Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, led the UAE delegation at the consultative meeting of the Board of Governors of the Islamic Development Bank (IsDB) held in Medina, Saudi Arabia. The meeting focused on formulating the IsDB Group’s strategic framework for 2026-2035 and drafting two five-year strategies to guide the Bank’s operations over the next decade.
The UAE delegation included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance, and Hamad Essa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs.
Key attendees included Laaziz Fayed, Algeria’s Minister of Finance and Chairman of the IsDB Board of Governors, Mohammed bin Abdullah Al Jadaan, Saudi Arabia’s Minister of Finance, and Dr. Mohammad Sulaiman Al Jasser, Chairman of the IsDB Group, alongside IsDB Governors, Alternate Governors, and Executive Directors.
During the Governors’ Roundtable, Al Hussaini reaffirmed the UAE’s commitment to its strategic partnership with the IsDB Group and acknowledged the Group’s contributions over the past 50 years.
Al Hussaini stated the importance of adopting a forward-thinking approach to address global challenges and aligning the Bank’s strategic direction with the expectations of shareholders and evolving global priorities. “The end goal is to position the IsDB Group as the development partner of choice for its member countries by delivering impactful and sustainable development solutions,” he noted.
He called for the IsDB Group to focus on crisis preparedness and resilience-building, particularly through collaboration with financial institutions and innovation funds to support emerging projects in member countries.
Highlighting the importance of advanced digital technologies, Al Hussaini stressed the need for practical investments in technology that improve operations and deliver measurable results.
Al Hussaini further emphasised the need for the Bank to prioritise strategic development projects targeting low-income Islamic countries, combat poverty, and promote collaboration with other development banks. He noted that financing startups and small businesses could create significant employment opportunities, particularly for youth.
“The Bank’s strong position as the only multilateral institution operating under Islamic Sharia principles has been pivotal in maintaining its AAA credit rating since 2006,” Al Hussaini said, underscoring the Bank’s financial stability.
He highlighted the necessity of balancing financial commitments to member countries with resource sustainability and urged effective resource allocation to maximise development impact.
The meeting concluded with two sessions focusing on reviewing and refining the draft strategic framework document. The final version will be presented to the IsDB Group’s Boards of Directors for approval during the annual meetings in 2025.
