Gambia Minister of Finance and Economic Affairs Seedy Keita, has called on the Islamic Development Bank (IsDB) to expand its financial support beyond its member countries to include Muslim communities in non-member nations.
Speaking at the Governors’ consultation retreat on the IsDB Group’s ten-year Strategic Framework (2026-2035) in Al-Madinah Al Munawara, Saudi Arabia in January, Minister Keita emphasized the need for a more inclusive financial model.
The retreat brought together finance ministers and senior officials from various member states to discuss the strategic direction of the bank.
Key discussions focused on economic resilience, sustainable development, financial inclusion, and mechanisms to bridge the development gap between member and non-member states.
Minister Keita urged the IsDB to recognize the economic hardships faced by Muslim communities in non-member states and provide them with access to financial and technical assistance.
“For the Bank’s aspirations for the next ten years, the statement should include extending support to Muslims in non-member countries. Such an approach would align with the IsDB’s mission of fostering economic development and social progress,” says Minister Keita.
Established in 1973, the IsDB currently consists of 57 member countries and is instrumental in financing infrastructure, education, health, and economic projects in Muslim-majority nations.
Minister Keita’s appeal for a broader mandate reflects ongoing discussions about the bank’s evolving role in global economic affairs.
Among the topics explored at the retreat were advancements in Islamic finance, trade partnerships, and investment opportunities.
Special attention was given to climate resilience and green financing, highlighting the importance of environmentally sustainable economic development. Delegates emphasized the necessity of strengthening international collaboration to reduce economic disparities.
Minister Keita’s proposal aligns with wider discussions on economic cooperation between Islamic nations and the broader global community. His advocacy for extending financial aid beyond IsDB’s current scope suggests a strategic shift towards more inclusive development efforts.
Several participants voiced support for this initiative, recognizing the potential economic benefits for Muslim populations outside IsDB’s membership.
Additionally, the retreat addressed how Islamic finance mechanisms, such as Sukuk bonds and Sharia-compliant banking models, can be leveraged to facilitate greater economic inclusion.
Experts highlighted the importance of financial literacy programs to ensure communities can effectively utilize financial resources provided by the IsDB.
The final strategic framework to be adopted by the IsDB will define its priorities and financial commitments for the next decade. These discussions will influence policy direction and determine the bank’s capacity to drive economic transformation in both its member states and beyond.
The IsDB leadership reiterated its commitment to evaluating proposals aimed at expanding its developmental reach.
The meeting concluded with a commitment to explore ways to enhance financial accessibility and economic sustainability for all Muslim communities, ensuring that IsDB’s resources are utilized effectively for global economic progress.
According to reports, future consultations and stakeholder engagements will be scheduled to refine the bank’s strategic priorities and ensure they align with the economic realities of both member and non-member states.
