‘Malaysia and IsDB will explore collaborations’

PUTRAJAYA: Malaysia will explore collaborations with the Islamic Development Bank Group (IsDB) in line with the country’s interest to drive Islamic finance innovation, said Treasury SecretaryGeneral Datuk Johan Mahmood Merican.

He said Malaysia plays a significant role as a founding member. Malaysia joined the IsDB on Aug 12, 1974. The bank’s current membership comprises 57 countries.

“This year is the IsDB jubilee celebrations and in line with the Prime Minister’s keen interest for Malaysia to drive Islamic finance innovation, Malaysia will explore potential collaborations with IsDB,” he told Bernama.

Johan will represent the Finance Ministry at this year’s IsDB annual meetings and IsDB golden jubilee in Riyadh from April 27-30, under the Royal Patronage of the Custodian of Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud.

At last year’s IsDB meeting, Malaysia and the bank discussed ways to strengthen bilateral ties as it looked into potential strategic cooperation in the halal economy, Islamic finance, and digitalisation. It also looked at ways to strengthen the role of IsDB’s Centre of Excellence in Kuala Lumpur.

This year’s meeting will be participated by Ministers of Economy, Planning, and Finance from IsDB’s 57 member countries and will provide an opportunity to explore ways to consolidate economic relations among IsDB member countries.

It will also maximise cooperation with participating financing institutions, according to an IsDB press release.

Representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international

This year is the IsDB jubilee celebrations and in line with the Prime Minister’s keen interest for Malaysia to drive Islamic finance innovation, Malaysia will explore potential collaborations with IsDB.

Datuk Johan Mahmood Merican

development finance institutions, global and regional organisations, NGOs, chambers of commerce and Industry, and business councils will also be there.

“The 2024 annual meetings will be held under the theme of ‘Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity’. It marks IsDB’s 50 years of fostering socio-economic development among member countries.

“As the premier south-south multilateral development bank, the annual meetings and golden jubilee are expected to attract international and regional attention.

“It will also feature side events with top-level panellists from government, international and regional organisations, the private sector, academia, and civil society,” it said.

The IsDB will also celebrate its golden jubilee to commemorate five decades of unwavering collaboration, steadfast partnerships, and transformative change. The event will mark the IsDB’s journey that began 50 years ago in Riyadh with the inaugural meeting of its board of governors, graced by the Emir of Riyadh at that time HRH Prince Salman Bin Abdulaziz Al-Saud.

There will be several forums, seminars, and meetings including the Governors Roundtable Meeting, the 18th IsDB Global Forum on Islamic Finance, IsDB Group 2024 Private Sector Forum, the Role of SMEs in Saudi Vision 2030, Charting a Course for Augmenting SDGs Financing and Leveraging Islamic Finance for Developing Sustainable and Resilient Infrastructure.

Last November, Prime Minister Datuk Seri Anwar Ibrahim called on Muslim countries to boost collaboration among themselves in business, investment and economics.

He said Muslim countries should free themselves from isolation and seize opportunities to work together, especially if they are neighbours, instead of competing.

Saudi Arabia is Malaysia’s largest trading partner among West Asian countries, with total bilateral trade amounting to US$10.26 billion in 2022, a 159.2 per cent increase from 2021. Bernama