IDB reports on its activities

From an official statement, Islamic Development Bank's Director Dr. Abderrahim Omrana stated that IDB has approved 230 operations amounting to US$2100 million in favour of 43 member countries and 18 Muslim communities in non-member countries. With the addition of the operations approved during the past months of 1421H, the total amount approved by the IDB since it started financing operations 25 years ago reaches US$ 24.6 billion in favour of 53 member countries and 63 Muslim communities in non-member countries.

 The year 1420H was marked by a recovering world economy, which suffered in the mid-90's due to the South East Asian crisis. The world output grew by 3.3 % in 1999, the Middle East benefiting also from growing oil prices. In the IDB member countries, the growth of the Gross Domestic Product (GDP) in the year 2000 is estimated at 4.5 % thus being higher than the growth rate of GDP in western countries.

The trade balance position of the IDB member countries, which improved from a deficit of US$ 20 million in 1998 to a surplus of US$ 38.6 billion in 1999 is a positive sign. This is again explained by the increased earnings of oil exporting countries as well as the recovery of some major members like Malaysia. 

One of the major reasons why IDB was established in 1975 remains at least as critical as it was then, that is to fight poverty in Muslim countries, especially in Africa. Currently more than 660 million people in IDB countries, or 60% of their entire population representing a quarter of the world's poor. It is especially here that not only the IDB but other Islamic financial institutions and the ummah as a whole need to focus on. Not is it only the duty of Muslims to help their poorest brothers and sisters world wide, but without helping them to create economic strength it will remain very difficult to set the basis for a better future of the Muslims.