MIHAS reports strong growth in 2026

The Malaysia International Halal Showcase (MIHAS) 2026, a key halal marketplace for connecting Malaysian businesses with international markets, has delivered a strong four-day performance. The event recorded sales of RM6.78 B from 23 to 26 September 2026 — 12% more than the RM6.05 B recorded in 2025.

Dato’ Indera Abu Bakar Yusof, CEO, MATRADE said: “MIHAS 2026 demonstrates that the platform is not only growing in terms of sales, but is also creating greater opportunities for Malaysian businesses, particularly small and medium enterprises (SMEs), to access international markets.

"We remain committed to strengthening SMEs and mid-tier companies (MTCs) to expand into global markets especially the emerging and non-traditional markets.”

“The RM6.78 billion in sales achieved at MIHAS 2026 represents valuable opportunities. With the integration of agentic AI, MIHAS is evolving into a more connected and digitally enabled trade facilitation ecosystem, helping Malaysian companies identify potential buyers, build meaningful business relationships and pursue new export opportunities beyond the exhibition floor. Under the MADANI Digital Trade Platform (MDTP), we shall provide Malaysian exporters with continuous connectivity with global buyers and support them in securing sustainable export opportunities,” he added.

MIHAS 2026 attracted 69,104 visitors from 93 countries, up from 50,340 visitors in 2025 — 37.3% more, the highest increase since its inception in 2004. The event also brought together participating exhibitors and International Sourcing Programme (INSP) buyers from 58 countries, further strengthening MIHAS’ international reach and appeal as a global halal trade exposition.

The INSP generated RM4.02 B against RM3.63 B in 2025, growing 10.9%. INSP facilitates structured business meetings between Malaysian sellers and international buyers, creating targeted opportunities for sourcing, business matching and potential export transactions.

Meanwhile, the MIHAS Exhibition recorded approximately RM1.99 B, compared to RM1.89 B in 2025, up 5.5%. Among the top products driving exhibition sales were processed food and confectionery, food technology and packaging, frozen food, as well as fertilisers and agrochemicals.  

Malaysian SMEs benefited as well with MIHAS Exhibition 2026 sales of RM620, compared with RM557 M in 2025 (up 11.3%). SME participation has increased over six years, from 64 companies in 2021 to 339 companies in 2026, a 429.7% jump.  

Under RMK13, the 13th Malaysia plan ending 2030, Malaysia has set a target of RM80 B in halal exports. The Malaysia International Halal Showcase (MIHAS) 2026 continues to support this ambition by providing Malaysian SMEs with access to international buyers, business matching, sourcing opportunities and digital tools to expand their market reach and strengthen their export capabilities.

The 2026 edition also marked a significant step forward in MIHAS’ digital transformation through the integration of agentic AI. More than 22,000 AI-assisted business appointments were generated during MIHAS 2026. Of these appointments, 324 matches were made, representing RM28 M in sales. 

The AI platform will continue to operate until 2027, enabling participating businesses to continue connecting, engaging with potential buyers and pursuing new trade opportunities beyond the four-day exhibition.

Malaysia’s halal exports reached RM68.52 B in 2025, a 10.9% increase from RM61.79 B in 2024.

Hashtag: #MIHAS2026

Malaysia, Singapore to deepen halal-related trade, investments

Malaysia and Singapore have reaffirmed their commitment to deepen bilateral halal-related trade and investment relations. At the Third Annual Ministerial Dialogue (3rd AMD) held in Kuala Lumpur, Malaysia on 1 October 2026, co-chairs YB Datuk Seri Johari bin Abdul Ghani, Minister of Investment, Trade and Industry, Malaysia and HE Gan Kim Yong, Deputy PM and Minister for Energy, Trade and Industry (Trade), Singapore discussed the growing global demand for halal products and services. 

 

Both sides agreed to explore opportunities for deeper cooperation, capacity building, and investment across halal-related sectors. Singapore is Malaysia’s second-largest halal export destination, with exports valued at RM7.1 B in 2025 according to the Halal Development Corporation*.

