JEDDAH: The Islamic Development Bank (ISDB) said that Saudi Arabia's nominee Muhammed Sulaiman Al Jasser has been elected as its new President for five years. The election was officially confirmed by the ISDB Group General Secretariat on Sunday, according to media reports.

The Islamic Development Bank Board of Governors has adopted a resolution expressing profound gratitude and appreciation of Saudi Arabia for its continuous support to the bank since its inception, according to an official statement. The Board of Governors Committee of Procedures held an online meeting on July 6 to consider the candidacy of Al Jasser for the IsDB presidency to succeed Bandar Hajjar. Located in Jeddah, the IsDB is a multilateral development finance institution focusing on Islamic finance. Saudi Arabia is the largest single shareholder among the bank's 57 member states.

Al-Jasser's election was announced by the chairman of the IsDB board of governors, Sardor Umurzakov, who is also the deputy prime minister and minister of investment and foreign trade of Uzbekistan, after the confirmation of the IsDB Group General Secretariat. The board of governors also adopted a resolution expressing profound gratitude and appreciation to the Custodian of the Two Holy Mosques King Salman and the Saudi government for the continuous support to IsDB since its inception.

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