PM Anwar expresses confidence in Islamic Development Bank to address inequality, marginalisation of Muslims

RIYADH, April 29 — Prime Minister Datuk Seri Anwar Ibrahim today expressed confidence in the Islamic Development Bank (IsDB) to continuously forge ahead in playing a pivotal role in addressing the issue of inequality and marginalisation, particularly among Muslims.

He said the bank has a role to play to deal with the issue on injustice, inequality and marginalisation, particularly among Muslims.

“The Muslims still happen to be the largest in terms of numbers of poverty-stricken areas of neglect.

“I think, other than the efforts of many of our governments and international bodies, the IsDB has a pivotal role to deal with these issues. Even when we see the light and hope for an amicable resolution to the conflict in Gaza after undergoing atrocities by the Israeli regime,” he said in his remarks during the IsDB Golden Jubilee Celebration here.

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Anwar said that once these issues are resolved, the IsDB would be seen to be quite a formidable player, together with the governments to try and resuscitate its economy.

Anwar, who is also the Finance Minister, said the bank has to seize the opportunity.

“As referred to by many of my colleagues, if we do not seize the moment, then inequality will be exacerbated and problems will arise. And we’ll see again, enormous marginalisation of our communities,” he stressed.

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Having seen IsDB’s contribution in the last 50 years, the Prime Minister expressed his confidence in the bank’s ability to forge ahead, especially with new young leadership at the helm.

“I have full confidence that you will be a major player to go beyond what is traditionally the focus of Islamic Development Bank, but to forge ahead to deal with substantive issues on the new technology.

“The need for inclusivity and our ultimate passion to serve people, particularly those that have been deprived and marginalised, through education, through training, economic opportunities, economic empowerment and entrepreneurship,” he said.

IsDB, he said, has Malaysia’s support in its endeavours towards these.

Meanwhile, Anwar also joined his colleagues (leaders of other member/non-member countries) in congratulating the bank on its 50 years of fostering socio-economic development among member countries.

Malaysia joined the IsDB on Aug 12, 1974. It has a capital subscription of 1.55 per cent worth 868.18 million Islamic Dinars, which is equivalent to one special drawing right of the International Monetary Fund.

The IsDB has funded 166 projects in the country (Malaysia) worth US$963.2 million. Of these, 160 projects (US$945.8 million) have been completed and the other six projects (US$17.4 million) are ongoing.

Anwar is here for two days starting yesterday, leading the Malaysian delegation to explore various economic opportunities and attract new investments at the World Economic Forum (WEF) Special Meeting in Riyadh, Saudi Arabia.

He was also invited to joined the bank’s Golden Jubilee celebration.

Today, the Prime Minister is scheduled to witness the Securities Commission Malaysia memorandum of understanding with the IsDB on Islamic Finance and Islamic Capital Market. — Bernama