Dr. Muhammad Sulaiman Al Jasser is the new president of the Jeddah based Islamic Development Bank. Born in Buraidah, Saudi Arabia 65 years ago, Dr Muhammad Sulaiman Al-Jasser had all his advanced education in the United States of America, First, at the San Diego State University where he obtained his Bachelor’s degree in Economics with honors in 1979. He then proceeded to the University of California where he obtained his Master degree in Economics in 1981. He would later in 1986, from the same University, receive his Doctorate degree in Economics.
Dr Al Jasser began his career in 1981 as Head of the Financial and Economic Analysis Unit in the Budget Department of Saudi Arabia’s Ministry of Finance and National Economy, and was appointed Acting Deputy Minister of Finance and National Economy for Budget and Organization in 1995. While at the Ministry, he supervised the operations of the World Bank Mission in the Kingdom of Saudi Arabia from 1981 to 1983 and 1986 to 1988 and participated in many intra and inter-ministerial committees.
In 1988, Dr. Al-Jasser joined the International Monetary Fund (IMF) as Economic Advisor to the Executive Director for Saudi Arabia, was promoted as Alternative Executive Director in 1989, and was selected to become Executive Director at the IMF in 1990, a post he held until 1995. During his stay at the IMF, he participated in the annual World Bank / IMF meetings as well as conferences and symposia on economic issues. He prepared a large number of research papers and studies on fiscal and monetary policies. He also took part in several permanent committees formed by the Executive Board of the IMF, namely, the Budget Committee, Committee on Relations between the IMF and the World Trade Organization (WTO), Committee on Administrative Policies, Committee on Admission to Membership of the countries of the former Soviet Union, Committee of Eritrea’s membership, among others.
After almost 15 years as Vice Governor and Vice Chairman of the Board, he became Governor of the Saudi Arabian Monetary Agency (SAMA), the Central Bank of Saudi Arabia (SAMA), which he joined in 1995. Dr Al Jasser was instrumental in devising the Saudi Central Bank’s strategic reaction to that decade’s oil price rally, an onslaught of currency speculation in 2007 and, most recently, its reaction to an oil price slump and credit crisis.
Dr Al-Jasser was named the first chairman of the Gulf Monetary Council in March 2010. The Council, a precursor to a planned Gulf Central Bank, would work on the regulatory framework of the Gulf Central Bank and pushed for greater coordination of monetary and foreign exchange policies to pave the way for the launch of a single currency.
In his career Dr. Al-Jasser has, at one time or the other served as chairman and member of the board/ council in various organizations and projects, including the: Arab Investment Company; Saudi Arabian Negotiation Team on the accession of Saudi Arabia to the WTO in 2005, Saudi Arabian Mining Co. (MA’ADEN), “Technical Saudi Negotiating Team” for negotiations with the international oil companies, Saudi Public Pension Agency; Committee of external experts to conduct a Review of the Quota Formulas of the IMF (QFRG); Saudi Telecom Co.; Fund for Supporting Research and Educational Programs at King Fahd University of Petroleum and Minerals; Eisenhower Fellowships Nominating Committee for Saudi Arabia; Saudi Arabian Mining Co.; Centennial Fund; Saudi Arabian Airlines; Consultative Council of Islamic Corporation for the Development of the Private Sector; and Higher Committee of King Saud University Endowment.
Dr. Al Jasser has participated in the meetings of the G-20 since its inceptionas well as the monthly and annual meetings of the Bank for International Settlements over the period between 1997 and 2011. Furthermore, Dr Al Jasser has participated in several local and international symposia and has given numerous lectures on economic and monetary policy.
In recognition of his great services to the Kingdom of Saudi Arabia, Dr Al Jasser was honored with the King Abdulaziz Medal of the First Order in 2001. Al Jasser is described as a well-regarded technocrat by James Reeve, senior economist at Samba Financial Group in London. In 2009, he was named by the Middle East as one of the 50 most influential Arabs in the world.
Until his appointment as President of the Islamic Development Bank, Dr. Muhammad Sulaiman Al Jasser was an Advisor at the General Secretariat of the Saudi Council of Ministers, at the rank of a Minister, and also served as Chairman of the General Authority for Competition of Saudi Arabia since 30 Rajab 1437 (7 May 2016).
Regarded as one of the most experienced and talented Central Bankers in the Middle East, His Excellency, Dr. Muhammad Sulaiman Al Jasser assumed office as President of the Islamic Development Bank on Monday, 9th August, 2021.
Dr Al Jasser has identified the need to overcome the immediate challenges of the ongoing COVID-19 pandemic in order to rebuild stronger economies for the IsDB Member Countries and move effectively towards cultivating new sectors for investment and growth as his immediate priority, stressing that “there is no greater priority than the immediate recovery from the COVID-19 Pandemic. We face unprecedented challenges, which require a stronger and more responsive IsDB Group. Many of these challenges have been addressed in the Group’s 3 Rs strategy and related programs. The priority must now be to develop this strategy further and implement it.”
Emphasizing the role of the IsDB as a beacon of hope that advocates for its Member Countries on the global stage and reflects their aspirations with efficient actions and results, Dr Al Jasser stated his commitment to “the last 46 years of history (of the IsDB) and take the lessons from the past as we chart the course towards the future. Together, as one closely-knit team, we can strengthen the IsDB Group as the preeminent economic institution.”
Baba Yunus Muhammad is President, Africa Islamic Economic Foundation, Ghana.
