The Islamic Development Bank (IDB) and Indonesia have signed a cooperation framework agreement.
The pact was signed at the Indonesian Consul General’s residence in Jeddah by Indonesian Minister of Religious Affairs Suryadharma Ali and IDB Group Chairman Ahmad Mohamed Ali. It covers addressing several subjects, including waqf (endowment) management and utilization of the services rendered by the Saudi Project for Utilization of Haj Meat (Adahi Project).
At the signing session, the two sides discussed the development aspects of awqaf (endowment) properties in Indonesia, as well as the arrangements for performing Haj rituals by Indonesian pilgrims in the framework of the Adahi Project, an environment-friendly project managed by IDB since 1983 that oversees the utilization, conservation and distribution of hundreds of thousands of heads of livestock during the Haj season every year.
The agreement aims to upgrade different modes of existing cooperation and exchange of expertise in several fields.
including setting up a framework to place and develop Indonesian Haj pilgrims’ savings under a Shariah-compliant transaction structure with the Islamic Corporation for Development of the Private Sector (ICD), IDB’s private sector arm.
It also envisages exchange of expertise in the management of awqaf properties and development in Indonesia aimed at the revival the waqf Islamic tradition (endowment of properties for charitable purposes).
Suryadharma Ali expressed his appreciation over the ongoing trend of long lasting cooperation, which links Indonesia with the IDB.
The IDB Group chairman appreciated the outstanding level of cooperation with Indonesia since the bank was established more than 40 years ago. He stressed that Indonesia is one of the founding members of the IDB and that closer cooperation with the country’s Ministry of Religious Affairs will assist the bank in realizing its development mandate.
Indonesia and IDB sign cooperation agreement
