Business & Money | Friday 13 May, 2016 5:26 am |

Saudi Arabia has proposed Bandar Hajjar, former minister of Haj, as the new president of the Islamic Development Bank (IDB) Group. Hajjar will replace Dr. Ahmed Muhammad Ali, who has been serving as the president of IDB for most of the period ever since its inception in 1975, the Saudi Press Agency reported.
Ali thanked Custodian of the Two Holy Mosques King Salman for the Kingdom’s unflinching support to IDB throughout his presidency. He wished Hajjar every success in his new endeavor as his successor. On his part, Finance Ibrahim Al-Assaf, who is also governor of IDB, lauded the outstanding performance and great efforts made by Ali in making IDB one of the largest financial bodies across the world.
The 41st annual session of the Board of Governors of IDB, which will be held in Jakarta on May 14-19, is set to ratify the Kingdom’s nomination of Hajjar as the new president of IDB.