📋 Tender Overview
Dr Bandar Hajjar the Chairman of the Islamic Development Bank IsDB Group commended the gracious patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Crown Prince His Highness Prince Mohammed bin Salman and their unlimited support for the IsDB Group. He stated that the Government of the Custodian of the Two Holy Mosques had always provided all facilitations necessary for the Bank through an uninterrupted series of initiatives. Chief among these are the successive increases in the Banks capital and support for its structure until it became a full-fledged group capable of enhancing its role in socio-economic development in member countries.Dr Hajjar said that these laudable positions were consistent with the orientations of the Kingdom of Saudi Arabia its interest in promoting joint Islamic action and its sustained endeavours to develop cooperation among the peoples of the Islamic world. He noted that Saudi Arabia had been providing the IsDB with strong support ever since the Bank was nothing more than an idea until it became a full-fledged international development institution working diligently to help achieve socio-economic development in member countries and Muslim communities in non-member countries in accordance with the teachings of the glorious Islamic Sharia.Support for the IsDB during Establishment PhasesDr Hajjar added that the year 1973 was a milestone in the history of the Bank when the first meeting of the Finance Ministers of Islamic States was held. The meeting was inaugurated by the Custodian of the Two Holy Mosques the late King Fahd bin Abdulaziz who was then the second Deputy Prime Minister in confirmation of the Saudi Governments support for the idea of establishing an international financial institution that would contribute to promoting socio-economic development in member countries. During that meeting a declaration of intent to establish the Islamic Development Bank was signed. The second meeting of the Finance Ministers of the Organisation of Islamic Cooperation then the Organisation of the Islamic Conference followed in Jeddah in 1974 during which the Finance Ministers approved the Banks instruments. A few months later the ratification process was completed.Concerning the first meeting of the IsDB Board of Governors Dr Hajjar stated that the Custodian of the Two Holy Mosques King Salman bin Abdulaziz then Governor of the Riyadh Region inaugurated the meeting in Jumada II 1395H July 1975G in Riyadh. It was in that meeting that the first Board of Executive Directors BED of the Bank was elected and a President appointed for the Bank.He pointed out that the Kingdom contributed approximately 27 of the capital of the Bank which upon establishment had 22 member countries and an authorised capital of 2000 million Islamic dinars or approximately US3000 million one Islamic dinar is equivalent to one Special Drawing Rights SDR unit of the International Monetary Fund IMF. The Kingdom of Saudi Arabia has maintained its share as the highest shareholder of the Banks capital since the Banks inception representing to date nearly one quarter of the total subscribed capital.Speaking of the Banks establishment phase Dr Hajjar noted that the Kingdom of Saudi Arabia graciously hosted the Banks headquarters and that before his death the late King Faisal bin Abdulaziz allocated his private palace in Jeddah to be a temporary headquarters for the Bank until the construction of a permanent headquarters. Also the Kingdom donated the plot of land on which the Banks current headquarters was built and contributed 50 million Saudi riyals for the construction and establishment of the Banks edifice in addition to the 18 million Saudi riyals that the Kingdom had already contributed for the construction of the temporary headquarters of the Bank.Concerning the establishment of the IsDB Group member institutions Dr Hajjar stated that the Kingdom had been supporting the Banks growth and development and was behind the initiatives that strengthened its role and expanded its activities into a full-fledged group with specialised institutions namely the Islamic Research and Training Institute IRTI the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC the Islamic Corporation for the Development of the Private Sector ICD and the International Islamic Trade Finance Corporation ITFC in addition to numerous funds supporting the Banks work.He added that the Kingdom had done all that was possible for the IsDB Group to be one of the key supporters of the growth and development of the Ummah. The Kingdom of Saudi Arabia has generously provided all material and moral assistance that helps the Bank Group fulfil its role and has been behind every initiative aimed at the Groups expansion and development so that it may have all the capabilities that would help it achieve the goal for which it was established.Financing by the IsDB and IsDB Group MembersDr Hajjar pointed out that the Kingdoms great interest in joint Islamic work was the prime reason for it to be the largest shareholder in the Banks capital with a share of up to a quarter. This is in addition to the Kingdoms contributions to IsDB Group institutions and funds established upon its initiative within the framework of the Bank Group to support joint Islamic action. These funds include the Al-Aqsa and Al-Quds funds also the Islamic Solidarity Fund for Development ISFD aimed at fighting poverty in member countries. which the Kingdom of Saudi Arabia proposed the Fund as an idea and supported its capital with US1 billion in addition to other initiatives rolled out by the Kingdom that would take long to talk about.
