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Engagement is broader across business units and functions, Regional Hub representation is stronger, and contributions increasingly reflect a Groupwide perspective rather than a single-unit lens. ... This further positions the Digest as both a knowledge bridge across units and hubs and a light but credible advocacy instrument that helps communicate IsDB’s SDGs contribution more clearly.
IsDB Trust Services No. 2 SARL (Incorporated as a Private limited liability company in Luxembourg) Financial Statements and Independent Auditor’s Report For the year ended 31 December 2021 IsDB Trust Services No. 2 SARL (Incorporated as a limited liability par value company in Luxembourg) Financial Statements For the year ended 31 December 2021 Contents Page Sole Manager’s Report 3-5 Statement of Sole Manager’s Responsibilities 6-12 Report of the réviseur d’entreprises agréé” 13-15 Statement of Financial Position 16 Statement of Comprehensive Income 17 Statement of Cash Flows 18 Statement of Changes in Equity 19 Notes to the Financial Statements 20-28 General Information 29 Page 2 of 21 IsDB Trust Services No. 2 SARL SOLE MANAGER’S REPORT For the year ended 31 December 2021 To the Sole Shareholder, The Sole Manager is pleased to present the annual accounts of IsDB Trust Services No.2 S.à r.l. (the “Company”) for the year ended 31 December 2021. 1.
Islamic Solidarity Fund for Development (ISFD) 14th ANNUAL REPORT 1442-1443H (2021) 2 ISFD Annual Report 2021 TABLE OF CONTENTS LIST OF ABBREVIATIONS...................................................................... 2 LIST OF TABLES AND FIGURES............................................................ 3 LETTER OF TRANSMITTAL.................................................................... 4 MEMBERS OF THE ISFD BOARD OF DIRECTORS................................. 5 THE ISLAMIC SOLIDARITY FUND FOR DEVELOPMENT IN BRIEF......... 6 CHAIRMAN’S MESSAGE........................................................................ 7 EXECUTIVE SUMMARY......................................................................... 8 PART 01: POST-COVID RECOVERY AND ITS CHALLENGES................ 14 Socio-Economic Impact of the Covid-19 Pandemic.................................................. 14 Important but Uneven Recovery in 2021.....................................................................15 PART 02: POVERTY IN OIC MEMBER COUNTRIES.............................. 18 Income Poverty in OIC Member Countries..................................................................18 Multidimensional Poverty in OIC Member Countries................................................ 20 Food Security in OIC Member Countries.....................................................................20 PART 03: THE ROLE OF THE ISFD IN POVERTY REDUCTION IN MEMBER COUNTRIES................................ 24 3.1: ISFD Operations Since Inception...........................................................................24 3.2: ISFD Operations in 2021..........................................................................................26 3.3: Implementation of the 2030 Strategy...................................................................31 PART 04: CORPORATE GOVERNANCE................................................ 36 Activities of the Board of Governors ............................................................................36 Activities of the Board of Executive Directors ............................................................ 36 PART 05: FINANCIAL OVERVIEW........................................................ 42 Annex I: ISFD Grants and Loans Approved oin 2021................................................. 47 Annex II: Summary Description of Projects & Programmes Approved in 2021... 48 Annex III: Statement of Contributions to ISFD Capital.............................................. 52 Annex IV: Financial Statement and Independent Auditors Report......................... 54 List of Abbreviatiations 2 APIF Awqaf Properties Investment Fund AWP Annual Work Programme BOD Board of Directors of the ISFD BOG Board of Governors BTVET Business, Technical and Vocational Education and Training COMCEC Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation CSO Civil Society Organisation EEP Economic Empowerment Programme GDP Gross Domestic Product GHI Global Hunger Index GNI Gross National Index HDI Human Development Index ICD Islamic Corporation for the Development of the Private Sector ICERI ICIEC-ISFD COVID-19 Emergency Response Initiative ICIEC Islamic Corporation for the Insurance of Investment and Export Credit IDP Internally displaced persons IsDB Islamic Development Bank ISFD Islamic Solidarity Fund for Development ITFC International Islamic Trade Finance Corporation IWIF Ihsan Waqf Investment Fund KAAP King Abdullah Programme for Charity Works LDMCs Least Developed Member Countries LLF Lives and Livelihoods Fund MC Member countries MC Member country MPI Multidimensional poverty index MSME Micro, Small, and Medium Enterprises NGO Non-Governmental Organisation OIC Organisation of Islamic Cooperation P5P President’s Five-Year Programme PwC PricewaterhouseCoopers QnP Quality and Prioritisation SDGs Sustainable Development Goals SERVE Strengthening the Economic Resilience of Vulnerable Enterprises SME Small and Medium Enterprises SPRP Strategic Preparedness and Response Programme STI Science, Technology, and Innovation TVET Technical and Vocational Education and Training UN United Nations UNDP United Nations Development Programme WBG Waqf BID-Guinea (IsDB-Guinea Waqf) ISFD Annual Report 2021 List of Tables and Figures List of Tables Table 2.1 Income Groups of OIC Member Countries......................................................... 18 Table 2.2 Proportion of the Extreme Poor in the OIC Regions......................................... 19 Table 3.1 Summary of the Impact of the ISFD Support to Member Countries............ 