Islamic Development Bank (IDB) Group

IDB/World Bank #report details role of Islamic finance in ending poverty

A report published by the Islamic Development Bank (IDB) Group and World Bank Group has outlined the potentials of Islamic finance in curbing income inequality and ending poverty worldwide. The report was unveiled by IDB President, Dr Bandar Hajjar, on the sides of the 42nd Annual Meeting of the IDB Group in Jeddah. It details the trends in Islamic finance, identifies the major challenges and recommends policy interventions to leverage Islamic finance. The report notes that the Islamic banking sector needs innovative risk-sharing products and services, enhanced scale and access to Islamic finance, improved liquidity and stability, and bolstered human capital and literacy in Islamic finance. The report also provides an overview of recent policy initiatives taken by several IDB member countries to promote shared prosperity.

President of #Kazakhstan commends cooperation with IsDB Group

The President of Kazakhstan, Nursultan Nazarbayev met with the President of the Islamic Development Bank (IsDB), Dr. Bandar Hajjar, on an official visit to the Kingdom of Saudi Arabia. President Nazarbayev praised the cooperation between IsDB and his country and congratulated Dr. Hajjar on his recent assumption of duties as the new IsDB Group President. President Nazarbayev plans to launch the program 100 Steps, which is designed to introduce structural and economic reforms to Kazakhstan. The program also envisages the launching of Astana International Financial Center as a center of excellence for financial services at regional and global level. President Nazarbayev called on IsDB to provide technical support in the fields of development and Islamic finance. Dr. Hajjar assured that the IsDB Group would provide the required technical assistance to support President Nazarbayev’s initiatives.

Finance Minister meets IDB President

#Bahrain's Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has met with the new President of the Islamic Development Bank (IDB) Group, Dr. Bandar Hajjar. The meeting was held on the sidelines of the minister's participation in the annual meetings of the Boards of Governors of the IMF and the World Bank Group held in Washington. Ways to broaden the close cooperation between the two sides were discussed. The minister praised the IDB's distinguished standing, which plays a vital role in promoting the development movements in Arab and Islamic countries.

Islamic Development Bank opens Nigeria office

The Islamic Development Bank (IDB) Group formally opened its Nigeria Country Gateway Office in Abuja. The new office has the mission to focus its services on health, agriculture, infrastructure, small and medium-scale enterprise and regional integration. IDB President Ahmad Ali said the group’s presence in Nigeria would strengthen socio-economic, technical and commercial cooperation between the bank and member countries in Africa. He added that this was important with the completion of the last portion of Trans Saharan Road linking Algiers in North Africa and Lagos. The Minister of Finance, Kemi Adeosun urged the IDB to support Nigeria’s effort to reconstruct the North East part of Nigeria devastated by years of militancy by insurgent group, Boko Haram.

Jeddah-based IDB sets up business forum in Indonesia

On monday, Islamic Development Bank (IDB) Group opened its office of business forum (thiqah) at the Investment Coordinating Board (BKPM) in Jakarta. Since this is the bank's first office beyond the boundaries of Saudi Arabia, it is expexted that it will contribute to IDB's expansion and mobilization of its resources and promotion of Indonesia as a major investment destination for IDB's members. This move will enable a connection between Indonesia and investors from other Muslim countries, thus taking advantage of the rapidly growing Islamic economy.

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Nigeria/IDB: Nigeria to Host IDB Business Forum

The Islamic Development Bank (IDB) Group, based in Jeddah, Saudi Arabia, will be hosting a two-day business forum under the title “IDB Group-Nigeria Business Forum” in cooperation with the Federal Ministry of Finance of Nigeria and the Nigerian National Investment Promotion Commission (NIPC).
The objective of the Business Forum, planned to be held during the period from 15-16 March 2012, at the Transcorp Hilton Hotel, Abuja, is to make the Nigerian public mre sensitive and underline the products and services being provided by the IDB Group, including eligibility criteria, modes of financing, terms and conditions of financing, procurement, and other operational matters.

Saudi private sector warms to ICIEC's export credit and political risk insurance services

Saudi Arabia is the largest beneficiary of the services of the Jeddah-based Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency (ECA) of the Islamic Development Bank (IDB) Group.
The request for political risk insurance (PRI) is strongly increasing and PRI supply by members of the Bern Union is remaining strong and pricing is reflecting a buyer's market. It seems that in the MENA countries, this includes demand for Shariah-compliant PRI which has increased significantly.

Days of reckoning for first IDB annual meeting since the Arab Spring

Delegates from more than 60 countries are gathering in Jeddah over the next few days for the 36th annual meeting of the board of governors of the Islamic Development Bank (IDB) Group, which will take place on June 29-30.
The place of the meeting was changed because of the political turmoil and violence in Yemen.
The common theme in general will be bad political, economic and social governance, tempered with endemic corruption, cronyism, lack of basic individual rights and dignity, and the politics and economics of despair through high unemployment, lack of affordable housing and poverty.

Yemen plans debut sukuk

Yemen is the latest country that announces the possible raise of the much-needed financing from the financial markets through a debut sovereign sukuk issuance sometime in the first half of 2011.
The International Monetary Fund (IMF) and the World Bank are assisting Yemen on the technical aspects of issuing commercial paper under a technical agreement which the World Bank Group has with the Jeddah-based Islamic Development Bank (IDB) Group to assist its member countries to help formulate policies to raise financing for infrastructure, development and budgetary support.

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