Jeddah: Zamir Iqbal, the Vice President for Finance at the Islamic Development Bank (IsDB), met Thursday with Juda Agung, the Deputy Governor of Bank Indonesia, and his delegation to discuss enhancing cooperation between the two sides and advancing the Islamic finance industry.

During the meeting, which took place in IsDB headquarters, the two sides discussed the increase in Indonesia's share of the IsDB’s capital, which was approved by the bank’s board of governors in its 48th annual meeting last May. This special capital increase has allowed Indonesia to get a permanent seat on the IsDB’s board of executive directors.

Iqbal highlighted the IsDB's unwavering commitment to cooperate in enhancing Indonesia's Awqaf (endowments) sector by financing the Waqf-based projects and leveraging the successful Waqf-linked cash sukuk issuances in Indonesia to promote them within the IsDB.

In this regard, the IsDB vice president also affirmed the bank’s support for technical assistance and advisory services in the Islamic finance sector.

The two sides also discussed supporting Indonesia's development initiatives and steps through the contributions of the IsDB Group which amounted to about US$6.4 billion in various pivotal sectors of the Indonesian public and private economy.