The Islamic Development Bank this year launches its plan to transform the Muslim world into a major economic force over the next 15 years.
A nine-point modernization schedule is intended to develop the bank, its members and the Ummah as a whole. Former Malaysian prime minister Mahathir Mohamed, who produced a similar action plan for his native country, has taken responsibility for chairing a high-profile commission to identify ambitions and objectives and set out a path towards achieving those goals.
Poverty reduction, the development of Islamic finance and further empowerment of women are key parts of the project, named “IDB 1440H (2020) Vision”. The strategy named also seeks to improve health and education and improve Islam’s image across the globe.
A series of consultation sessions throughout last year attracted input from a range of stakeholders across the world and Mahathir’s commission approved the action plan in March.
IDB President Dr Ahmed Mohamed Ali said the plan was essential to tackle problems such as illiteracy, unemployment, indebtedness and civil strife which particularly afflict sub-Saharan Africa. “This is not a time to be complacent, but a time to ponder and act,” Ahmed said at the launch of the vision paper.
Mahathir proclaimed that the plan is designed to “ensure that our countries are stable and well governed, our infrastructures well developed and our industrial capacities capable of meeting our needs and competing successfully with others.”
As a result of its implementation some Muslim nations may be able to count themselves among the world’s most developed countries and the Islamic world will build up sufficient economic power to earn universal respect, he said.
The plan is expected to be confirmed by the IDB’s 56 members in Kuwait.