E-BOOK- 39th CONVOCATION PROGRAMME BOOK

56 57 CONFERMENT OF IBN KHALDUN MERIT AWARD FOR GLOBAL SOCIAL TRANSFORMATION ISLAMIC DEVELOPMENT BANK (IsDB) Islamic Development Bank (IsDB) is the financial arm of the Organisation of Islamic Cooperation (OIC) and was established in 1975 with the purpose of providing financing, technical assistance, and other support to Muslim countries. IsDB is committed to provide substantial financial and technical assistance to Muslim countries in the form of grants, loans, equity investments, and guarantees. IsDB generally plays major roles in facilitating Muslim countries. The roles are: (a) To foster economic development and social progress of member countries and Muslim communities in non-member countries. (b) To provide financial and technical assistance to member countries in accordance with Islamic principles. (c) To promote investment among member countries and increase mutual trade. (d) To promote private sector development and the participation of the private sector in the development process of member countries. (e) To promote and facilitate the transfer of technology and know-how among member countries. (f) To help improve the investment climate of member countries, including through the establishment of special funds to support private sector development. (g) To establish and promote special projects in member countries. (h) To promote regional cooperation and integration and coordinate efforts among member countries in all economic and social fields. (i) To promote the development of human re sources in member countries. (j) To promote sustainable development and environmental protection in member countries. (k) To promote Islamic culture and the exchange of ideas and knowledge among Islamic countries. (l) To promote cooperation and dialogue among civilizations, cultures, and people. IIUM and IsDB have been working closely on projects related to research, academic exchange, joint conference, sponsorship for IIUM students, training, etc. In 2009, IsDB and IIUM established the International Islamic Finance Training Centre (IIFTC) to develop and promote Islamic finance training and research in Malaysia and the wider region. The two institutions also collaborated on other initiatives, such as the IDB-IIUM Fellowship Programme, which offers scholarships to students from IIUM to pursue postgraduate studies at foreign universities, and the IDB-IIUM Forum on Islamic Banking and Finance, which provides a platform for networking, discussion and debate on issues related to Islamic finance and banking. Since 2005, IsDB has been funding IIUM students from various Kulliyyahs. As of 2023, IsDB has sponsored a total of RM2,028,973.88 in financial assistance to IIUM students. IsDB also awarded grants to the Kulliyyah of Engineering in 2019 for the research on the development of Technopreneurship Framework. Part of the grant is to develop the makerspace, i.e. the Al-Jazari Lab to facilitate the rapid prototyping work conducted by students. IsDB is a global leader in Islamic finance, providing long-term sustainable and ethical financing structures to underpin their project investments. In the last two decades, IsDB has secured an AAA rating, and has become the largest global issuer of Sukuk, through which they fund research and training to develop the future of Islamic banking and finance. They have successfully deepened and broadened their investor base and enhanced their profile in the international capital markets. The conferment of the award is timely given the IsDB’s noble contributions to the development of the Islamic world, the Muslim Ummah and to IIUM. CONFERMENT OF IBN KHALDUN MERIT AWARD FOR GLOBAL SOCIAL TRANSFORMATION