IsDB @50: Cherishing our past, charting our future

Iam honoured to witness this historic day, celebrating the Golden Jubilee of the Islamic Development Bank (IsDB). This is indeed a moment of pride and esteem that stands as testimony to the great efforts exerted by everyone concerned to build this pioneering edifice and create the conditions for its success.

Fifty years ago, on an insightful initiative by King Faisal bin Abdulaziz and a number of his fellow leaders of the Islamic world, may Allah have mercy on them, IsDB was established in the heart of Saudi Arabia as a multilateral development financial institution that promotes cooperation among OIC member countries and contributes to the wellbeing of the Islamic peoples.

It was from here, from the city of Riyadh, the abode of history and progress and the symbol of unity and cohesion, that our journey began half a century ago. Remarkably, the will of Allah brings us together today in the same place that hosted the first meeting of the Board of Governors in 1975. That meeting was inaugurated by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, when he was Governor of Riyadh Province.

IsDB was established pursuant to the Declaration of Intent signed by the finance ministers of 22 IsDB founding member countries at the Islamic Conference of Finance Ministers held in Jeddah in December 1973.

Such intent partially stemmed from the decisiveness and firm intent for which the Kingdom of Saudi Arabia is known. This brings to my mind the everlasting motto coined by the late King Abdulaziz, may Allah have mercy on him: “Decisiveness brings intent, commitment, and accomplishment; while inaction brings loss and regret”.

As we recall the memories of those great moments and reflect on our course over the past 50 years, I would like to express, on my own behalf and on behalf of the IsDB Group, our great gratitude to my master the Custodian of the Two Holy Mosques and his devoted Crown Prince, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, for so generously hosting us today in Riyadh to celebrate IsDB’s fiftieth anniversary and for the strong support that the Kingdom of Saudi Arabia has been providing to the IsDB Group throughout its journey.

Such support is rooted in the Kingdom’s commitment to promoting development and solidarity across the Muslim world.

Our start was here in the Kingdom of Saudi Arabia as a single institution comprising 22 countries. Today, we have evolved into a group of five institutions with 57 member countries spread across four continents. Also, the capital base and development financing have witnessed a dramatic increase, with IsDB’s total approvals since inception exceeding USD 182 billion, geared to the financing of more than 12,000 development projects.

These achievements were enabled primarily by the grace of Allah Almighty and subsequently by the concerted efforts of our member countries, which have been our partners in building this great edifice thanks to their continued confidence and strong support. Here, I cannot miss thanking our partner development organisations, who have been with us as companions throughout this journey.

I also extend my deep thanks and appreciation to the members of the Board of Governors and the Board of Executive Directors for their trust in the Bank and the leading role they have been playing in guiding IsDB’s trajectory with perseverance and wisdom. They have always been there for us with their help, support, and crucial leverage toward achieving our goals and mission.

On this occasion, I extend my sincere thanks and appreciation to the previous heads of IsDB, who exerted tremendous efforts and contributed with utmost effectiveness to building a lofty edifice for joint Islamic action.

I would like to express special thanks to the IsDB President Emeritus, His Excellency Dr. Ahmed Mohamed Ali, who dedicated his career to serving this institution and contributed greatly to its success and luminance.

I also express deep gratitude to all past and present IsDB staff members who have been the cornerstone of this institution and a key pillar of the successes it has achieved, ultimately positioning IsDB as a world-class development institution.

In conclusion, I would like to assure you that while we cherish our extensive past and inspiring present, we are charting our future with the same intent and optimism. We are currently studying plans to draw up a new strategy for IsDB that contemplates the future, aligns with the ambitious visions of our member countries, and builds on the successes and experiences accumulated by IsDB in serving cooperation and exchange of knowledge and experience among member countries.

Thus, Allah willing, we will continue to work relentlessly to contribute to realising the socioeconomic development aspirations of our member countries and provide effective solutions to the challenges facing us all. Our work is not only to provide solutions for current challenges, but also to provide solutions for future generations that are yet to come into existence. Our infinite mission is to serve humanity.

Al Jasser, Chairman IsDB Group, spoke at the IsDB Annual Meeting and Golden Jubilee celebration in Riyadh