JEDDAH, June 25 (Bernama) — The success of the Islamic Development Bank (IDB) has deepened Islamic states’ solidarity, said Saudi Prince Salman Abdul Aziz Al Saud.
“Achieving Islamic solidarity is part of the Kingdom’s stable and fixed policy.
“The Kingdom has been striving to translate this policy into action in the past and at present, and the creation of the IDB is the best example for this,” he said in his keynote speech at the opening session of the 40th anniversary celebrations of IDB and the 39th annual session of the bank’s Board of Governors here on Tuesday evening.
Prince Salman, who is also Saudi deputy premier and minister of defence, launched the celebration on behalf of the Custodian of the Two Holy Mosques, King Abdullah Abdul Aziz.
The function was also attended by Minister of Finance and Chairman of the IDB’s board of governors Ibrahim Al-Assaf, IDB President Dr. Ahmad Mohamed Ali, Ministers of Finance and Economy and Planning of the 56 member countries who will be participating in IDB’s 39th Annual Meeting of the Board of Governors until June 26.
Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah led the Malaysian delegation to the Annual Meeting.
IDB was established after the Conference of Finance Ministers of Islamic Countries in December 1973, and began operations in October 1975. Its 22 member countries at its inception have risen to 56, with authorised capital rising from an initial US$3 billion to US$150 billion (US$1 = RM3.22).
With four regional offices in Rabat (Morocco), Kuala Lumpur (Malaysia), Almaty (Kazakhstan) and Dakar (Senegal), IDB has grown from a single institution into a Group of integrated banking related institutions.
This Group comprises the IDB itself, the Islamic Research and Training Institute (IRTI), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).
Total development financing provided by the IDB Group has surpassed US$100 billion, and IDB has maintained a steady credit rating of AAA for the past 12 years from the three major credit rating agencies in the world.
It was also rated as a zero risk Multi-lateral Development Bank (MDB) by the Basel Committee for Banking and Supervision in 2004 and the European Union in 2007.
Originally Published on http://www.bernama.com