Both Ministers highlighted the complementary strengths of the two economies, noting that Malaysia’s well-established halal industrial ecosystem, combined with Singapore’s extensive global trade networks, financing capabilities, and research and development (R&D) expertise, could create opportunities for higher-value commercial partnerships and
investments. 

Both Ministers acknowledged the ongoing discussions on mutual recognition of halal certification and encouraged both sides to explore avenues towards formalising an arrangement that would facilitate halal trade and promote greater business opportunities for the benefit of businesses and consumers in both countries.

Both sides further agreed to explore linkages between Singapore-based enterprises and HALMAS-certified Halal Parks across priority areas, subject to commercial interests, in areas such as food processing; halal ingredients; alternative
proteins; cosmetics; and cold-chain logistics.

Malaysia also encouraged Singaporean businesses to leverage platforms such as the just-concluded Malaysia International Halal Showcase (MIHAS) to identify business, investment and partnership opportunities. To support these efforts, both countries discussed potential greater collaboration in capacity building, technology and knowledge exchange, as well as stronger institutional linkages among relevant business chambers and industry associations.

The 2nd AMD was hosted by Singapore in 2024. Singapore is Malaysia’s second-largest trading partner and an important source of foreign direct investment (FDI), while Malaysia continues to be Singapore’s third-largest trading partner. In 2025, Malaysia-Singapore total trade reached a record high of US$94.07 B, an increase of 8.5% compared to 2024 according to the Department of Statistics, Malaysia.

*October 1 2026. Presentation at the 3rd Annual Ministerial Dialogue between Malaysia and Singapore.

Wego, DCT Abu Dhabi drive regional travel demand

Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), has partnered with the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) to spotlight the UAE capital as one of the region's most compelling and culturally rich destinations. 

Source: Wego. From left: Mamoun Hmidan, Chief Business Officer at Wego, Saleh Mohammed AlGeziry, Director General, Tourism Sector, DCT Abu Dhabi; and Abdulla Yousuf Mohamed, Director, International Operations Department, DCT Abu Dhabi.

The collaboration aims to inspire travellers across the MENA region to rediscover Abu Dhabi's heritage, nature, and entertainment. Through targeted digital campaigns and data-driven storytelling, Wego will position Abu Dhabi at the forefront of regional travel consideration, connecting high-intent travellers directly to flights and stays.

With strong air connectivity, world-class hospitality, and a dynamic cultural and entertainment landscape, Abu Dhabi is increasingly capturing the attention of regional travellers seeking accessible yet enriching escapes. Visitors can experience the UNESCO-listed oases of Al Ain region, the dunes of the Rub' al Khali, and the grandeur of Sheikh Zayed Grand Mosque. Other highlights include the artistic mastery of Louvre Abu Dhabi, the shores of Saadiyat Island, and the adrenaline of Yas Island's theme parks. 

Mamoun Hmidan, Chief Business Officer at Wego said: "Abu Dhabi continues to set the benchmark for regional tourism, seamlessly uniting rich heritage with transformative, future-ready experiences. Through our partnership with DCT Abu Dhabi, we are leveraging Wego's market intelligence and reach across MENA to inspire travellers and convert that inspiration into seamless bookings. We are proud to support Abu Dhabi's tourism vision by connecting millions of travellers to experiences that are both authentic and extraordinary."

Abdulla Yousuf, Director of International Operations at DCT Abu Dhabi, added: "Our collaboration with Wego enables us to amplify Abu Dhabi's diverse offering to a highly engaged regional audience. As demand grows for meaningful, culturally immersive experiences closer to home, Abu Dhabi is always ready to welcome travellers with exceptional infrastructure, rich heritage, and a year-round calendar of world-class events."

Tanmiah inaugurates Innovation Center

- Unites the entire innovation cycle in one micro-laboratory-scale facility at Tanmiah's headquarters

- Enhances capabilities to experiment with new ideas and locally-sourced ingredients

- Advances local food security, raises quality standards, elevates the profile of unique Saudi ingredients

- Supports KSA's vision of a sustainable, self-sufficient food sector 

Tanmiah Food Company, one of KSA's vertically-integrated poultry and food producers, has launched the Tanmiah Innovation Center at its headquarters in Riyadh. The centre is envisioned as a platform for expanding Tanmiah's value-added portfolio across the broader protein landscape, advancing the company's vision of becoming the leading global provider of halal, sustainable and healthy protein. 

