support to help them build their ideas into reality.”

Speakers at the WIPO launch included H.E. Dr Bandar Hajjar, President of Islamic Development Bank, Dr Hayat Sindi,  Advisor to the President of Islamic Development Bank on STI, Bajoe Wibowo, from the Office of the Deputy Director General, WIPO, Habip Asan the Chairman of the Board of Management of the Turkish Patent and Trademark Office and Amel Ben Farhat, Director General of the National Institute for Standardization and Industrial Property INNORPI, TUNISIA.