IslamicFinance.de

Ahmad Mohamed Ali, the president of the Islamic Development Bank (IDB), has given notice that the euro zone sovereign debt crisis is adversely affecting the Bank's member countries and urged European leaders to find the right solutions and not to repeat the mistakes of the past.
He explained at the "Islamic Finance on the 21st Century" symposium which was held in Madrid on Dec. 1 that Turkey, Morocco, Tunisia and Algeria are very much affected as exports begin to decline because of the credit crunch and economic situation in the European Union (EU).

Ahmad Mohamed Ali, president of the Islamic Development Bank Group (IDB) was invited for the first time to approach the influential 84th Development Committee meeting of the World Bank as an observer. This was an important airing at the 2011 annual meetings of the World Bank Group/International Monetary Fund (IMF).
But it seems that Ali didn't take advantge to put the case for the role of Islamic finance in promoting economic growth and contributing to financial stability.
He instead advocated that IDB member countries need to assist domestic and regional markets through a coordinated intra-investment and intra-trade agenda that distribute production of goods and services among countries based on comparative advantage; and to improve human development and critical infrastructure to produce incentives for effective private sector growth that create jobs.

Islamic Development Bank has selected the following four nongovernmental organisations to implement the $130 million (more than Tk 900 crore) Fael Khair programme for victims of Cyclone Sidr: Islami Bank Foundation, Muslim Aid, Voluntary Organisation for Social Development (VOSD) and BRAC.
IDB President Ahmad Mohamed Ali stated that the aim is the construction of several hundred school-cum-cyclone shelters in the coastal belt and provision of urgent relief in the form of agro inputs to the victims.

IDB Group President Ahmad Mohamed Ali has invited the business communities from IDB member countries to take part in the Sarajevo Business Forum 2011 in Sarajevo, Bosnia and Herzegovina.
The forum will offer businessmen an opportunity to network and establish business relations with their counterparts in Bosnia & Herzegovina, Croatia, Serbia, Slovenia, Montenegro and Macedonia, Ali told a press conference organized on the sidelines of Jeddah Economic Forum at the Jeddah Hilton on Monday.

The Jeddah-based Islamic Development Bank (IDB) is gearing up for its latest sukuk offering under its Medium Term Note (MTN) or Trust Certificate Issuance Program. The IDB, according to Mohamed Tariq, senior adviser to the President Ahmad Mohamed Ali, was poised to go to the international financial markets in September this year. In Kuala Lumpur last week, Abdul Aziz Al-Hinai, vice president, finance, IDB, confirmed that the IDB plans to go to the market in the last quarter of 2010. Another international rating agency, Moody's Investors Service, last month had already reaffirmed for a fifth consecutive year the Islamic Development Bank's Aaa long term and P-1 short term foreign currency issuer rating with a stable outlook. Moody's stated that the IDB's rating is strongly supported by the commitment of its member countries, and highlighted that the capital base of the bank is strong, its operational assets continue to perform well, it has a high level of liquidity and very low level of debt. Moody's concluded that the bank's risk profile is likely to remain healthy over the medium term.