Malaysia will continue to work with the IDB to expand the role of Islamic finance
KUALA LUMPUR (July 24): Malaysia welcomes continued collaboration with member and non-member countries of the Islamic Development Bank (IDB) to advance the role of Islamic finance in areas such as industry halal, new technologies, social finance, awqaf, public health and the environment.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz hailed the instrumental role of the IDB’s Kuala Lumpur Center of Excellence in facilitating the exchange of Malaysia’s knowledge and experience in Islamic finance for the benefit of of the 57 member countries.
“Malaysia has established strong global leadership in Islamic finance, and the IDB has been instrumental in facilitating the sharing of our expertise with its member countries.
“The principles of Islamic finance are naturally aligned with environmental, social and governance (ESG) considerations and as such play a key role in promoting sustainable development,” Tengku Zafrul said in a joint statement from the ministry. of Finance and the IDB on Sunday in conjunction with the first official visit of the bank’s chairman and group chairman, Dr. Muhammad Al Jasser, to Malaysia.
The two leaders noted their long-standing cooperation in the areas of education, scholarship and reverse linkages between the Malaysian government and the IDB and further agreed to intensify ongoing joint initiatives through the Center of Excellence, as well as supporting Malaysia in key priority areas. in accordance with its national development plan.
The two leaders also deliberated on the recent realignment of the IDB Strategy (2022-2025) approved by the Board of Governors as the most responsive and relevant document that embraces the needs and aspirations of member countries.
“Malaysia is committed to partnering with the bank, particularly in the three key pillars: boosting recovery, fighting poverty and building resilience, as well as driving green economic growth, as set out in the strategy,” added Tengku Zafrul.
In his remarks, Dr. Al Jasser expressed his appreciation and gratitude to the Malaysian government for its continued support to the Islamic Development Group since its inception in 1974.
He also commended the government for its extraordinary efforts to combat the unprecedented health, social, economic and financial challenges posed by the Covid-19 pandemic through proactive health measures and the deployment of several effective responses and recovery programs.
“Malaysia has proven – once again – that its resilient economy, underpinned by strong public institutions and a highly diversified and vibrant private sector, can rebound. [some of] the toughest crises,” added Dr. Al Jasser.