President of Islamic Development Bank Underlines The Need to Expand PPP To PPPP

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1. President of Islamic Development Bank underlines the need to expand “PPP” to “PPPP” Istanbul, Turkey, 24.05.2017 – The President of the Islamic Development Bank (IsDB) Group, Dr. Bandar Hajjar, has underlined the significance of deepening and expanding partnerships amongst the member countries of the Bank in an attempt to develop an integrated and inclusive approach to development issues. Dr. Bandar Hajjar made the remarks during his meeting with officials of the Vakif Participation Bank (Vakif Katilim) in Istanbul, Turkey, adding that according to the recently announced IsDB President’s 5-year Program, utmost importance is attached to partnering with Civil Society Organizations, NGOs, Academia and Waqf foundations to ensure collaborative action towards sustainable development adding that the extension of the PPP concept to PPPP (4 Ps) by including the “philanthropists” in the project cycle is valued towards developing long term sustainable solutions. During his visit to the Vakif Participation Bank (Vakif Katilim) headquarters in Istanbul, Dr. Bandar Hajjar got a first-hand account of the progress the bank has made since its establishment on 26 February 2016 when it was officially opened for business by HE the President of Turkey, Recep Tayyip Erdoğan. The Bank has already achieved the establishment of 44 branches in 24 provinces across the country. Vakif Katilim is also targeting to reach 75 branches by the end of 2017 and 350 branches by the end of 2020. It is worth mentioning that the IsDB Group has helped establish the first Islamic bank (Vakif Katilim) for Waqf foundations with General Directorate of Foundations (GDF) through the provision of its entire establishment capital. During the visit, the IsDB Group President praised the success that Vakif Katilim has pulled off during its establishment phase. He then highlighted the importance of Awqaf oriented Islamic banking adding: “We are proud to support Turkey in fostering the Islamic Finance Industry, which is in increasing demand. Vakif Katilim is a clear success and we are sure that it will contribute greatly to the development of the country and the improvement of the welfare of its citizens.” Commending the vision of the Vakif Katilim, Dr. Bandar Hajjar stated: “Beyond being an Islamic Finance institution, Vakif Katilim is also the first of its kind, a Waqf Bank with a clear vision of doing good for the society. Vakif Katilim is an extraordinary example which needs to be replicated in other Member Countries and beyond, with a view to address social needs such as improving education and
2. health conditions as well as reducing poverty for the Ummah . In this perspective, there is a strong cooperation potential between Vakif Katilim and several IsDBG bodies such as ISFD or APIF”. The Awqaf Properties Investment Fund (APIF) develops and invests in accordance with the principles of Islamic Shariah, in Awqaf real estate properties that are socially, economically, and financially viable, in member countries of IDB and Islamic communities in non-member countries, while the Islamic Solidarity Fund for Development (ISFD) is the poverty reduction arm of the IsDB Group. The President of the Islamic Development Bank (IsDB) Group, Dr. Bandar Hajjar, further reiterated that the Bank will continue to foster the Islamic Finance industry in line with Turkey’s aspirations and will provide valuable support through various instruments to help establish Istanbul as an important center for the Islamic financial services industry. The IsDB Group has always been closely supporting this industry in Turkey and is a shareholder in both Albaraka Turk and Kuveyt Turk Banks.