Jeddah, Aug 18, 2023, In a significant development for the Islamic finance industry, Zamir Iqbal, the Vice President for Finance at the Islamic Development Bank (IsDB), held a crucial meeting on Thursday with Juda Agung, the Deputy Governor of Bank Indonesia, and his accompanying delegation. The primary objective of this high-level encounter was to explore avenues for strengthening cooperation between the two entities and propelling the growth of the Islamic finance sector. In a recent meeting held at the IsDB headquarters, the focus of discussion revolved around the augmentation of Indonesia's portion of the IsDB's capital. During its 48th annual meeting in May, the bank's board of governors officially approved this decision. In a significant development, Indonesia has secured a permanent seat on the board of executive directors of the Islamic Development Bank (IsDB), thanks to a noteworthy capital increase. Iqbal, a prominent figure within the IsDB (Islamic Development Bank), has emphasized the organization's steadfast dedication to collaborating with Indonesia in order to strengthen the Awqaf sector. This commitment involves providing financial support for Waqf-based projects and utilizing the successful issuance of Waqf-linked cash sukuk in Indonesia to further promote these initiatives within the IsDB.
The IsDB vice president has confirmed the bank's commitment to providing technical assistance and advisory services in the Islamic finance sector. During the meeting, both parties engaged in a fruitful discussion regarding the IsDB Group's substantial contributions to Indonesia's development initiatives. These contributions, totaling approximately US$6.4 billion, have been strategically allocated across key sectors of the Indonesian public and private economies.
