Cover Story

The recent announcement by the Islamic Development Bank (IDB) that it has set up an IDB Vision 1440 (2020) Commission and that it is working on a 10-year Master Plan for the Islamic Financial Services Industry, bears an uncanny resemblance to similar initiatives launched by Malaysia over the last decade. The IDB Board of Governors at its 30th meeting held in Kuala Lumpur recently approved the establishment of the Commission, to be headed by none other than former Malaysian Prime Minister Mahathir Mohamed. IDB President Dr Ahmad Muhammad Ali, re-elected for a further term at the Kuala Lumpur meeting, is a great admirer of the Malaysian approach to Islamic financial and economic management. The IDB Vision 2020 is aimed at coming up with a strategic vision for the pan-Islamic multi-lateral development bank (MDB) through the next 15 years. The 10-year Master Plan for the Islamic Financial Services would chart a road map for the next decade of Islamic financial development, and would look at five functions — Islamic banks; Islamic insurance; Islamic capital markets; Islamic non-banking financial institutions and Islamic financial infrastructure.