The center was inaugurated in the presence of Tanmiah's Chairman H.E. Amr Al Dabbagh, and Dr. Abdulaziz bin Malik Al-Malik, Deputy Minister for Research and Innovation at the Ministry of Environment, Water, and Agriculture, as well as other representatives from the Culinary Arts Commission, the Agricultural Development Fund, the Environment Fund, alongside Tanmiah's executive management team. 

Photo from the Innovation Center inauguration event

The innovation centre is focused on healthy, sustainable protein products, and will lead the development of all new products across Tanmiah's brands, which are distributed in KSA and GCC markets. The entire innovation and R&D product lifecycle will be managed in one place. Consumer insights, concept creation, project evaluation, prototype development, pilot trials, consumer validation and market launch are handled within a single integrated ecosystem, rather than split across separate functions or external suppliers. 

In addition to consumer product innovation, the centre is designed to foster close collaboration with hotel, restaurant, café/catering (HORECA) and other food service partners on tailored solutions, from product development to menu creation. Its capabilities also extend beyond poultry products themselves, supporting the development, testing and validation of new protein categories. 

The centre has four connected areas: creation and research, kitchen, application, and sensory analysis. This integrated structure supports faster responses to emerging trends, improved decision-making, and higher product quality, all while protecting operational continuity, Tanmiah said. 

By replicating Tanmiah's further-processing and marination capabilities at a micro-laboratory scale, the centre enables products to be fully developed and validated on site before moving directly to production. This reduces lead times, improves responsiveness to consumer feedback, and ensures products reach the market in the shortest possible time. 

Zulfiqar Hamadani, Group Chief Executive Officer of Tanmiah said: "With this Innovation Center, we are strengthening our ability to respond faster and more effectively to the evolving needs of our customers and consumers, creating products that are more convenient, healthier, and deliver greater value. 

"At the same time, it enables us to contribute positively towards the ambitions of Vision 2030 by developing a more diversified, self-sufficient, and sustainable food sector. For six decades, our deep connection to the communities we serve has been a cornerstone of our resilience and success, and we believe it will remain central to how we grow and create value for generations to come."

Zein M. Attar, MD, Tanmiah said: "Our deep-rooted presence in the communities where we farm, produce, and deliver our products, gives us a unique understanding of the consumers we serve and their evolving needs. This culinary Innovation Center will turn that insight into nutritious, healthier, and more sustainable food solutions, developed locally, for the people and communities we serve. We are tremendously excited about the pipeline this centre will unlock and the opportunities it creates for Saudi talent, Saudi ingredients and Saudi innovation in the years ahead."

Marcos Delorenzo, CEO, Agricultural Development Company (ADC) said: "Chicken meat is one of the most versatile proteins, offering tremendous possibilities for innovation across flavors, spices, formats and occasions. The Innovation Center allows us to unlock that potential, responding faster to evolving consumer trends and customer needs with differentiated products and customised solutions. 

"In alignment with our vision, its capabilities also take us beyond poultry, providing a platform to explore new protein categories and expand Tanmiah's role in the future of food in the kingdom, regionally and globally." 

The inauguration of the centre follows a number of milestones for Tanmiah's innovation pipeline. In 2026, through its subsidiary Agricultural Development Company (ADC), Tanmiah won in two categories at the Product of the Year (POY) Gulf Edition for the 5th consecutive year. The winning products are its frozen breaded chicken Range, pioneering the use of 100% fresh Saudi Chicken in the frozen category, and its Taste secrets fresh marinated Shaqra Pepper Chicken Breast Fillet in the marinated category, made with the distinctive local Shaqra pepper cultivated in the Shaqra region northwest of Riyadh, delivering deeper cultural relevance through authentic local flavor while supporting local farmers. 

