In his speech, Al Tayer emphasised the importance of promoting economic growth in order to improve the quality of lives in Islamic countries, pointing out the challenges that are faced by the Islamic nation, particularly in areas of food security, finance and economy.
He highlighted IDB’s achievements and its commitment to meeting the needs of member states and the aspirations of their citizens. “IDB’s accomplishments are a result of the implementation of necessary programmes to develop its business, promotion of appropriate operations, improvement and development of its projects’ portfolio, in addition to the adoption of special plans for activating and developing mechanisms of joint Islamic action. Additionally, IDB found and created new ways to increase its contribution to improving the economies of its members,” he stated.
The minister emphasised the need to dedicate IDB’s efforts to meet the needs and requirements of its member states, adopt innovation and development policies in services, projects and activities as well as moving forward with reformation processes to open new financing channels.
Continuing, Al Tayer shed light on the importance of developing current funding channels to provide positive economic and social environments to sustain growth and raise the standard of living of the Islamic nation. In addition, he highlighted the need to meet requirements and objectives of development and to address the problems of unemployment rates and to fight poverty in the Islamic world.
The Board of Governors of IDB discussed the adoption and approval of its financial statements of its affiliated institutions, as well as reviewing the allocation of an expected 5% of net income to technical assistance, 2% of the net income to scholarship programmes for outstanding individuals and 2% to develop the Islamic financial services industry. The board also addressed a draft resolution submitted by the Board of Directors regarding the fifth general increase in the bank’s capital, by increasing the authorised capital of 30 billion Islamic Dinar to 100 billion Islamic Dinar as well as increasing the subscribed capital by 18 billion Islamic Dinar to 50 billion Islamic Dinar, subscribing this increase to the member states, depending on each state’s contribution to the capital.
The Board of Governors also examined the call of 50% of the amount of the overall fourth increase that was previously subscribed to in cash by Member States in 2006; to be paid in equal annual installments for a period of twenty years.
On the sidelines of the 38th annual meeting, the Board of Governors of IDB arranged six meetings that included the Supreme Council Meeting of the Al Aqsa and Jerusalem Fund, the 20th Annual Meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the 6th Annual Meeting of the Board of Governors of the Islamic Solidarity Fund for Development (ISFD), the 13th Meeting of the Assembly of the Islamic Corporation for the Development of the Private Sector and the 8th Annual General Meeting for the International Islamic Trade Finance Corporation.
The UAE minister of State for Financial Affairs, Obaid Humaid Al Tayer, held a meeting with Dr. Ahmad Mohamed Ali, the President of IDB, and discussed methods to activate and implement the initiative for Dubai to become the world’s capital of Islamic economy, through financing Islamic programs that are based in Dubai.
They also discussed mechanisms to promote cooperation in the fields of Islamic economics and finance and other common subjects, as well as agreeing on the need to set up programmes in the Islamic economy based on knowledge in cooperation with universities and institutes in the United Arab Emirates, as well as working with Islamic Waqf institutions for the development of the Waqf management sector and the development of its standards.
The UAE hosts the regional office of ICIEC, following approval granted by the Board of Directors of the International Islamic Trade Finance Corporation for the first branch of the corporation to be in Dubai.