25 Table 3.2 ISFD Grants and Loans Approved in 2021......................................................... 29 Table 3.3 Progress on the Implementation of the 10 Initiatives...................................... 32 Table 3.4 Capital Contributions in 2021............................................................................... 33 Table 3.5 Pipelines of IWIFs...................................................................................................34 Table 5.1 ISFD Assets..............................................................................................................43 Table 5.2 Total and Net Income.............................................................................................44 Table 5.3 Gross Income from Treasury Assets.................................................................. 44 List of Figures Figure 1.1 Economic Decline in the OIC Group in 2020...................................................... 14 Figure 1.2 Growth Projections in the OIC Group 2021........................................................ 15 Figure 2.1 Number of People living in Extreme Poverty in OIC Member Countries...... 19 Figure 2.2 2018 Hunger Index of the OIC Low Income Member Countries.................... 20 Figure 3.1 ISFD Approvals 2009-2021................................................................................... 24 Figure 3.2 ISFD Operations by Sector 2009-2021................................................................ 26 Figure 3.3 Sustainable Development Goals.......................................................................... 26 Figure 3.4 ISFD Loans and Grants in 2021............................................................................ 26 Figure 3.5 ISFD Approvals by Sector in 2021....................................................................... 27 Figure 3.6 ISFD Approvals by Region in 2021....................................................................... 28 Figure 3.7 ISFD Approvals by Country in 2021..................................................................... 28 Figure 3.8 Approvals by Programmes and Projects 2021................................................. 30 Figure 3.9 Capital Resource Mobilized from Member Countries 2016-2021................. 33 Figure 5.1 Sources of Treasury Income by %....................................................................... 44 Figure 5.2 Disbursement Rate of ISFD Financed Projects 2010-2021............................ 46 ISFD Annual Report 2021 3 Letter of Transmittal In the name of Allah, the Beneficent, the Merciful H.E. the Chairwoman, ISFD Board of Governors, Dear Madam Chairwoman, Assalamu Alaikum Warahmatullah Wabarakatuh. ... In 2021 alone, the ISFD provided over USD62 million in concessional loans and grants to member states.
Ahmad Mohamed Ali, stated that the Board has accepted to submit a recommendation to the upcoming meeting of IDB's Board of Governors in Kuwait for creating a Poverty Alleviation Fund (PAF) within the IDB. ... It also indorsed the Audited Financial Statements of IDB Unit Investment Fund and Islamic Bank's Portfolio and the Declaration and Distribution of Final Semi- Annual Cash Dividends for both for the Financial Year ended 31/12/2005 which will be submitted for the approval of the Board of Governors" he stated.
., Mauritania, Uganda, Pakistan and Senegal, and seven special assistance operations from Wagf Fund for projects in Somalia, China, Bosnia Herzegovina, Canada, USA, United Kingdom and India, in addition to technical assistance in favor of Kazakhstan and Afghanistan. ... Grammar School for Boys, Manchester, United Kingdom. - US$ 190,000 for the Construction of a Secondary School for South Eastern India Minorities, Manshidanga Village, Howrah District, West Bengal State, India.
Ali made his remarks in an address to the Iraqi parliament on Saturday 26 March during his visit to the region with United Nations Secretary-General Ban Ki-moon and World Bank President Dr. ... Ali stated that the joint visit aimed to confirm the international community’s support for the region as it faces many challenges, including the refugees and the displaced.
The two-day workshop was hosted by the Government of the United Arab Emirates during the period 13-14 Sept. 2005 in the city of Dubai. ... Minister of State for Finance and Industry of the United Arab Emirates, was a forum to facilitate better comprehension of the global economic changes facing the region and how to reap benefit from the great potential of Middle Eastern and North African countries in the new global economic framework.
Positively, the growing number of bank and non-bank financial institutions which already have or have expressed interest in implementing Shariah units as part of their business models is proof that Islamic finance is gaining traction in the country. ... Firdaus Djaelani, Board of Commissioner of Otoritas Jasa Keuangan/Executive Head of Non-Bank Financial Institution Supervisory stated that, "One of our responsibilities is to develop the Islamic finance industry in Indonesia, as it is still far from its potential.
Positively, the growing number of bank and non-bank financial institutions which already have or have expressed interest in implementing Shariah units as part of their business models is proof that Islamic finance is gaining traction in the country. ... Firdaus Djaelani, Board of Commissioner of Otoritas Jasa Keuangan/Executive Head of Non-Bank Financial Institution Supervisory stated that, "One of our responsibilities is to develop the Islamic finance industry in Indonesia, as it is still far from its potential.
Experts from the Islamic Development Bank (IsDB), United Nations Development Programme (UNDP) and the Organisation of Islamic Cooperation (OIC) have highlighted the relevance of Islamic finance in achieving the Sustainable Development Goals (SDGs) through impact financing. ... The partnership has also spearheaded trade reforms, promoted pro-poor growth and reduced unemployment, as part of the Aid for Trade Initiative for Arab States.