MANAMA, 1 April 2008 — The $10 billion Islamic Solidarity Fund for Development (ISFD), conceived and promoted by the Islamic Development Bank (IDB), is up and running and is expected to be fully subscribed in three years time, President of IDB Dr. Ahmed Mohammed Ali said yesterday.
The IDB chief said that Saudi Arabia has so far emerged as the biggest donor to the fund by contributing $1 billion, followed by Kuwait and Iran with contributions of $300 million and $100 million respectively. The contributions from various OIC member states have reached almost $3 billion. Two thirds of the fund is being raised by the IDB.
The IDB president was talking to reporters after the opening of a high-level gathering of the IDB's Women's Advisory Panel, which was inaugurated today in Bahrain to address the ever important role of women in the socio-economic development of Islamic member countries of the bank. The Fourth Meeting of the IDB Women's Advisory Panel was opened by Shaikh Ahmed ibn Mohammed Al-Khalifa, minister of finance of the Kingdom of Bahrain and the current chairman of the IDB's Board of Governors. Over the course of the two-day event a number of key topics will be addressed, including plans and strategies to empower women, progress on current projects and the experience of member states - including a presentation from the Bahrain Council of Women on the Kingdom's successes to date.
The meeting will also focus on new IDB initiatives aimed at enhancing the position of women in the Islamic world. Key among these is the ISFD, a $10 billion fund whose objectives are linked directly to supporting the achievement of the United Nations' Millennium Development Goals and whose efforts will focus on combating poverty and spurring economic development in the poorest Islamic member nations.
Among the core objectives of the ISFD is supporting women's development. It is widely accepted that women are among the groups most affected by poverty. This phenomenon lowers the productivity of labor and the efficiency of labor allocations in households and the economies, intensifying the unequal distribution of resources. Poverty amongst women also contributes to the non-monetary aspects of poverty - lack of security, opportunity and empowerment - which lower the quality of life for both men and women alike.
The event has brought together members of a 12-person panel from the IDB's member states, who come from a variety of academic disciplines. Participants include Dr. Saleha Mahmood Abedin, Amina Slum Ali, Sharifah Aminhan Al-Khared, Princess Mudi Bint Mansour ibn Abdul Aziz Al-Saud, Dije Jibrin Bala, Aicha Bah Diallo, Abda Yahia El-Mahdi, Kamelia Helmy, Rokeya Kabir, Khadija Moufid, Dr. Sema Ramazadoglu and Bintou Sanogoh.