ITFC signs US$1.5 B agreement with the Maldives

Source: ITFC. 

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, and the government of the Republic of Maldives have signed a new five-year Framework Agreement. ITFC is to mobilise up to US$1.5 B to support trade financing operations in the Maldives between 2026 and 2031.

The agreement was signed at the Ministry of Finance and Public Enterprises in Malé by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and HE Hassan Zareer, Minister of Finance and Public Enterprises and IsDB Governor for the Maldives, during the ITFC CEO's official visit to the country.

HE Hassan said: "Since its establishment, ITFC has been a steadfast development partner to our nation. What began as crucial support for our energy requirements has evolved into a comprehensive partnership spanning the importation of staple foods and medical supplies, while catalysing growth in the vital sectors such as fisheries and SMEs. 

"A key anchor of this relationship is the ongoing revolving trade finance facility extended to STO since 2017, which continues to provide vital liquidity support, ensuring uninterrupted bulk procurement of essential commodities and guaranteeing operational predictability for state trade. During periods of global volatility, ITFC has consistently proven to be among our most dependable development partners."

The State Trading Organization (STO) in the Maldives is a government-majority-owned trading company that handles national food security, fuel imports, and essential supplies, while SME refers to small and medium enterprise.

Eng. Al-Aama said: "This new Framework Agreement builds on a partnership that has developed over many years. Through the agreement, ITFC will work with the government and its partners to mobilise financing for essential commodities as well as support to the private sector through local financial institutions. We will continue to work with the Maldives on the trade financing priorities identified by the government whilst exploring further cooperation in the areas of trade development."

The new agreement follows the first five-year Framework Agreement between ITFC and the Maldives, signed in 2019 and concluded in 2024, during which ITFC approved US$1.7 B in funding. Since its inception in 2008, ITFC has approved more than US$3.3 B in financing for the Maldives for the import of petroleum products, staple food, medicine and medical equipment, and construction materials, alongside financing for the private sector.

OIC, UN Development Programme partner to enhance Islamic social finance and humanitarian action

The General Secretariat of the Organization of Islamic Cooperation (OIC), represented by its Department of Humanitarian Affairs, in cooperation with the United Nations Development Programme (UNDP), has concluded a roundtable on Islamic Philanthropy: Zakat, Sadaqah, and Waqf for Early Recovery, Inclusion, and Sustainable Development in Riyadh. 

The event discussed the role of Islamic social finance in strengthening humanitarian response, supporting socioeconomic recovery, and achieving sustainable development for the most vulnerable populations and communities. 

The roundtable highlighted new and innovative frameworks for cooperation between the OIC, UNDP, and the International Islamic Fiqh Academy, focusing on building institutional partnerships, exchanging knowledge and successful experiences, and developing initiatives targeting vulnerable communities. 

Representing the General Secretariat at the meeting and the signing ceremony for the accompanying cooperation agreements, Dr Aisha Al-Ayafi, Director of Humanitarian Affairs at the Organization of Islamic Cooperation, emphasised the importance of developing Islamic charitable tools. 

She explained that zakat, sadaqah, and waqf are fundamental pillars for enhancing resilience and achieving sustainable development, and that deepening institutional partnerships will contribute to maximising the impact of these tools for the benefit of the most vulnerable groups. 

The OIC also reaffirmed its ongoing commitment to expanding cooperation with international and regional partners to solidify the role of Islamic social finance as a key driver of recovery, development, and the preservation of human dignity in all member states.

Fitch affirms Qatar at 'AA'

Fitch Ratings has affirmed Qatar's long-term Issuer Default Ratings (IDRs) at 'AA' and removed them from Rating Watch Negative (RWN). The outlook is negative.

The rating actions capture the risk from a further prolongation of the period in which Qatar cannot export liquefied natural gas (LNG) to the sovereign balance sheet, which has held up well so far. The removal from RWN reflects that while the geographic concentration and high complexity of Qatar's LNG facilities is a vulnerability, the risks of further severe damage have reduced since March and the impact of the war on the credit profile will take longer to discern.

