Ministry of Finance Participates in Consultative Meeting of the Islamic Development Bank Board of Governors
12 January 2025
His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation taking part in the consultative meeting of the Board of Governors of the Islamic Development Bank (IsDB) held today in Medina, Saudi Arabia.
The meeting aimed to consult on and propose a ten-year strategic framework for the IsDB Group, setting the direction for the next decade (2026-2035), as well as defining the long-term strategy of the Group alongside two consecutive five-year strategies that provide a detailed roadmap for the Bank.
The UAE delegation featured Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at MoF; Hamad Essa Al Zaabi, Director of the Office of Minister of State for Financial Affairs.
The forum was also attended by H.E. Laaziz Fayed, Minister of Finance of Algeria and Chairman of the IDB Board of Governors; H.E. Mohammed bin Abdullah Al Jadaan, Minister of Finance of Saudi Arabia; H.E. Dr. Mohammad Sulaiman Al Jasser, Chairman, Islamic Development Bank Group; along with IsDB Governors, Alternate Governors, Executive Directors, and Directors of IDB Group institutions.
Strategic partnership
During the Governors' Roundtable, H.E. Mohamed bin Hadi Al Hussaini reaffirmed the UAE's commitment to its strategic partnership with the Islamic Development Bank Group and commended the Group’s achievements over the past 50 years.
Innovative approach
Al Hussaini emphasised the need to adopt a bold and innovative approach to tackle evolving global challenges and align the Bank Group's new planning cycle with shareholder aspirations and emerging global priorities. The declaration also called for launching impactful initiatives to support sustainable development, stimulate growth, and enhance resilience in member countries.
His Excellency added that the end goal is to position the IsDB Group as the development partner of choice for its member countries by delivering impactful and sustainable development solutions.
Future vision
His Excellency highlighted the important role that the Group plays in driving the growth of emerging economies by prioritising financing in key development areas, promoting investments in renewable and sustainable energy, and leveraging innovative financial products and services. He emphasised the need for the Bank to adopt proactive strategies to foresee opportunities and build resilience against economic fluctuations.
He called for establishing practical mechanisms to prepare early for crises and disasters, urging stronger collaboration with financial institutions and innovation funds to support emerging projects in member countries.
Al Hussaini also stressed the importance of embracing advanced digital technologies to improve operational processes, while ensuring these initiatives deliver meaningful impact that justifies their cost.
Furthermore, he spoke highly of the vital role the Bank Group can play in providing sustainable and impactful financing solutions, highlighting the importance of launching strategic projects that support low-income Islamic countries, help alleviate poverty, and create opportunities for collaboration with development banks.
By financing startups and small businesses, he noted, the Bank can pave the way for meaningful job creation, particularly for young people, empowering them to build a brighter future.
His Excellency also emphasised the importance of fully utilising the Bank's unique comparative advantages as the only multilateral international development institution operating under the principles of Islamic Sharia. He pointed out that the Bank's strong position has been key to maintaining its AAA credit rating from international agencies since 2006.
He stressed the need to strike the right balance between fulfilling financing commitments to member countries while ensuring the financial stability of the group. Additionally, he highlighted the importance of effective resource mobilization and the strategic distribution of these resources to maximize their developmental impact.
Forum sessions
The forum featured two sessions dedicated to deliberations and providing directives on the strategic framework document, followed by a closing session that explored future prospects. The document was thoroughly reviewed and analysed with the objective of refining it before its final version is submitted to the Group's Boards of Directors for approval at the annual meetings in 2025.
