Manama – (IINA)February 06 –A high level Islamic meeting held here yesterday underlined the need for backing a fund aimed at combating poverty throughout the Muslim world. The $10 billion Islamic Solidarity Fund for Development (ISDF) is being established within the Jeddah-based Islamic Development Bank (IDB) to support poor countries in the Muslim world, especially in Africa. The one-day meeting of the high-level Advisory Panel for ISFD has urged Muslim countries to enhance efforts to ensure participation by the private sector in bolstering the Fund.
The high-profile participants, who have expertise and long track records in supporting joint action initiatives aimed at achieving development and poverty reduction in the Islamic world, included Abdulrahman Siwar Adhahab, former president of Sudan, Mahatir Mohammed, former prime minister of Malaysia, Mohammed Azzarooq Rajab, former prime minister of Libya, Mo’een Quraishi, former prime minister of Pakistan, Sheikha Haya bint Rashid Al-Khalifa, and Sheikh Saleh A. Kamel, chairman of Dallah AlBaraka Group.
The participants urged high-net-worth individuals and corporates to support the Fund as part of their Corporate Social Responsibility (CSR) efforts, and facilitate more effective channeling of Zakat and ways to mobilize further government contributions from the member countries of IDB. Some 20 prominent figures, including political and economic leaders as well as high ranking officials and economists from the member countries of the Organization of the Islamic Conference (OIC) attended the event held at the Gulf Hotel, Manama. Bahrain’s Finance Minister Sheikh Ahmed bin Mohammed Al Khalifa, who is also chairman of the Board of Governors of IDB, presided over the meeting.
The participants highlighted the significance of technical resource assistance with the Iranian government, committing themselves to providing technical training and education to 1,000 students from targeted beneficiary countries. Other recommendations included preparing strategies aimed at enhancing mobilization for the Fund, which could be presented to leaders for approval at the upcoming 11th Islamic Summit in Senegal, being held in March.
Bahrain has pledged $2 million towards the fund. Announcing this at a press conference on the sidelines of the conference, Bahrain’s Finance Minister Sheikh Ahmed bin Mohammed Al Khalifa said his Kingdom was proud to be associated with the unique fund. “The Fund was established within the IDB, following a decision of the Third Extraordinary Islamic Summit, held in Makkah in December 2005,” he said. “We shall contribute $2 million to the Fund and will also support it through technical training and education.”
IDB’s delegation to the meeting is led by its President Dr. Ahmad Mohamed Ali, who called for enhanced efforts to ensure participation by the private sector in the Fund.
Commenting on the gathering, IDB president he said: “We are deeply honored by the presence here today of some of the Islamic world’s most influential leaders, who together offer the IDB an unmatched and truly powerful body of expertise and practical know-how relating to economic and social development and empowerment across the Muslim world,” according to Trade Arabia.
Dubbing the Fund as an ambitious and vital undertaking in need of collective action, Dr. Ahmad Ali said “We have explored and uncovered a number of key strategies to ensure the rapid and successful mobilization of funds from multiple sources throughout the Islamic world and well beyond.” Before concluding the event, participants were received by Crown Prince and Deputy Commander of the Bahrain Defense Force Sheikh Salman bin Hamad Al-Khalifa. He thanked them for their contributions and underscored the Kingdom’s commitment to providing its full support to the Fund.
ISFD was established within IDB and its objectives, which are linked directly to supporting the achievement of the United Nations’ Millennium Development Goals, are focused on combating poverty, reducing illiteracy and fighting communicable diseases in IDB’s least developed member countries, 80% of which are in Africa. The Manama meeting focused on further defining and providing support for IDB’s strategies and efforts to raise a targeted $10 billion for the operationalization of the Fund from both the member states of the OIC, the private sector in these nations as well as leading NGOs.
Bahrain meeting calls to back $10 billion Islamic Solidarity Fund
SUPPORT TWOCIRCLES
HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE