Islamic Investment Infrastructure Bank (IIIB) Moves Closer to Launch

The Islamic Investment Infrastructure Bank, a unit of the Jeddah based Islamic Development Bank (IDB) is expected to be founded in 2016 as a new cross-border institution jointly by the IDB, Indonesia and Turkey. The bank will act to raise funds by means of sukuk issuances to fund infrastructure projects. The bank’s founding members will invite other countries to join as shareholders. Indonesia is also among the 57 prospective founding members of the China-led Asian Infrastructure Investment Bank (AIIB) founded in late 2014. This international financial institution has been regarded as China’s strategy to reduce the influence of the International Monetary Fund (IMF), Asian Development Bank (ADB) and World Bank.