The 'AA' rating reflects GDP per capita among the world's highest, large sovereign assets, Fitch Ratings' expectation that additional gas production will further strengthen public finances and a relatively flexible public finance structure. Rating weaknesses include heavy hydrocarbon dependence with a significant vulnerability to geopolitical risks, below-average scores on some measures of governance, higher government debt/GDP than oil-dependent highly rated peers and substantial contingent liabilities, the ratings specialist said.

IsDB Group Chairman and Professor Muhammad Yunus discuss development financing

HE Dr Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, has met Nobel Laureate Professor Muhammad Yunus at the Yunus Centre in Dhaka to exchange views on how development financing can create greater social and economic impact.

The discussions focused on Professor Yunus’ practical experience in microcredit, social business and financial inclusion, as well as his Three Zeros vision of zero poverty, zero unemployment and zero net carbon emissions.

HE Dr Al Jasser commended Professor Yunus for his contribution to expanding economic opportunities for underserved communities and for demonstrating how entrepreneurship can be applied to address social challenges.

Source: IsDB. HE Dr Al Jasser (left) with Professor Muhammad Yunus (right).

A key part of the discussion focused on young people and the need to create greater opportunities, rekindle hope and address the factors that drive them to seek opportunities elsewhere. HE Dr Al Jasser noted the changing aspirations of younger generations, including the growing desire among many young people to create opportunities rather than follow traditional employment pathways.

Professor Yunus stressed the importance of turning young people’s creativity into problem-solving and entrepreneurship. He highlighted initiatives designed to nurture young people as job creators rather than job seekers and emphasised the growing potential of a digitally-connected generation to address social challenges.

The two sides also explored how lessons from Bangladesh’s experience in microfinance and social business could be relevant to other IsDB member countries. HE Dr Al Jasser expressed interest in learning from Bangladesh’s experience, while Professor Yunus invited IsDB to examine Grameen programmes more closely for viable approaches that could be relevant across member countries.

Professor Yunus also outlined initiatives led by the Yunus Centre and the wider Grameen network in social business, financial inclusion and digital healthcare, including community-based models in healthcare, eye care, nursing education and related services.

During the meeting, Professor Yunus welcomed IsDB’s continued partnership with Bangladesh and referred to the US$1 B financing agreement signed earlier in the day for the modernisation and expansion of the Eastern Refinery as a reflection of the depth of the relationship between Bangladesh and IsDB.

The meeting reflected a shared interest in people-centred approaches to development, youth entrepreneurship and social business, and in exploring how practical experience from Bangladesh could inform wider development efforts across IsDB member countries.

Smobler takes vertical AI food compliance push to the Gulf

Singapore-founded technology company Smobler is exploring the expansion of its Robin AI platform toward halal compliance workflows across ASEAN and MENA.

The move reflects Smobler's broader bet on vertical AI: as access to increasingly capable AI models becomes ubiquitous, competitive advantage will shift toward specialised applications solving expensive, persistent and industry-specific problems, the company said.

Smobler launched Robin AI in Hawaiʻi in June 2026 to help early-stage food and beverage entrepreneurs generate draft nutrition labels and Hazard Analysis and Critical Control Point (HACCP) food-safety plans. The platform is designed to support food safety specialists and regulatory authorities. A future system would similarly support recognised halal certification authorities, qualified auditors and human decision-makers.

"We want to help small producers navigate compliance more efficiently and reduce friction between creating a product and reaching a market," Chen said.

"The most interesting technologies scale globally because the underlying problem is widespread and travels."

Smobler also sees broader opportunity connecting Southeast Asia and the Gulf: adapting technologies and operating knowledge between markets rather than simply exporting software from one region to another.

"The Middle East opportunity isn't interesting simply because AI investment is booming," Smobler CEO Dr Loretta Chen said.

"There are real problems at the intersection of food, trade, logistics and technology where our Asia-Pacific experience may be useful and we have to learn from regional partners."

"Everyone can build an AI demo now," Smobler CTO Mridhul Pax added.

