Islamic Development Bank Looks to the Future

March 27, 2006

Source: Arab News

On March 27, 2006 Arab News reported, "The Islamic Development Bank (IDB) is charting a course to become an important engine of economic development and growth throughout the Muslim world. The IDB 2020 Vision Report, a copy of which was made available to Arab News yesterday, was adopted at a meeting in Malaysia last week held under the chairmanship of former Malaysian Prime Minister Dr. Mahathir Mohamad who now heads the IDB Vision Commission. The vision document contains broad outline of the expectations of the Ummah from the IDB until 2020 (1440H) and the challenges facing the member countries of the bank, which is the financial arm of the Organization of the Islamic Conference (OIC)... Malaysian Prime Minister Dr. Abdullah Badawi said the bank should work for the comprehensive development of its member countries to transform the landscape of the Muslim world to accommodate accelerated growth in human development. Badawi, who also is chairman of the OIC, said that the Muslim world is blessed with abundant resources, but it is lacking in entrepreneurial and management skills — all the while struggling with ignorance and poverty. While emphasizing the need to develop the human capital, he also called on member countries to exert the strong political will required to realize the IDB vision. The vision charts nine key strategic thrusts to implement in the next 15 years and beyond to bring developmental improvements to the member countries in particular and the Muslim world in general."