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Reuters
The Islamic Development Bank (IDB) will elect a new president next week during its annual meeting to be held in Jakarta, replacing long-serving President Ahmad Mohamed Ali, the Jeddah-based multilateral lender said.
Saudi Arabia, the IDB’s largest shareholder, has nominated former Haj Minister Bandar Hajjar for the post, whose candidacy was endorsed by the outgoing IDB president.
The incomer will have big shoes to fill: Ali is widely regarded in the industry having led the AAA-rated IDB since 1975, overseeing expansion of its economic development activities across its 56 member countries.
During his tenure the IDB tripled its authorised capital to $150 billion in 2013 and last year up-sized its flagship Islamic bonds (sukuk) issuance programme to $25 billion.