"The difficult part starts afterwards. Can the system be trusted? Is it economical to operate? Does it integrate into the industry? That last mile between an impressive prototype and reliable infrastructure is where we spend much of our time."

Smobler is seeking pilot, technology and commercial partners across food technology and trade, AI infrastructure and enterprise automation, logistics and maritime technology, as well as investment and innovation ecosystems. Organisations interested in discussing a potential pilot can contact mridhul@smobler.io.

International Conference on Islamic Finance and Economy to focus on peace, resilience, and security

The Center for Islamic Economics and Finance (CIEF) at the College of Islamic Studies, Hamad Bin Khalifa University (HBKU), in collaboration with the Qatar Financial Centre (QFC) Authority, is working on paper submissions for the 9th International Conference on Islamic Finance and Economy (ICIFE).

The conference, to be held in English and Arabic with live interpretation available in both languages, explores how Islamic principles, economics and finance can guide decision-making and contribute to peace-oriented development, social resilience, ethical reconstruction and responsible security in a geopolitically unstable world. Its formal theme is Islamic Economics Perspectives on Economies of War and Peace: Ethics, Resilience, Reconstruction, and Responsible Security.

According to the organisers, conflict-affected economies often face weakened institutions, damaged infrastructure, limited access to long-term capital and urgent reconstruction needs. Islamic finance is well-positioned to offer both a normative and practical framework for protecting welfare, rebuilding productive capacity, mobilising ethical capital, and supporting recovery in times of insecurity. The conference, therefore, invites research that moves beyond permissibility and asks how Islamic economics can help build humane, resilient and peace-oriented economic systems. 

"In a world increasingly affected by geopolitical instability, disrupted markets, food and energy insecurity, displacement, and fiscal pressures, the need for principled and humane economic thinking has never been more important. I believe Islamic economics and finance offer a valuable framework for this discussion. They are deeply rooted in the principles of human dignity, justice, social solidarity, and public welfare. 

"These principles can guide our approaches to peace-oriented development, livelihood restoration, and responsible public finance. They can also inform the rebuilding of institutions and essential infrastructure. Through this conference, I invite all of you to reflect on the ethical boundaries of finance. This includes finance related to public security, emerging technologies, strategic industries, and post-conflict recovery," commented Dr. Recep Şentürk, Dean, College of Islamic Studies, Hamad Bin Khalifa University.

A central concern of the conference is to avoid normalising destruction or treating war as an engine of growth. Instead, ICIFE 2026 encourages critical reflection on how Islamic finance and economics can support human protection, responsible public finance, livelihood restoration, institutional rebuilding, and sustainable peace.

Conference objectives include:

- Develop Islamic economic and financial frameworks for peace, resilience, reconstruction, and responsible security.

- Examine how maqasid al-shari'ah, adamiyyah, and Islamic jurisprudence on war and peace can guide ethics in conflict-affected contexts.

- Analyse the impact of geopolitical risk on Muslim-majority economies, Islamic banking, sukuk markets, capital flows, sovereign finance, trade, food security, energy markets, and monetary stability.

- Explore the role of Islamic social finance, sukuk, blended finance, capital market instruments, and development finance in rebuilding livelihoods, institutions, infrastructure.

- Clarify the ethical boundaries of finance in relation to public security, strategic industries, defense sectors , humanitarian protection, and post-conflict recovery.

- Assess how emerging technologies, including artificial intelligence, cybersecurity, drones, surveillance, fintech, and digital infrastructure, are reshaping war, security, reconstruction, and financial ethics.

- Connect Islamic finance with conscious economics, conscious futures, foresight, scenario planning, anticipatory governance, social trust, human dignity, and resilience.

- Advance policy dialogue on peace-oriented and humane financial systems.

"These discussions extend beyond financial instruments to encompass human protection, institutional resilience, ethical investment, public welfare, and long-term peace. I believe this makes the conference both timely and necessary, as it explores how Islamic economics and finance can contribute to more responsible, humane, and future-oriented economic systems," said Dr Ahmet Faruk Aysan, Professor and Associate Dean, College of Islamic Studies, Hamad Bin Khalifa University in a message from the conference chair.

