Latest news with #IslamicDevelopmentBankGroup
Zawya
24-07-2025
- Business
- Zawya
ICIEC inks credit insurance policy with Al Baraka Islamic Bank
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a shariah-based multilateral insurer and member of Islamic Development Bank Group, has signed a documentary credit insurance policy with Bahrain-based Al Baraka Islamic Bank. As per the deal, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank in connection with the import and export of eligible shariah-compliant goods and services, said the Corporation in a statement. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states, it stated. The DCIP serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC's broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries. It aims to strengthen support for shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem, remarked Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, after signing the deal with Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, "This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's unwavering commitment to advancing intra-OIC trade and investment," he noted. "By supporting shariah-compliant trade finance through our Documentary Credit Insurance Policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals," he added. Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development, said the statement. The duo is putting in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively, it added. Dr Salem said: "We are delighted to partner with ICIEC on this pioneering Credit Insurance Policy, which empowers us to extend shariah‑compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide." "This collaboration underscores our unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Observer
21-05-2025
- Business
- Observer
RO 243m pacts to finance flood protection dams
The Sultanate of Oman signed a number of agreements with the Islamic Development Bank Group (IsDB) worth RO 243 million to finance the construction of flood protection dams, on Wednesday. The agreements were signed on the sidelines of the 50th Annual Meeting of the Board of Governors of the Islamic Development Bank (IsDB) Group, held in Algiers. The agreements were signed by Sultan bin Salim al Habsi, Minister of Finance, and Dr Mohammed bin Sulaiman al Jasser, Chairman of the Islamic Development Bank Group. The minister also signed a framework memorandum to enhance strategic cooperation and economic integration with the IsDB Group and member states. The memorandum covers several areas of cooperation including infrastructure development and support for the private sector and other sectors such as roads, electricity, water, sanitation, tourism, manufacturing industries, industrial zones in addition to developing human and institutional capacities.
Observer
21-05-2025
- Business
- Observer
What Islamic finance brings to climate resilience
As ministers representing the 57 member countries of the Islamic Development Bank Group gather in Algiers for the IsDB's 51st annual meeting, the devastating effects of climate change are impossible to ignore. Wildfires consuming entire communities, floods displacing millions of people, and heat waves claiming hundreds of thousands of lives. Such extreme weather events are no longer anomalies; they are the new normal, threatening lives and livelihoods in the world's most climate-vulnerable regions – especially in the Global South. With traditional responses proving inadequate to this escalating threat, innovative finance must take centre stage. According to the Intergovernmental Panel on Climate Change, as many as 3.6 billion people currently live in regions that are highly vulnerable to climate change. Between 2010 and 2020, deaths caused by floods, droughts, and storms in those areas were 15 times more frequent than in low-vulnerability regions, underscoring the severe and unequal toll of the climate crisis. Conventional wisdom holds that for resource-dependent economies, climate action is a matter of economic survival, while for developing economies, it offers a pathway to sustainable growth and development. But many economies fall into both categories – developing and resource-dependent – compounding the challenge of designing and implementing effective climate strategies. Climate action is a matter of economic survival, while for developing economies. While a comprehensive strategy for building climate resilience is essential to strengthening developing economies' ability to withstand shocks, resilience and adaptation must go hand in hand. For vulnerable countries, this may involve reinforcing infrastructure to protect against flooding, investing in drought-resistant crops, and diversifying income sources to reduce dependence on climate-sensitive sectors. But conventional modes of resilience financing remain constrained, both in terms of sources and delivery mechanisms. As a result, vital social safeguards and support systems are often underfunded or insufficient. The problem is made worse by growing uncertainty over the availability of concessional financing from developed countries. Given this reality, financial innovation must become a central pillar of climate resilience. To that end, financial institutions, governments, and other stakeholders must work together to develop new financing mechanisms aimed at protecting climate-vulnerable regions. Encouragingly, several innovative financing funds and mechanisms have emerged to support resilience and adaptation efforts. These include the Green Climate Fund, which provides financial assistance to developing countries; the Climate Bonds Initiative, which promotes the growth of the climate bond market; climate insurance, which helps manage and reduce climate-related risks; community-based adaptation, which enables local communities to design and implement their own adaptation strategies; and nature-based solutions, which focus on restoring and protecting natural ecosystems. Even so, such financing falls far short of demand. Multilateral development banks play a pivotal role in delivering the financing necessary for vulnerable countries to reduce emissions and invest in adaptation projects. According to the most recent Joint Report on Multilateral Development Banks' Climate Finance, MDBs provided a record $125 billion in public climate finance in 2023. Notably, 60 per cent of that total – $74.7 billion – was directed to low- and middle-income countries, highlighting MDBs' commitment to supporting those most exposed to climate risks. The IsDB is a notable example. In November 2024, the IsDB approved $1.15 billion in financing to bolster food and water security in Kazakhstan by sustainably irrigating 350,000 hectares of land. The project aims to boost average crop yields by 30 per cent, thereby strengthening community resilience to climate-related disasters and improving the economic well-being of 1.3 million vulnerable people. Like other MDBs, the IsDB is grappling with the challenge of strengthening climate resilience across its 57 member countries, more than half of which are more vulnerable to climate change than the global average. Addressing such vulnerabilities requires an estimated $75-90 billion annually through 2030 for sustainable agriculture, water, and infrastructure projects. Adaptation-related financial flows to these countries average $23.9 billion per year, leaving a 68 per cent funding gap that the IsDB is actively working to close. The growing supply of