RIYADH, KINGDOM OF SAUDI ARABIA: “The Islamic Development Bank (IsDB) played a pioneering role and made defining contributions to the growth and development of Islamic finance globally over the past 50 years, Acting Director General of IsDB Institute“, said, Dr. Sami Al-Suwailem.
Dr. Al-Suwailem made these remarks while welcoming participants of a side event themed ‘A Pioneering Role: 50 Years Long Journey in Support of Islamic Finance’, on the sidelines of the IsDB Group Annual Meetings and Golden Jubilee in Riyadh, Kingdom of Saudi Arabia, held on 27-30 April 2024.
He noted that the IsDB was the first Islamic bank to be established, with no institution having any previous experience to guide the Bank into Sharia’h-compliant financial procedures.
The Acting Director General listed many firsts by the IsDB, including pioneering Islamic financial transactions and instruments, as well as creating an ecosystem for Islamic finance to grow.
“The first application of Murabaha to finance trade between member countries was conducted by the Islamic Development Bank, in 1976 or 1977,” he noted.
The Bank also made sustained efforts to nurture and develop the Islamic financial sector through equity investment in Islamic financial institutions.
Further, the Bank has been a founding member of key Islamic financial infrastructure institutions like the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and others.
Dr. Al-Suwailem noted that this demonstrated a commitment by the Bank not just to financing Islamic institutions, but to building the infrastructure and standards that make the entire sector reliable and sustainable.
Other speakers during the event also espoused the crucial role of the IsDB Group in laying a strong foundation for the development of the Islamic financial industry.
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