Malaysia's Prime Minister visits IsDB Headquarters in Jeddah to strengthen relations and explore a strategic partnership between the Asian nation and the IsDB Group
Jeddah, Kingdom of Saudi Arabia, 23 March 2023 – Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, on Thursday, 23 March 2023, welcomed the Malaysian Prime Minister and Minister of Finance, H.E Dato' Seri Anwar bin Ibrahim and accompanying delegation to the IsDB Group Headquarters in Jeddah in a historic visit to strengthen relations and explore a strategic partnership between the Southeast Asian nation and the IsDB Group.
Dr. Muhammad Al Jasser described the visit as a testament to Malaysia's strong relationship with the Islamic Development Bank. As a founding member of the Bank, he said Malaysia has always been a model of success in various socioeconomic advancements. He acclaimed the historic agreement signed by the Deputy Prime Minister in 1994 with the IsDB to establish the Kuala Lumpur regional office. "This office is now a Center of Excellence aimed at exchanging success stories and impactful comprehensive solutions between Malaysia and the other 56 member states in Islamic finance, halal ecosystems, and science, technology, and innovation", President Al Jasser stated.
The IsDB Chief expressed the Bank's unwavering commitment to exploring new avenues for collaboration between Malaysia and the IsDB Group within the Strategic Partnership Framework to enhance potential projects, including developing and piloting innovative Islamic finance products; financing strategic and capital-intensive projects like energy interconnection, vaccine production, and digital transformation; promoting the halal industry; and supporting micro and small enterprises. "I assure you that the Islamic Development Bank will remain committed to supporting Malaysia in fulfilling its vision. At the same time, the Bank looks forward to benefitting from the Malaysian experience to help other member states implement new development solutions," Dr. Al Jasser stressed.
Prime Minister Dato' Seri Anwar bin Ibrahim applauded the IsDB Group and its leadership for the tremendous economic support to member countries and the excellent humanitarian assistance to vulnerable communities globally. He said his visit presented a significant opportunity to discuss strengthening cooperation between the IsDB Group and Malaysia, and it was a turning point in the relationship between both parties.
President Al Jasser explained that the IsDB is not a profit maximizer. It’s rather an impact maximizer institution.. He said 21 of the IsDB member countries are considered least developed nations and therefore, the demand and expectations of the people are huge . "We need to deepen the activities of the Center of Excellence through the Reverse Linkage programs, knowledge sharing, and strengthening South-South cooperation. Technology is also a significant area that we must explore as it has an important impact on our life through e-health and e-governance." President Al Jasser maintained.
Prime Minister Dato' Seri Anwar bin Ibrahim applauded the IsDB Group and its leadership for the tremendous economic support to member countries and the excellent humanitarian assistance to vulnerable communities globally. He said the IsDB remains a vital institution to Malaysia, and they are very committed to providing relevant support to the institution. He proposed that governments adopt more comprehensive agendas to ensure sustainability and protect their citizens,
The Malaysian Premier said we should promote the fundamental principles such as anti-corruption and good governance. He advised that the KL Center of Excellence can benefit further from the country's tremendous potential and its leadership in the region, particularly in Islamic finance, the Halal industry, research, and vaccines, among others. "We need to rethink the concept of Islamic banks to make it fit with Maqasid Al-Sharia. It should also explore new challenges, including digitalization, Science and Technology, and food security," Prime Minister Dato' Seri Anwar bin Ibrahim stressed.