Custodian of the Two Holly Mosques, King Abdullah bin Abdul Aziz, will patronize the opening session of the Annual Meeting of the IDB Group on Tuesday 29th of Jumada Al Owla, 1429H (3rd of June, 2008) at Hilton Hotel in Jeddah according to his Excellency Dr. Ahmad Mohammad Ali, President of the IDB Group.
The meeting will be attended by Ministers of Economy, Finance and Planning from around 56 Member Countries across Asia, Africa, Europe and Latin America to discuss the Annual Meeting’s agenda for the year 2008. Several work sessions and special activities where the most significant meetings will be the 15th meeting for the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), and the meeting of the public council of the Islamic Corporation for the Development of the Private Sector (ICDPS) and the meeting of the public committee of the International Islamic Trade Finance Corporation (ITFC).
Dr. Ahmad Mohammad Ali has expressed "The Royal Patronage of King Abdullah bin Abdul Aziz, reflects the significance of the IDB Group to the Custodian of the Two Holly Mosques and the high importance of the upcoming meeting of governors. The King’s patronage is part of his contributions toward serving Islam and the Islamic nation and all Muslims and, which is indeed a reflection of the renowned pioneering role of the Kingdom upholding the rising of the Islamic nation and its integrity, indeed as it should be as the Kingdom is the cradle of prophet Muhammad's lenience message and the preserver and advocate of Islam and Muslims".
He added, "This meeting will bring together the decision makers of the IDB Group to one table to discuss the economical issues and proceed the sustained development and the social progression of the Member Countries of the IDB Group in order to achieve the group's objective"
Within the frame of the conference, the 33rd meeting of the board of governors of the International Islamic Trade Finance Corporation (ITFC), the new member of the group with its announced financial capital of 3 billion US Dollars with a 750 million US Dollars as share capital. The public committee of the ITFC has convened its members for its first meeting in Jeddah, February 2007. The ITFC primarily aims to direct the efforts towards increasing and further the size of trade exchange between the group Member Countries; And its well known that the IDB has inaugurate this establishment a special focus where the total trade operations financing has reached as much as 30.2 billion US Dollars in importing and exporting held by the IDB for Member Countries until April, 2008.
As well, the governors board of the Islamic Solidarity Fund for Development, (ISFD) announced its commencement last year at the conclusion of the annual meeting of the governors board of IDB Group held in Dakar, Senegal in the period of 29th and 30th of May, 2007, will convene for its first meeting.
Several activities will be held on the margin of the meeting including the IDB 19th symposium titled "Furthering cooperation between the capital markets in the Member Countries of the IDB" in cooperation with Saudi Capital Market Authority where several economical personalities will participate. The symposium is aimed to identify the major issues in capital markets and define ways and practices to improve the efficiency of resources allocation through diverse and competent capital markets. As well, the symposium will present the current legal frame of the regional capital markets and demonstrate the frames of cooperation between the major concerning to make capital transference between Member Countries. The symposium will set a specific practical plan to uphold the cooperation between the capital markets in the member countries and initiating new investment channels that will assimilate the enormous liquidity available in some of the Member Countries. In addition to other symposiums that will be held.
During the Annual Meeting activity, the IDB Group reward for Islamic Banking and financing will be presented to the shared winners, Sheikh Muhammad Al Mukhtar Al Salami, the former Mufti of Tunisia and Sheikh Abdullah bin Suleiman Al Manee'a, member of the Saudi Council of Senior Scholars; for the year 1429H (2008) which is a token of appreciation presented for developing the concept and sciences of Islamic Financial Services.
Also, there will be rewards by IDB in the field of science and technology for the year 2008. Those rewards will be presented to three establishments and scientific institutes: Institute for Molecular Medicine Research (INFOMM) in “Universiti Sains Malaysia” in appreciation to the institute for its efforts in applying best practices and methods conducting research and development in the medicine field, Punjab University’s Centre of Excellence in Molecular Biology (CEMB) in the category ‘Institutions Having Achieved Contribution to a Given Scientific Discipline’ and the commission of agricultural researches, ministry of science and technology in Sudan in appreciation for the commissions efforts in agricultural and industrial projects development especially in Sugar manufacturing. Each prize worth 100 thousands US Dollars.
In its contribution to the women role progression, IDB Group will present a "Women Development Contribution" award for this year, on individual basis, to both winners Mrs. Rona Khan from Bangladesh and Mrs. Sae'edah Qodas from Iran. The reward will be presented in appreciation for their efforts in improving the healthcare for labor women. The reward worths 50 thousands US Dollars. Also, the IDB Group will present the IDB Group reward for the development specialized for women establishments and NGOs which worth the total of 100 thousands US Dollars. The reward goes in fifty-fifty to the Orphanage Association in Saudi Arabia and Al Afyah association for healthcare development.
The board of governors will review the IDB Group 33rd Annual report and certify the Annual accounts audited by the IDB Group and for its programs and its specialized funds. The external auditors will be appointed for the next fiscal year. As well, the meeting will discuss the allocation of a percentage of the IDB Group net income to the technical support operations and to scholarships for the talented people across the Member Countries. Also, they will be appointing a committee which will be responsible for the preparations and arrangements for the 34th Annual meeting that will be held in Eshq Abad, the capital of Turkmenistan next year.
The IDB Group also contributes to the Islamic World through various specialized and integrated activities from financing public and private sectors, investments and financing trade, to research conduction and procuring training opportunities in economics, knowledge, and Islamic Banking.
About IDB Group
The IDB Group is an international organization comprises five major entities. Each entity has its own administration while they are unified by the mission and the vision. The entities are the International Development Bank (IDB), the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICDPS), the International Islamic Trade Finance Corporation (ITFC) and the Research and Training Institute (IRTI). These entities employ 942 person and they are serving the Islamic world across 56 countries in Africa, Asia, Europe and Latin America.
Islamic Development Bank is an international financial institution that aims to uphold the economical development and social advancement of all member countries and the Islamic communities in the non-member countries in accordance to Shariah. The Bank has been established upon the Declaration of Intent issued by the conference of the finance ministers of Muslim countries that was held in Jeddah in Shawwal 1393, December 1973. The Bank officially commenced operations in the 15th of Shawwal 139, 20th of October 1975.
The Bank has disbursed 45.9 billion US Dollars financing 5’272 project for the member countries since 1975 until 2007; Where 99% of the disbursement was provided by the Bank itself. Such support was executed by the financing and investment methods that are derived by Islamic Shariah that reckons both Quran and Sunna to be the ruling and governing constitution for the Islamic world.
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