HH Sheikh Hamdan Bin Rashid Al Maktoum Participates In The 39th Annual Meeting Of The Islamic Development Bank In Jeddah

HH Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of the Emirate of Dubai and UAE Minister of Finance, will be in Jeddah, KSA from June 24-26, 2014 to attend the 39th Annual Meeting of the Board of Governors of the Islamic Development Bank in addition to the meetings of the Boards of Governors and General Assemblies of entities of the IDB Group.

A delegation will be joining HH Sheikh Hamdan during these events, which include key figures in the UAE such as HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, HE Saeed Mohammad Al Kindi, former speaker of the Federal National Council, HE Ahmed Humaid Al Tayer, former UAE Minister of State for Finance and Industry, HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at the Ministry of Finance, in addition to other Ministry representatives and prominent UAE public figures.

Commenting on the annual meeting, HH Sheikh Hamdan praised the achievements made by the IDB over the course of 40 years and the support that was provided to the group which has led to it becoming a leader in the global arena that provides real support for the development of Islamic states.

Since the establishment of IDB in December 1973, the UAE has always strived to be one of its active members, as it truly believed in the capabilities and potentials of the bank in the field of supporting development initiatives. The UAE became an official member in 1974 in line with Federal Decree No. 91 with a contribution of 7.54% of the bank’s capital at the time. The UAE continues to be one of the main contributors of the group. Eligibility requirements to become a member of IDB is to belong to the Organization of the Islamic Conference (OIC) and to subscribe to the bank’s capital according to what is decided by the board of governors.

The total funds provided by IDB over the past 40 years amounted to US $100 billion, with programs, initiatives and partnerships that linked the bank with member states. The IDB has received the rating of AAA from leading agencies Moody’s, Fitch and Standard and Poor’s. It is also the only financial institution worldwide that has continuously issued Sukuk with an AAA rating.

The bank has already launched a website on the occasion of its 40th anniversary, which presents the bank’s greatest achievements over the past period. For further info please visit the website: http://www.idb-40.org/portal/home.aspx.

Emirate:  Dubai

Date: Jun 23, 2014

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