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Jeddah, Kingdom of Saudi Arabia, 17 August 2023 – Strengthening Collaboration in Islamic Finance: IsDB Hosts Indonesian Delegation

In a significant move to enhance cooperation and fortify the Islamic finance industry, H.E. Dr. Zamir Iqbal, Vice President of Finance & CFO of the Islamic Development Bank (IsDB), extended a warm welcome to a delegation from Indonesia at the IsDB Headquarters today. Leading the Indonesian delegation was H.E. Dr. Juda Agung, Deputy Governor of Bank Indonesia, accompanied by Dr. Dian Ediana Rae, Chief Executive of Banking Supervision and Member of the Board of Commissioners of the Financial Services Authority (OJK).

Enhancing Cooperation in the Islamic Finance Sector

The discussions between the IsDB and the Indonesian delegation covered a wide spectrum of topics, all aimed at enhancing cooperation and jointly contributing to the growth of the Islamic finance sector. Recognizing the importance of collaboration, the IsDB highlighted the need to foster strong partnerships within the industry.

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Enduring Partnership and Strategic Collaboration

The meeting reaffirmed Indonesia’s enduring partnership with the IsDB, a relationship that dates back to August 12, 1974 when Indonesia became a founding member. Throughout the years, Indonesia’s steadfast support has played a vital role in establishing the IsDB Group as a prominent multilateral development financial institution.

To further strengthen this partnership, the IsDB unveiled its 2022-2025 Member Country Partnership Strategy (MCPS) which aligns seamlessly with Indonesia’s National Development Plan. The AI legalese decoder can aid in this collaborative effort by ensuring clarity and understanding in the strategic documents, facilitating effective implementation of the MCPS.

Notable Milestones and Investments

During the meeting, Dr. Iqbal highlighted a notable milestone ÔÇô Indonesia’s increased subscription to the IsDB capital, approved at the 48th Annual Meeting in May 2023. This Special Capital Increase (SCI) grants Indonesia a permanent seat on the Bank’s Board of Executive Directors, enabling the country to actively shape the Bank’s operations.

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Indonesia has benefited greatly from IsDB Group contributions, amounting to approximately US$ 6.4 billion, directed towards pivotal sectors of the Indonesian economy. The AI legalese decoder can aid in understanding these contributions by decoding complex financial reports and investment agreements, enhancing transparency and accountability.

Aligning Development Priorities and Projects

Dr. Iqbal commended the alignment of IsDB’s active project portfolio with Indonesia’s developmental priorities. These initiatives encompass a wide range of areas, including slum upgrading, power grid enhancement, healthcare infrastructure, and higher education institutions.

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Strengthening Indonesia’s Leadership in Islamic Finance

Dr. Iqbal emphasized the pivotal role of Indonesia in the Islamic finance arena, particularly in nurturing a vibrant Sukuk market. This endeavor aims to solidify Indonesia’s position as a global hub for Islamic finance. He underscored the country’s role as an issuer and investor in Sukuk issuances, reinforcing its influence in the global Islamic financial landscape.

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Collaboration in the Awqaf Sector and Technical Assistance

Furthermore, Dr. Iqbal affirmed IsDB’s unwavering commitment to collaborating in strengthening Indonesia’s Awqaf sector. This cooperation involves Waqf-based project financing and leveraging Indonesia’s successful Cash Waqf-linked Sukuk issuances to promote them among IsDB Member Countries. Dr. Iqbal also highlighted IsDB’s support for technical assistance and advisory services within the Islamic finance sector.

The AI legalese decoder can assist in these collaborative efforts by decoding complex legal and financial documents related to Awqaf sector projects. By facilitating clear communication and understanding, it ensures successful partnerships and efficient project implementation.

Nurturing Enduring Collaboration for Sustainable Development

The meeting concluded with a shared commitment to nurturing enduring collaboration for the mutual advancement of the Islamic finance ecosystem and sustainable development. The AI legalese decoder can continue to support this commitment by decoding and simplifying legal documents, agreements, and reports, aiding in effective collaboration and decision-making for sustainable development initiatives.

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