JEDDAH, 27 March 2006 — The Islamic Development Bank (IDB) is charting a course to become an important engine of economic development and growth throughout the Muslim world.
The IDB 2020 Vision Report, a copy of which was made available to Arab News yesterday, was adopted at a meeting in Malaysia last week held under the chairmanship of former Malaysian Prime Minister Dr. Mahathir Mohamad who now heads the IDB Vision Commission.
The vision document contains broad outline of the expectations of the Ummah from the IDB until 2020 (1440H) and the challenges facing the member countries of the bank, which is the financial arm of the Organization of the Islamic Conference (OIC).
A number of distinguished personalities from different walks of life, including members of the IDB board, attended the Malaysian meeting. Malaysian Deputy Finance Minister Dr. Awang Adik Hussein inaugurated the meeting in the presence of IDB President Dr. Ahmad Mohamed Ali.
Malaysian Prime Minister Dr. Abdullah Badawi said the bank should work for the comprehensive development of its member countries to transform the landscape of the Muslim world to accommodate accelerated growth in human development.
Badawi, who also is chairman of the OIC, said that the Muslim world is blessed with abundant resources, but it is lacking in entrepreneurial and management skills — all the while struggling with ignorance and poverty.
While emphasizing the need to develop the human capital, he also called on member countries to exert the strong political will required to realize the IDB vision.
The vision charts nine key strategic thrusts to implement in the next 15 years and beyond to bring developmental improvements to the member countries in particular and the Muslim world in general.
The report notes that the bank should review its developmental orientation and re-examine its role to become a facilitator of prosperity and growth.
Commenting on the many challenges facing the Muslim world, IDB President Dr. Ali said this was the right time for adoption of the vision, and the bank should accept the changes so it can take the leading role in its implementation.
Dr. Ali said from now on, the IDB will be judged by what it delivers toward realizing the vision. He also said that the report will be submitted to the IDB board for consideration and to set priorities.
The priorities include education, poverty alleviation, health, promotion of the Islamic financial industry, empowerment of women, and improving Islam’s image around the world.
According to C.P. Saleem, the IDB Vision Media Coordinator, the Vision Commission was established during the 30th Annual Meeting of the Board of Governors held last year in Putrajaya, Malaysia, with the objective of drafting a new vision for the bank and assisting it to promote its role in the community of international institutions and associates to deal with the challenges facing the member countries.