Dr. Ahmed Muhammad Ali has been re-elected President of the Jeddah-based Islamic Development Bank (IDB) for another five years. The bank's board of governors, who concluded their meeting in Putrajaya city yesterday, took the decision. Finance Minister Dr. Ibrahim Al-Assaf said Saudi Arabia had recommended that Ali's term be renewed. "We have presented a proposal officially to Malaysian Prime Minister Abdullah Badawi, current chairman of the Organization of the Islamic Conference, to renew Dr. Ali's term for another five years," he told reporters. Al-Assaf, who led the delegation of the Kingdom of Saudi Arabia to the conference, commended IDB's achievements in strengthening economic, trade and investment cooperation among the 57-member OIC countries. The finance minister reiterated Saudi Arabia's support for the IDB, which he said was a pioneering experience for joint Islamic work. --MORE 1117 Local Time 0817 GMT
