The Islamic Development Bank (IsDB) has unveiled a new identity reflecting its modern values, strategic direction and relationship with its 57-member countries.
The new strategy adopts a decentralised approach to get closer to member countries while maintaining the core elements of the IsDB’s heritage, signalling modernity, independence and transparency.
“We are transforming the bank from a development bank into a bank of developers,” said HE Dr Bandar Hajjar, the recently appointed President of the IsDB.
Saudi Arabia is the biggest shareholder in the IsDB with a 25 per cent stake and by decentralising, the bank will move towards playing a more aggressive role in conceiving projects rather than simply serving as a minority investor, reported Reuters.
The IsDB will focus more on projects which develop the industrial value chain for member countries, helping them create jobs by exporting finished products rather than just raw materials, a shift from its previous policy which was concentrated on general infrastructure projects.
About 95 per cent of the IsDB group’s 1,200 staff work in Jeddah. According to Hajjar, in coming months, the group will start transferring staff overseas over the next few years, aiming to halve its current workforce and have them based outside of Saudi Arabia.
As it enters its next stage of growth, the bank’s mission includes equipping people to drive their own economic and social progress at scale, putting the necessary infrastructure in place to enable them to fulfil their potential, building collaborative partnerships between public and private sectors and championing the latest fintech-led solutions to align with UN’s Sustainable Development Goals.
To coincide with their new brand and future vision, IsDB also launched a new website to reflect the change.