Islamic Development Bank (IDB)

BB asks Al-Arafah not to sell stake to foreign investors

Bangladesh Bank did not allow Al-Arafah Islami Bank to sell 10% of its shares to the Islamic Development Bank (IDB). The deal was originally signed in March to invest about Tk 155 crore to acquire a 10% stake in Al-Arafah. Al-Arafah was supposed to issue around 11 crore fresh shares worth Tk 10 each with a premium of Tk 4, in a bid to raise its capital. The board of Al-Arafah is divided over the issue of selling a 10% stake, particularly on the issue of giving veto power to IDB. The aggrieved group had also taken the issue to court opposing the veto power.

Islamic banking set to launch in #India amid controversy

India will get its first taste of sharia-compliant banking when the Islamic Development Bank launches operations in the state of Gujarat. No date has yet been announced, but already complaints have emerged within the ruling Hindu nationalist Bharatiya Janata Party. Prominent BJP politician Subramanian Swamy says Islamic banking goes against India’s principles of secularism. India's prime minister Narendra Modi visited Saudi Arabia in April and signed an extensive agreement with the bank. Under the agreement, the IDB will establish its first Indian branch in the Gujarat city of Ahmedabad and go on to open more branches in India in the future.

#Russia’s VEB planning first deals with Islamic Development Bank

Russia’s VEB development bank plans to announce its first deals with the Islamic Development Bank (IDB) in the near future. VEB Chairman Sergey Gorkov said the bank may announce particular transactions in the autumn this year. However, there are several opposite viewpoints regarding the partnership. Russia’s Federation Council deputy speaker Yevgeny Bushmin said that the Central Bank and the Russian legislation are not prepared for promotion of Islamic banking in the country.

IDB Private Sector #Forum fosters economic growth

The Islamic Development Bank (IDB) Group hosted the IDB Group Private Sector Forum in Indonesia. The event was held in conjunction with Group's 41st Annual General Meeting. The forum involved panel discussions which deliberated on the activities, roles and support that have been carried out in member countries, with focus on Indonesia. The panel also touched on issues related to Islamic trade financing, investment challenges and export credit insurance. All private sector entities are open to coordinate with investors who are willing to invest in Indonesia as well as other member countries of the IDB Group.

Islamic Development Bank to take part in financing of TAPI

The Islamic Development Bank (IDB) will take part in financing of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project. The estimated cost of the project will exceed $10 bn. The annual capacity of the gas pipeline will reach 33 bn cubic meters. It is planned that the total length of the TAPI pipeline will be 1,814 km. Some 214 km will pass through the territory of Turkmenistan, 774 km through Afghanistan, 826 km through Pakistan. The project is expected to be completed in late 2019.

New global Islamic #venturecapitalfund enters business

A venture capital fund based on Islamic finance principles will be initiated by the end of May. It is the result of a joint initiative of the Islamic Development Bank (IDB) and Malaysia’s state-owned investment firm Malaysia Venture Capital Management. According to Treasury secretary Irwan Serigar Abdullah the initial fund size would be $100mn and could be bulked up later. In the first stages, the venture capital fund would be utilised to finance startup companies in Malaysia and the entire Southeast Asia region and could later be extended to finance entrepreneurial initiatives in other Islamic countries.

#Guyana officially joins Islamic Development Bank

Guyana officially became the 57th member of the Islamic Development Bank (IDB) during the opening ceremony of the bank’s annual meeting in Jakarta. According to the finance ministry press release, this membership allows Guyana access to concessionary resources, grants and interest free loans. Finance minister of Guyana, Winston Jordan, is making his debut appearance in Jakarta personally to witness Guyana’s initiation into the group. Suriname, which is also a member of the Islamic Bank, is represented by its Finance Minister Gilmore Hoefdraad and Deputy Governor, Dr Anwar Lall Mohamed. The private sector is expanding economic ties between Indonesia and Suriname and, with the support of the Islamic Bank, rhetoric is becoming reality.

Islamic Development Bank invests $3.7 bln in #Egypt: official

The volume of Islamic Development Bank (IDB)'s investments in Egypt currently amounts to US$3.7 billion. The statement was made by Nazih Al-Nasser, director of asset management and advisory activities of the Islamic Corporation for the Development of the Private Sector (ICD). He made his remarks in Cairo on Tuesday during a conference organised by the Egyptian Banking Institute, designated to focus on the role of the small and medium-sized enterprises (SMEs).

IDB Group and World Bank Group Produce Global Report on Islamic Finance

The Islamic Development Bank (IDB) Group and the World Bank Group have jointly produced a global report on Islamic finance. The full report, titled 'Islamic Finance: A Catalyst for Shared Prosperity?', will be launched during the World Bank/IMF Annual Meeting later this year. Some of the key recommendations include having adequate policy interventions and financial infrastructure to enable Islamic finance serve as a catalyst for poverty alleviation and inclusive prosperity.

Islamic Development Bank #meeting in Jakarta

On May 15 representatives of 56 muslim countries came together at the 41st IDB annual meeting in Jakarta. In 2015, the IDB Group recorded approvals worth $1.83 bn, representing 21% of the total since the bank’s inception. In Turkey Islamic banking comprises 5% of the total banking system, but the government aims to increase this figure to 15% by 2023. IDB's president, Ahmad Mohamed Ali, said the bank also fully supported Turkey’s plans to develop Istanbul as an international financial center.

ICD plans regular taps of Islamic debt capital markets -CEO

The private sector arm of the Islamic Development Bank Group plans to regularly tap Islamic debt capital markets. Regular access to Islamic financing tools is helping the Islamic Corporation for the Development of the Private Sector (ICD) expand its economic development efforts. Last month ICD completed a debut sale of $300 mn worth of five-year sukuk. CEO Khaled Al-Aboodi said two more sovereign deals are expected this year from West African countries in particular to finance infrastructure projects.

Islamic Development Bank to elect new president next week

The Islamic Development Bank (IDB) will elect a new president next week in Jakarta, replacing long-serving president Ahmad Mohamed Ali. Saudi Arabia, the IDB's largest shareholder, has nominated Bandar Hajjar for the post. His candidacy was also endorsed by the outgoing IDB president. The new president will have big shoes to fill: Mr Ali tripled the bank's authorised capital to US$150 bn in 2013 and last year up-sized its sukuk issuance programme to US$25 bn.

Turkey's VakifBank eyes $300m loan for new Islamic bank

The board of directors of Turkey’s VakifBank’s has authorized a major loan procurement to set up an Islamic banking operation and confirmed that the bank’s general directorate office now has the authority to push ahead with the $300 million financing. The Turkish government wants to see the establishment of three Islamic banks as subsidiaries of the current state-run conventional banks by the end of 2015.

Islamic Bank allocated $25 million to Kazakhstan farmers

According to the Development Commission of Almaty Regional Financial Center of Kazakhstan's National Bank, the Islamic Development Bank (IDB) has allocated $25 million for Kazakhstan farmers. In 11 regions of the country, a series of training seminars aiming to teach Islamic financing methods for personnel of branches and representative offices have started. Professor Adalet Dzhabiyev, Director of Badr Finance & Investment, conducts the training.

IDB allocates $710 million to 4 projects in Iran

The Islamic Development Bank (IDB) has given its approval for a loan worth $710-million to implement four projects in Iran. The agreement was reached in the sidelines of the IMF annual meeting in Tokyo. The money will be used for the establishment of treatment plants at upstream areas around dams and rural regions, thus assuring prevention from environment pollution.

Read more on: http://www.zawya.com/story/IDB_allocates_USD710m_to_4_projects_in_Iran-Z...

Islamic Development Bank places $500m sukuk

This month Islamic Development Bank (IDB) issued a US$500m five-year sukuk. This is a rare example of a privately-placed transaction from this institution. Market data show that the deal was priced at 30 basis points (bps) over the three-month London interbank offered rate. The issuance is prat of bank's US$6.5bn sukuk programme.

Read more on: http://www.arabianbusiness.com/islamic-development-bank-places-500m-suku...

World Bank and IDB sign Islamic finance deal

A Memorandum of Understanding (MoU) has been signed by the World Bank and the Islamic Development Bank (IDB). It will provide a framework for collaboration between the two parties and support global, regional and country efforts in the development of Islamic Finance. The common objectives of the two banks include fostering, encouraging, and studying the expansion of Islamic finance worldwide. Some of the leading principles of the MoU are sharing knowledge sound practices in the Islamic financial services industry and cross fertilization of ideas.

Islamic Development Bank to lend Egypt US$330 million

The International Islamic Trade Finance Corporation, which is affiliated with the Islamic Development Bank, is giving Egypt a loan worth US$1.2 billion in total. The loan aims to provide basic and strategic commodities. The second part of this loan, US$330 million, is being prepared by several local and regional banks. It is intended to be used for importing wheat and food commodities.

Read more on: http://www.egyptindependent.com/news/islamic-development-bank-lend-egypt...

Bill Gates joins the IDB

In accordance with his tendency to use his fortune to solve global problems of the world’s underprivileged, Bill Gates has turned to Islamic Development Bank (IDB). The Bill and Melinda Gates Foundation has signed an MOU with IDB which aims to fight communicable disease and food insecurity in poor countries. In a five-year plan established by the MOU, projects concerning agricultural development, malaria prevention and elimination as well as polio eradication will be worked on. Third World countries included in the plan are Pakistan, Afghanistan and Nigeria.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

In 2012-2014 IDB will finance Kazakhstan projects worth 1 bln USD

Islamic Development Bank intends to finance projects worth 1 billion USD in Kasakhstan, thus implementing the country strategy. At the beginning of October a new country strategy of the bank in Kazakhstan will be signed. According to plan, in the following 2 years IDB will provide financial means for a number of projects.

More on: http://caspionet.kz/eng/business/In_20122014_IDB_will_finance_Kazakhstan...

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