Latest news with #MuhammadAlJasser
Zawya
7 days ago
- Business
- Zawya
IsDB approves $200mln to support food security in Jordan
AMMAN — Chairman of Islamic Development Bank (IsDB) Group Muhammad Al Jasser said that the group agreed during the "Governors' Dialogue" meeting to provide $200 million to support food security programmes in Jordan during this year. Jasser said that the bank's team has engaged in technical studies for the national carrier project, which the government is conducting with the aim of financing the project, pointing out that the bank will study its suitability for its work mechanism, according to Al Mamlaka TV. He pointed out that the IsDB recognises the great pressures on food and water security in Jordan due to the large numbers of refugees, noting that this sector is one of the priorities focused on by the bank for Jordan and member countries. The Kingdom participated in the group's annual meetings held in Algiers earlier this week under the theme "Diversifying the Economy, Enriching Life", during which participants discussed economic challenges of member states, mechanisms to empower the private sector and support for innovation. Between 1975 and 2024, IsDB provided soft financing, loans and grants worth $1.3 billion, which contributed to implementing several development and economic projects. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Zawya
26-05-2025
- Business
- Zawya
Algeria gets $3bln IDB funding for projects
The Islamic Development Bank (IsDB) has allocated a $3 billion funding facility for Algeria to support its economic diversification plans and infrastructure projects. IDB Chairman Muhammad Al-Jasser said the facility is not a loan but a financing mechanism, which will be available for the North African Arab nation during 2025-2027. 'This is not a foreign loan but a new chapter of cooperation between the two sides,' Al-Jasser told local reporters in the capital Algiers on Thursday. 'I have never mentioned lending…it is a cooperation framework involving a facility of $3 billion for three years in case Algeria decides to benefit from it….if not, then the funds will remain in the Bank,' he added. Al-Jasser, quoted by Elkhabar newspaper and other Algerian outlets on Friday, said he was reacting to reports that Algeria has decided to borrow from the Jeddah-based IsDB. 'What has been said is wrong…there is misunderstanding in this respect…it is just a cooperation framework,' he said, in response to comments by Algerian officials that the country does not intend to borrow from abroad. Algerian officials said last week that the deal with IsDB would be used to fund competitive sectors, economic diversification programmes and infrastructure projects as well as support the private sector to play a bigger role in the domestic economy. Algeria rarely resorts to foreign borrowing to finance fiscal imbalances and local projects, opting instead to domestic banks. The OPEC producer is also planning to issue its first sovereign Islamic bonds (sukuk) in June to cover the budget deficit and fund infrastructure projects. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
21-05-2025
- Business
- Zawya
IsDB President highlights increased financing approvals for 2024
Algiers - President of the Islamic Development Bank (IsDB) Dr. Muhammad Al Jasser, highlighted that the bank's total financing approvals for 2024 reached over $13 billion, marking an increase of more than 12% compared to the previous year. He noted that this reflects the IsDB Group's dedication to providing rapid and effective solutions for crises and emerging challenges. In a press statement delivered on Tuesday during the IsDB Group's 2025 Annual Meetings held in Algeria, Al Jasser noted that disbursements in 2024 surpassed $9 billion for project implementation, representing about 70% of the approved amount. He said this shows the IsDB Group's desire to turn promises into real achievements. He added that the IsDB Group has strengthened strategic partnerships for a deeper, more sustainable developmental impact, enhanced its governance, and adopted innovative Islamic financing methods, which effectively help bridge financing gaps in many countries.
Zawya
20-05-2025
- Business
- Zawya
'19th Islamic Development Bank (IsDB) Global Forum on Islamic Finance' in Algiers Explores Digital Transformation and Financial Inclusion
The Islamic Development Bank Institute (IsDBI) ( successfully concluded the 19th IsDB Global Forum on Islamic Finance, held as part of the IsDB Group Annual Meetings in Algiers. The Forum, themed 'Digital Transformation and Financial Inclusion in Islamic Finance,' convened global thought leaders, policymakers, development experts, and industry stakeholders to explore innovative strategies for advancing sustainable development through Islamic finance. The opening session featured keynote speeches by prominent figures, including H.E. Dr. Muhammad Al Jasser, Chairman of the IsDB Group; H.E. Salah Eddine Taleb, Governor of the Bank of Algeria; and H.E. Mr. Nikolai Podguzov, Chairman of Eurasian Development Bank (EDB). Discussions centered on the transformative potential of fintech and Shariah-compliant financial tools in driving financial inclusion and sustainable growth. H.E. Dr. Muhammad Al Jasser emphasized that the integration of Islamic finance into the digital economy holds tremendous promises and can open new horizons to financial inclusion. 'To realize this potential, we must build the foundations: secure and reliable digital infrastructure, responsive governance frameworks, and institutions prepared to regulate with wisdom and foresight,' he stated. H.E. Mr. Nikolai Podguzov, Chairman of the Eurasian Development Bank (EDB), said: 'Central Asia is on the path of economic growth and inclusivity, where digital Islamic finance will play a key role. By leveraging technology, we can empower rural entrepreneurs, expand trade ties, and attract ethical investments. We are excited to share our views and goals for Central Asia at this forum and we will gladly continue developing our region together with our partners at the Islamic Development Bank.' The Forum also featured two major announcements: The 'Medikids Project' as the first-place winner of the 2025 IsDB Prize for Impactful Achievement in Islamic Economics, and the winners of the 'AI Hackathon in Islamic Finance,' showcasing the potential of AI-powered tools to propel the US$4+ trillion Islamic financial industry. H.E. Dr. Noureddine Ouadah, Minister of Knowledge Economy, Startups and Micro Enterprises, Algeria, delivered remarks about the AI Hackathon. A key report, The Future of Islamic Finance in Central Asia, was launched during the event, marking a joint initiative between IsDBI and EDB. Additionally, several landmark publications were announced for