JEDDAH — The Islamic Development Bank (IDB) has decided to raise the ceiling for the bank's special program for issuing medium-term sukuk (Islamic bonds) from $10 billion to $25 billion. The decision was taken by the 305th session of the Executive Directors of IDB, held in Maputo, Mozambique, on Tuesday. The two-day 40th annual meeting of the Board of Governors of Islamic Development Bank (IDB) Group begins in Maputo today (Wednesday). Filipe Nyusi, president of Mozambique, will open the event in the presence of ministers of finance, economy and planning of IDB member states as well as senior officials of Mozambique. Saudi Arabia is represented by Ibrahim Al-Assaf, minister of finance, Fahd Al-Mubarak, governor of the Saudi Arabian Monetary Agency, and other senior officials. Dr. Ahmad Mohamed Ali, president of IDB, said that this is the first time the meeting of the IDB Board of Governors is taking place in the southernmost part of Africa, to underscore IDB's priority in its development programs and plans. “The meeting has taken place several times in the past in a number of member countries in the west, east and north of the African continent thereby indicating the IDB's firm commitment to supporting developmental efforts on the continent,” he said in Jeddah before leaving for Mozambique. Ali called on Monday to establish Islamic microfinance institutions in Mozambique in order to alleviate poverty and increase financial integration. He made the call during his speech at the opening of the 10th Global Forum of Islamic Finance held in Maputo on the sidelines of the IDB's annual meeting. “The IDB spent about $ 190 million on 35 different projects in the member states to create thousands of jobs opportunities for the poor and low-income people,” he said. The forum was jointly organized by the IDB's Islamic Institute for Research and Training, the Central Bank of Mozambique and the General Council for Islamic Banks and Financial Institutions. The Board of Governors is the highest policy-making body of the IDB Group comprising ministerial representatives of IDB's 56 member countries, and it meets each year to review the activities of the Bank and decide on future policies. The Board meeting also coincides with the annual meetings of major affiliated bodies of the Group, including the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC) and the Islamic Solidarity Fund for Development (ISFD). The meetings will also be attended by a large number of representatives of the public and private sectors in member countries, international and regional financing institutions, Islamic banks, the federations of contractors and consultants as well as national development banks and funds from the member countries.
