The Islamic Development Bank (IsDB) said that Saudi Arabia's nominee Muhammed Sulaiman Al Jasser has been elected as its new president for five years, Trend reports citing Xinhua.
The election was confirmed by the IsDB Group General Secretariat, the IsDB said in a statement on its website.
The IsDB Board of Governors (BoG) adopted a resolution expressing profound gratitude and appreciation of Saudi Arabia for its continuous support to the bank since its inception, it said.
The BoG Committee of Procedures held an online meeting on July 6 to consider the candidacy of Al Jasser for the IsDB presidency to succeed Bandar Hajjar.
Located in Jeddah, the IsDB is a multilateral development finance institution focusing on Islamic finance. Saudi Arabia is the largest single shareholder among the bank's 57 shareholding member states.