release after the Forum. The Forum included two panel discussions: The first panel explored the integration of digital Islamic finance with postal services to enhance financial inclusion. Moderated by Dr. Hilal Houssain of IsDBI, the panel featured Dr. Sami Al-Suwailem, Acting Director General, IsDBI; Dr. Mohammad Farrukh Raza, Group CEO of Islamic Finance Advisory&Assurance Services; and Dr. Ali Mohamed Bourouiba, Head of Innovation&Products Development at Al Salam Bank. The second session, titled 'Unleashing the Potential of Sukuk for Financing Sustainable Development,' examined the integration of Islamic finance principles into existing sustainable finance frameworks. Moderated by Mohammed Dawood, Head of Islamic finance, MENAT, HSBC, the panel featured Sheikh Prof. Dr. Mohamed Ali Elgari, Chairman of the IsDB Group Shariah Board; H.E. Dr. Zamir Iqbal, Vice President (Finance) and CFO, IsDB; Mrs. Sharifatul Hanizah Said Ali, Executive Director of the Securities Commission Malaysia; and Dr. Ghiath Shabsigh, Secretary General of the Islamic Financial Services Board. This year's IsDB Global Forum on Islamic Finance was jointly organized by IsDB Institute, Kuala Lumpur Center of Excellence, Resilience and Climate Action Department, and Treasury Department. Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
Arab News
20-05-2025
- Business
- Arab News
IsDB approves over $1.3bn to drive inclusive development across member states
JEDDAH: The Islamic Development Bank is providing over $1.32 billion in new funding for major projects, including flood protection in Oman, road upgrades in Cameroon, and healthcare expansion in Suriname. The funding allocations were announced during IsDB's 360th board of executive directors meeting held on May 19 in Algiers as part of the organization's annual meetings, chaired by its president Muhammad Al-Jasser. The session covered a wide range of projects spanning health, infrastructure, and food security, as well as vocational training and access to water. Among the most significant approvals was the $632.16 million flood protection dams project in Oman, designed to mitigate climate risks and safeguard more than 670,000 people through the construction of large-scale flood infrastructure. Other infrastructure investments included the €212.35 million ($238.80 million) Douala–Bafoussam road rehabilitation project in Cameroon, which will reduce travel time and improve road safety on a key regional corridor, and the €187.83 million PRISE project in Burkina Faso, which will revitalize 302.8 km of road and 61 km of railway to enhance regional connectivity with Mali, Niger, Ghana, and Cote d'Ivoire. The moves underscore the institution's dedication to advancing the UN's Sustainable Development Goals and assisting member countries in tackling interconnected development challenges. 'The approval of these strategic projects reaffirms IsDB's unwavering commitment to financing transformative, high-impact initiatives that advance socio-economic development,' IsDB President Muhammad Al-Jasser said, according to a press release. He added that the financing would drive tangible progress toward the Sustainable Development Goals by strengthening flood resilience, expanding healthcare access, enhancing food security, and equipping youth with critical skills, while addressing the evolving priorities of member countries. In its statement, IsDB noted that this transformative investment will also improve groundwater recharge, support agriculture, and reduce economic losses caused by extreme weather conditions. Founded in 1973 and headquartered in Jeddah, IsDB is a multilateral development finance institution focused on Islamic finance for infrastructure development. Beyond its membership, IsDB also extends support to Muslim communities in non-member countries, including those affected by conflict and natural disasters, collectively impacting one in five people worldwide. Health remained a central pillar of the board's agenda. The $75.08 million project in Suriname will strengthen the national health system and reduce mortality from noncommunicable diseases. The $26.10 million for the establishment of a National Oncology Center in Djibouti will provide the country's first dedicated cancer facility, ensuring early diagnosis and access to treatment. The project is co-financed by the Islamic Solidarity Fund for Development and includes a $400,000 reverse linkage grant from IsDB to support technical cooperation with Morocco in oncology service design, training, and delivery. In Togo, IsDB approved two key projects — a $2 million initiative to strengthen the national eye care system and a €23.12 million water supply project aimed at providing clean drinking water to more than 6,000 households in the Kara region. Human capital development was also a key focus, with the board approving €36.39 million to enhance vocational training and youth employability in Mauritania. The project aims to upgrade training centers and equip young men and women with skills aligned to market needs. In Cote d'Ivoire, a €104.20 million rice value chain development project will reduce rice import dependency and increase farmer incomes, particularly among women and youth. In the Gambia, the bank approved $3 million in supplementary financing to further strengthen value addition in the groundnut sector and enhance rural livelihoods. IsDBI releases 2024 annual report During the same meeting, the Islamic Development Bank Institute, the knowledge arm of the IsDB Group, released its 2024 annual report, outlining key achievements in promoting Islamic finance to support sustainable development across member countries and Muslim communities globally. The report outlines progress in flagship projects that integrate Islamic finance with emerging technologies, including a smart stabilization system and an artificial intelligence assistant platform, according to a separate statement. IsDBI successfully approved 24 new technical assistance projects valued at $4.17 million, the highest level since the inception of the Special Allocation Program in 2013. The institute also expanded its global partnerships and capacity-building efforts, reaching professionals in 130 countries through training in Islamic finance. IsDBI said it had commissioned feasibility studies on its flagship, game-changing projects — namely the Awqaf Free Zones, Smart Countertrade System, and Digital Postal Islamic Financial Services. It added that the outcomes of these studies are expected to lead to pilot implementations in collaboration with relevant member countries and industry partners, paving the way for full-scale deployment. Acting Director General Sami Al-Suwailem reaffirmed the Institute's commitment to delivering knowledge-driven solutions for inclusive economic growth.