adaptation financing illustrates MDBs' indispensable contribution to global climate efforts. But success should not be measured only by the amount of money disbursed; instead, it must be judged by tangible, real-world outcomes. While climate finance is growing, its effectiveness hinges on rigorous monitoring and impact assessment. Establishing robust reporting frameworks is therefore critical to building stakeholders' confidence and channelling more financing toward adaptation projects. To enhance their impact, MDBs should also adopt targeted results-based and policy-based financing models. Beyond bolstering borrowers' institutional capacity and expanding targeted financing, MDBs also have an opportunity to boost resource mobilisation by attracting capital from non-conventional sources. The IsDB's sustainability framework is a prime example. Under this scheme, the IsDB has mobilised more than $6 billion by issuing Islamic bonds (Sukuk), attracting both Muslim and non-Muslim investors. Rooted in asset-backing and risk-sharing, Islamic finance is inherently aligned with sustainability principles. In recent years, instruments like cooperative insurance (takaful), charitable endowments (waqf), and faith-based crowdfunding platforms have emerged as alternative sources of climate financing across the Muslim world. Recognising the need for targeted climate-funding solutions, the IsDB has actively promoted and supported these mechanisms. By tapping into the $4.5 trillion Islamic finance industry and adopting its asset-backed, risk-sharing model, other MDBs could expand and diversify their funding sources, enabling them to support adaptation and mitigation initiatives in the world's most vulnerable regions. But the time for pilot projects and piecemeal interventions is over. To build a sustainable, climate-resilient future, MDBs must urgently scale high-impact solutions, embrace financial innovation, and foster global cooperation. Drawing on more than a half-century of experience, the IsDB is ready to do its part. @Project Syndicate, 2025
See - Sada Elbalad
20-05-2025
- Business
- See - Sada Elbalad
Al-Mashat Arrives in Algeria For Islamic Development Bank Group Annual Meetings
Rana Atef Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the Islamic Development Bank Group, arrived in Algeria for the 2025 Annual Meetings of the Bank Group, held from May 19 to 22, 2025, under the theme: 'Diversifying Economies, Enriching Lives', with the wide participation of Ministers of Finance, Economy, Planning, and International Development of the 57 member countries. This is in addition to leaders of global financial institutions, development partners, decision-makers, and representatives of the private sector, featuring strategic discussions aimed at proposing sustainable solutions to the social and economic challenges facing the member countries of the Bank Group, as well as contributing to supporting development and prosperity on a global level. Dr. Rania Al-Mashat's participation agenda includes a wide range of events, including a high-level roundtable on operationalizing the 'Riyadh Global Drought Resilience Partnership', and a panel discussion on accelerating progress towards the SDGs in the middle-income countries of the Islamic Development Bank. In addition, several bilateral meetings are scheduled, including a meeting with Dr. Abdullah Al-Dardari, UN Assistant Secretary-General and Director of the UNDP Regional Bureau for Arab States,, a meeting with Mr. Álvaro Lario, President of the International Fund for Agricultural Development (IFAD), and a meeting with Eng. Adeeb Y. Al Aama, CEO of the International Islamic Trade Finance Corporation (ITFC). The current session of the Islamic Development Bank Group's annual meetings addresses pivotal issues such as economic diversification, strengthening economic resilience, and supporting innovation as a key driver of development, alongside reviewing successful development initiatives and institutional achievements that reflect the progress made by member countries. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
El Chorouk
14-05-2025
- Business
- El Chorouk
2000 Participants to Attend the 2025 ISDB Group Meetings in Algeria
The Islamic Development Bank Group's 2025 Annual Meetings, to be held in Algiers, provide a dialogue platform to enhance South-South cooperation and support member countries. Through this event, Algeria reiterates its commitment to strengthening South-South cooperation by sharing a common vision with the Islamic Development Bank Group based on the principle of 'development solidarity' to support member countries seeking to achieve more sustainable and resilient growth. The annual meetings will be hosted at the Abdelatif Rahal International Conference Centre and organised under the high patronage of President Abdelmadjid Tebboune, to explore avenues of cooperation between member states and development partners, including governments, the private sector, and civil society. The importance of these meetings extends beyond the formal aspect. They also include specialised forums, such as the Private Sector Forum, roundtables, and knowledge-sharing sessions that will focus on key issues such as economic diversification, enhancing economic resilience, and supporting innovation as a key engine of development. The Islamic Development Bank Group's Annual Meetings, held this year under the theme 'Economic Diversification, Enriching Lives', provide a high-level dialogue platform for enhancing development cooperation and sharing expertise. The meetings will bring together the Islamic Development Bank's Board of Governors, comprising 57 member countries, to discuss ways to promote inclusive and sustainable development and address common economic challenges. These meetings will provide an opportunity to strengthen partnerships and present innovative solutions to advance sustainable development in member states. They will also enable them to work together to address pressing challenges and explore new horizons that serve their societies and achieve shared development. In addition to the dialogue sessions and high-level discussions, an area will be dedicated to exhibitions and networking opportunities, showcasing successful development initiatives and institutional achievements that reflect the progress achieved by member states. The 2025 IsDB Group Annual Meetings will bring together over 100 speakers, 2000 participants, and more than 40 working sessions and bilateral meetings related to the world of entrepreneurship and business, and will be a unique opportunity to strengthen ties between member states, foster a spirit of cooperation and innovation, and renew a shared commitment to advancing development and prosperity for all. It should be noted that the Islamic Development Bank is a multilateral development bank that supports the economic development and social progress of the peoples of its member countries and Muslim communities in non-member countries, following the principles of Islamic Sharia. It also works to build partnerships between the public, private, and civil society sectors. The bank also aims to add value to the economies and societies of developing countries by enhancing skills and knowledge exchange, as well as focusing on science, technology, and innovation to find solutions to the world's greatest development challenges, by enhancing communication and financing, and by focusing on the United Nations Sustainable Development Goals.
