RI Becomes The 3rd Largest Shareholder Of Islamic Development Bank, What Is IsDB's Duties?

Indonesia is the 3rd largest shareholder of IsDB (Doc. Ministry of Finance)

YOGYAKARTA Indonesia has officially increased its share ownership in the Islamic Development Bank (Islamic Development Bank/IsDB) from 12th position to 3rd position.

Minister of Finance (Menkeu) Sri Mulyani Indrawati said the decision to increase legal ownership in IsDB was taken because Indonesia wanted to become a stronger partner.

In addition, the move is also to realize the reform agenda and carry out its mandate in helping member countries, especially poor and vulnerable member countries, as well as the Muslim community in the world.

"I hope that with this stock increase, the cooperation between Indonesia and IsDB can strengthen and bring prosperity to all people," said Ani, the Minister of Finance's nickname, quoted from Antara.

At the 48th Annual Session of IsDB dated May 10-13, 2023 in Jeddah, Saudi Arabia, the Board of Governors of IsDB unanimously approved the proposal for an increase in Indonesian shares.

With this approval, Indonesia is ranked the 3rd largest shareholder of IsDB after Saudi Arabia and Libya, and is above Iran, Nigeria, Qatar, Egypt, Kuwait, United Arab Emirates, and Turkey.

So, what is IsDB's job? Check out the full information below.

Islamic Development Bank is a multilateral financial institution founded in 1975 by the Organization of the Islamic Conference (OKI).

Quoted from the official website of the Ministry of Finance, IsDB was founded with the spirit to provide financing according to Islamic sharia for economic and social development for member countries and the Muslim community outside member countries.

IsDB is committed to reforming, including to increase low-cost financing for the development needs of member countries, which are mostly in the category of middle and low-income countries.

IsDB's vision is to be a leader in helping the development of socio-economic development of member countries and Muslim communities who live not in member countries in accordance with Islamic/Shari'ah principles.

Meanwhile, the IsDB Mission is to support human development comprehensively with a focus on reducing poverty, improving health, and improving people's management and welfare.

IsDB's main function is to provide financing based on Islamic principles for economic and social development, especially for projects that can improve the quality of life of the community.

To carry out its function, IsDB has a task:

Sebagai informasi tambahan, hingga Desember 2022, IsDB telah memberikan dukungan pembiayaan bagi Indonesia sebesar 6,3 miliar dolar AS, khususnya untuk sektor-sektor seperti pertanian, pendidikan, industri dan pertambangan, melalui berbagai instrumen seperti pembiayaan proyek, pembiayaan perdagangan, serta pemberian bantuan teknis.

This is information about the task of IsDB, an Islamic development bank whose majority shares are controlled by the Republic of Indonesia. To get other interesting information, keep reading VOI.ID.