Islamic Development Bank Elects New President

Comprising 57 member countries, the Islamic Development Bank (IsDB) has elected a new president.

Muhammed Sulaiman Al Jasser, Saudi Arabia’s former economy and planning minister, will now lead the Islamic financial institution for the next five years, according to a statement from the bank late Sunday.

The BoG Committee of Procedures held an online meeting on July 6 to consider the candidacy of Al Jasser for the IsDB presidency to succeed Mr. Bandar Hajjar, the current president of the bank.

Al-Jasser, who has a Ph.D. in economics from the University of California, is currently an adviser at the General Secretariat of the Saudi Council of Ministers, with the rank of a minister.​​​​​​​

The IsDB was established in 1973 by members of the Organization of Islamic Cooperation (OIC). It started operations two years later.

Located in Jeddah, the IsDB is a multilateral development finance institution focusing on Islamic finance. Saudi Arabia is the largest single shareholder among the bank’s 57 shareholding member states. Enditem

The bank works to contribute to the social and economic development of its member states, and Muslim communities individually in line with the principles of Shariah.