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IsDBI Annual Report Showcases Pioneering Solutions for Economic Resilience
Jeddah, Kingdom of Saudi Arabia, 20 June 2023 - The Islamic Development Bank Institute (IsDBI) announces the release of its 2022 Annual Report, which showcases the Institute’s remarkable accomplishments in pioneering knowledge solutions for achieving sustainable and resilient economies.
The annual report covers the Institute’s significant achievements in its three key functional areas, namely economic analysis of the development challenges facing IsDB Member Countries; Islamic finance advisory and capacity building that includes managing the Special Allocation Program to support the Islamic Financial Industry; and innovative technologies for new fintech applications to support financial inclusion and sustainable development.
The report underscores the Institute's commitment to fostering socio-economic prosperity by leveraging Islamic finance principles and promoting human capital development.
It highlights three new initiatives of the year, namely:
- Awqaf Free Zones, which aims to contribute to the long-term food and energy security of Member Countries.
- Smart Countertrade, which aims to enhance intra-trade among Member Countries using digital vouchers to support financial inclusion and economic integration.
- Digital Postal Islamic Financial Services, which aims to capitalize on the vast networks of postal services in MCs to support e-commerce and digital Islamic finance.
“These projects integrate state-of-the-art research and capacity building to formulate tangible solutions to challenges facing our Member Countries,” said Dr. Sami Al-Suwailem, Acting Director General of the Institute and Chief Economist of the IsDB Group.
He added: “Our major aspiration going forward is on priority projects based on added value and sustainability, giving due preference to quality over quantity, and leveraging partnerships to scale up the impact. My colleagues and I look forward to continuous valuable engagement with our stakeholders as we strive to implement our important initiatives for the benefit of our communities.”
The report further highlights key activities in the areas of leveraging partnerships for delivery, knowledge creation, dissemination and management, as well as enhancing institutional capacity through internal governance mechanisms and operational effectiveness.
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About the Islamic Development Bank Institute
The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research and original economic analysis, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://isdbinstitute.org/