Details

The conference will be held 29 and 30 November, 2026. More details are at https://www.hbku.edu.qa/en/CIS-ICIFE2026?tab=overview&tabid=Overview 

IsDB furthers Bangladesh relationship

HE Dr Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, began his official visit to Bangladesh with high-level discussions focused on the country’s development priorities, energy security and future cooperation with the IsDB Group. The meetings reaffirmed the shared commitment of Bangladesh and the IsDB Group to deepen their development partnership and pursue cooperation that supports sustainable growth and economic resilience.

HE Dr Al Jasser first held discussions with HE Amir Khasru Mahmud Chowdhury, Bangladesh’s Minister of Finance and Planning and IsDB Governor. The meeting reviewed the long-standing Bangladesh–IsDB partnership, progress across the development portfolio and opportunities to expand cooperation in areas central to the country’s growth.

The two sides discussed shaping the upcoming IsDB Group Member Country Partnership Strategy around Bangladesh’s development aspirations, national priorities and financing needs. Key areas included resilient infrastructure, energy security, transport connectivity, trade finance and private-sector development.

They also highlighted the role of the IsDB Concessional Fund in expanding access to concessional financing and discussed blended-finance approaches, sukuk and other financing instruments that could support Bangladesh’s development agenda.

HE Dr Al Jasser also met with HE Anindya Islam Amit, Minister of State for Power, Energy and Mineral Resources of Bangladesh. The discussions focused on ways to strengthen Bangladesh’s energy sector and other critical enabling infrastructure. The two sides explored opportunities to enhance energy security, expand domestic capacity and advance cleaner and more reliable energy systems through IsDB Group financing, trade finance and technical expertise.

Source: IsDB. HE Tarique Rahman, Hon’ble PM of Bangladesh, received HE Dr Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, for bilateral talks. HE Dr Al Jasser was accompanied by Eng. Adeeb Yousuf Al Aama, CEO of the International Islamic Trade Finance Corporation, and senior IsDB Group officials.

HE Tarique Rahman, Hon’ble PM of Bangladesh, further received HE Dr Al Jasser for bilateral talks focused on deepening the long-standing development partnership between Bangladesh and the IsDB Group. During the session, HE Dr Al Jasser praised the enduring relationship between Bangladesh and the IsDB Group, built over more than five decades and reflected in over US$32 B in cumulative financing approvals.

The two leaders reviewed progress across the development portfolio and discussed how deeper cooperation could support the government’s Five-Year Strategic Framework for Reform and Development 2026–2031. Priority areas included energy and food security, transport connectivity, digitalisation, job creation, capacity development and private-sector-led growth.

The discussions also focused on the next IsDB Group Member Country Partnership Strategy for 2027 to 2031. The strategy will shape a programme of cooperation around Bangladesh’s national priorities, financing needs and long-term development aspirations. The two sides considered how the wider IsDB Group could contribute through IsDB financing, ITFC trade-finance solutions and ICIEC risk-mitigation products to mobilise resources and support sustainable economic growth.

The bilateral talks followed the signing of US$1 B in IsDB financing for the modernisation and expansion of the Eastern Refinery Project. HE Dr Al Jasser described the project as a major step toward strengthening Bangladesh’s energy security, expanding domestic refining capacity and reducing dependence on imported refined petroleum products.

Dr Mohammad Mizanur Rahman, Additional Secretary (Admin, ICT and Middle East), Economic Relations Division, Ministry of Finance, signed on behalf of the Government of Bangladesh, and Anasse Aissami, Director General, Country Operations, signed on behalf of the IsDB. The signing ceremony was witnessed by HE Tarique Rahman; HE Amir Khasru Mahmud Chowdhury, and HE Dr Al Jasser.

The US$2.5 B project comprises approximately US$1 B in IsDB financing and around US$1.5 B in contributions (including taxes, customs duty, and value-added taxes or VAT) from the government of Bangladesh.

Expected to be completed in five years, it will add 3 million metric tons of annual refining capacity, raising the refinery's total capacity to 4.5 million metric tons per annum.

