Datuk Johan Mahmood Merican, Malaysia’s Treasury Secretary-General, announced that Malaysia will explore collaborations with the Islamic Development Bank Group (IsDB) to drive Islamic finance innovation. Malaysia, as a founding member of IsDB since 1974, seeks to leverage this partnership to enhance its role in advancing Islamic finance globally.

Representing the Finance Ministry, Johan will attend the IsDB annual meetings and golden jubilee celebrations in Riyadh from April 27-30. Last year, Malaysia and IsDB discussed strategic cooperation in areas such as the halal economy, Islamic finance, and digitalization. This year’s meetings will convene ministers and stakeholders from IsDB’s 57 member countries to strengthen economic relations and explore cooperation opportunities.

The theme for the 2024 annual meetings, “Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity,” underscores IsDB’s 50-year journey in fostering socio-economic development. The event will feature forums, seminars, and meetings, including discussions on Islamic finance, sustainable development goals financing, and leveraging Islamic finance for resilient infrastructure.

Prime Minister Datuk Seri Anwar Ibrahim has emphasized the importance of collaboration among Muslim countries in business and investment, advocating for mutual cooperation over competition. With Saudi Arabia as Malaysia’s largest trading partner in West Asia, bilateral trade between the two countries has seen significant growth, highlighting the potential for deeper economic collaboration.