The expansion will strengthen Bangladesh's energy security by increasing domestic refining capacity and reducing dependence on imported refined petroleum products. Local refining of imported crude oil is expected to save about US$394 million in foreign exchange each year.

"Today's signing marks a major milestone in IsDB's longstanding partnership with Bangladesh. By expanding domestic refining capacity, the Eastern Refinery project will strengthen energy security, reduce dependence on imported refined petroleum products, and support cleaner fuel standards. This financing will help build greater economic resilience and deliver lasting benefits for businesses, workers, farmers, and households across Bangladesh," said HE Dr Al Jasser.

The upgraded refinery will process a broader range of crude oils and produce 15 types of refined petroleum products. It is expected to support a 5% reduction in the cost of major petroleum products and enable production to meet Euro 5 standards, replacing the current Euro 2 grade.

AAOIFI Financial Accounting Standard (FAS) 53 is released

Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI’s) Accounting Board (AAB) has officially issued Financial Accounting Standard (FAS) 53, Istisna-Based Development Contracts. The standard, along with FAS 52 Deferred Delivery Sales: Salam and Istisna issued earlier this year, supersedes FAS 10 Istisna’a and Parallel Istisna’a which was identified for revision and improvement as a result of a AAOIFI FASs review and revision project initiated by the board.

FAS 53 Istisna-Based Development Contracts prescribes the accounting and financial reporting principles applicable to the developers and customers of istisna (اِسْتِثْنَاء)-based development contracts. The standard improves on its predecessor in several aspects, inter alia, by way of aligning better with the newer standards and generally accepted accounting principles, by providing counter-party accounting in line with AAOIFI’s revised standard-setting strategy and by simplifying the treatment of istisna-based development contracts.

Hamad Al Oqab, Chairman of AAB stated: “The continued growth and development of the Islamic finance industry requires accounting standards that remain responsive to evolving business models, transactions and market practices. The board being cognisant of the same has revised the standard for istisna contracts to strengthen transparency and disclosure practice for the Islamic finance industry.

“The board greatly appreciates the valuable contribution of its members, the working group and the AAOIFI Secretariat in the development of robust accounting standards.”

Omar Mustafa Ansari, Secretary General of AAOIFI said: “The issuance of this revised standard is an important milestone in AAOIFI’s ongoing comprehensive review and revision of its FASs. It reflects our commitment to ensuring that AAOIFI’s standards continue to serve the evolving needs of the Islamic finance industry while promoting greater consistency, transparency and comparability in financial reporting. 

"We believe that the revised standard will contribute to enhancing the quality of accounting practices relating to Istisna-based development contracts and promote their usage by Islamic financial institutions globally.” 

The standard can be accessed on the AAOIFI website.

OIC launches training on cultural diplomacy, leadership development

A training course on Youth, Cultural Diplomacy, and Leadership Development began 3 September, 2026, at the headquarters of the General Secretariat of the Organization of Islamic Cooperation (OIC) in Jeddah.

The course was organised by the OIC General Secretariat and is chaired by the Ministry of Sports of the Kingdom of Saudi Arabia, which holds the presidency of the Islamic Conference of Youth and Sports Ministers (ICYSM). The event coincided with OIC Youth Day, which the OIC celebrates annually on September 3.

The Secretary-General of the OIC, Ismail Ould Cheikh Ahmed, affirmed that youth currently constitute more than 28% of the population of OIC member states, noting that this percentage is expected to reach 30.7% by 2030. The speech, delivered on his behalf by the Assistant Secretary-General for Humanitarian, Cultural, and Social Affairs, Ambassador Tariq Ali Bakheet, stated that Youth Cultural Diplomacy is not an intellectual luxury but rather a practical tool for developing young people’s capacity to build bridges, promote dialogue, counter misguided ideologies and violent extremism, and disseminate the values of tolerance and moderation.

The speech further explained that among the most important objectives of the training programme are training and enhancing the capabilities of young people in cultural diplomacy and leadership development, providing them with an opportunity to discuss issues related to youth empowerment, and familiarising them with the OIC’s efforts in this field.