IslamicFinance.de

The Islamic Development Bank (IDB) has called for the creation of a global sharia advisory board that can offer greater uniformity for the Islamic finance industry. A centralised format to the supervision of sharia-compliant banking products is gaining favour across the globe, as regulators seek to standardise industry practices and improve consumer perceptions. IDB president Ahmad Mohamed Ali said that IDB and IFSB (Islamic Financial Services Board) should study ways for creating globally acceptable references for the industry. This could include striving for the concept of a globally accepted sharia committee or body, which would be able to assist all Islamic financial institutions and bring them in line with a uniform standard. A global sharia board would also allow the industry to address low penetration rates in majority Muslim countries.

The Islamic Development Bank has decided to withhold the award of the IDB Prize in Islamic Economics for 2013. According to the Bank, the decision made in the light of the recommendation of the Selection Committee was unanimous after examination of 24 nominations. The IDB established the Prize in 1988 to recognize, reward and encourage activities of outstanding merit to promote Islamic Economics, Banking and Finance. In the last 25 years, 34 researchers, bankers, economists, Shariah scholars and institutions have been awarded the IDB Prize, which alternates annually between Islamic Economics and Islamic Banking & Finance.

Morocco expects to sign a $ 2.4 billion loan deal next month with the Islamic Development Bank (IDB). The North African country has agreed a package with the IDB under which it will receive $600 million each year from 2013 to 2016. A small part of that sum will be a donation rather than a loan. A formal signing will be held in May. Moreover, Morocco is expected to raise around $ 1.5 billion this year by selling its first sukuk, with a final decision on borrowing to be taken by July. Morocco’s government has said it will limit its public debt to 60 percent of GDP despite the rising budget deficit.

The Islamic Development Bank plans to invest US$3 billion into the Egyptian market over the next five years as it sees promise and many long-term investment opportunities there. The funds would come in the form of financing and investment. Over the past few years the bank has made investments in Egypt worth US$3 billion, of which US$1 billion came during the last year alone. The Islamic Bank increased its investments in Egypt after the 25 January revolution, at a time when several international institutions had doubts about investing in the nation. The bank’s main objective is to support development.

The Islamic Development Bank (IDB) is reviewing the government's recent measures on the Padma Bridge Project to take a decision on revival of its committed funding support for it. As part of the original deal, it was supposed to to provide US$ 140 million for the approach road on the bridge's Jajira side. The ministry of finance is hopeful of getting the fund from the lender. However, IDB is observing what steps the government takes on the main bridge construction and river training work. So far, the project has not yet matured enough for IDB to reconsider its decision on it.

The Islamic Development Bank (IDB) will set up its country office in Dhaka, Bangladesh soon, according to its President Ahmad Mohamed Ali Al-Madani. Foreign Minister of Bangladesh, Dipu Moni, expressed satisfaction at the progress made with the Member Country Partnership Strategy (MCPS) for 2013-16 covering a number of important infrastructural, agricultural and human development projects. She also hoped that IDB would support several projects in the country. The IDB President assured of growing cooperation in power generation, including rural electrification and renewable energy use. He also shared his optimism about Bangladesh’s development pursuits to become a middle income country by 2021.

The Economic Committee at the Shura Council is set to accept the $50m development loan from the IDB to encourage the growth of small and medium sized enterprises (SMEs), with $320,000 set aside for logistical aid and worker training programs. Repayment will begin three years after the grace period for withdrawal. Ghadi Wali, secretary general of Egypt’s Social Fund for Development (SFD), said that the SFD will employ a number of international experts in order to review the potential outcome and effects of the IDB loan. She said that the SFD’s goal would be to distinguish between real losses and those suffered as a result of Egypt’s depreciating currency.

Cotonou will hold a two-day 'Islamic Development Bank (IDB) days' from Tuesday to strengthen cooperation between the bank and Beninese public and private stakeholders. The event aims particularly at familiarizing the Beninese public and private stakeholders with the different policies and actions implemented by the IDB group in the country. The assistance covers various areas such as education, health, agriculture, infrastructure and environment. For this year, the bank's projects include a the Tovegbamè bridge for which US$9 million has been approved and US$120 million for a basic education project. The bank will also give technical assistance and donations to flood victims in Benin.

Tunisia's government is working alongside the Islamic Development Bank to pave the way for a 1bn dinar ($700m) sukuk sale scheduled for later this year. According to finance minister Elyes Fakhfakh, it would set a benchmark for companies seeking to tap the Islamic debt markets. He said the government would target 80 per cent external investors and 20 per cent domestic. However, the lost of the investment-grade rating, slow economic growth and bank liquidity concerns may put investors off the government’s sukuk. The country is also seeking a $1.7bn loan from the International Monetary Fund to help stabilise the economy and plans to issue US government-backed bonds.

To provide strategic direction, motivational leadership and operational oversight for the Cooperation and Integration Department. Determine the strategy for the Department, set and deliver ambitious objectives that enable IDB to achieve its goals, and take the significant operational decisions.

To actively promote and enhance cooperation between OIC Member Countries and collaborates with OIC and its Standing Committees, Specialized and Affiliated Institutions on behalf of the IDB Group on matters related to cooperation and coordination between Member countries.

JOB PURPOSE:

This role is responsible for assisting the Head of Risk in developing the rating procedure of ICD in order to implement the external rating exercise for the organization .

The job holder is responsible for leading the functions and activities of the Fael Khair Programme (FKP), including representing the Bank in official meeting with Bangladesh authorities, build and maintain wide and quality business relations, propose related strategies, policies, procedures and programmes evaluate, report on and monitor construction and relief activities to achieve FKP objectives.

The Fael Khair Programme (FKP) objectives are to construct schools-cum-shelters and to rehabilitate the 1997 cyclone sidr victims in the coastal belt of Bangladesh. In this context the job holder role is to conduct related functions & activities by preparing and implementing short and long term Fael Khair Programmes such as construction schedules and rehabilitation programs. It is expected that the job holder will demonstrate high level of integrity and passion for helping cyclone victims.

To play a key role in providing quality payments services and making significant contributions to developing and enhancing the payment management systems, correspondent banking relationships and L/Cs processes at the Islamic Development Bank (IDB).

Director - Research and Advisory Services Department:
• To provide strategic direction, motivational leadership and operational oversight for the Research and Advisory Services Department.
• Determine the strategy for the Department, set and deliver ambitious objectives that enable IRTI to achieve its goals, and take the significant operational decisions.
• To drive IDB Group's strategic objective of building and promoting Islamic economic, financial and banking policies and practices by developing and disseminating in-depth knowledge of the subject through research, analysis and study, fostering policy dialogue with member countries and other interested institutions and groups, and in assisting member countries in their capacity to develop and implement policies and practices within the country.
• Lead the development of basic and applied research in Islamic economics, finance and banking as academic disciplines and facilitate the practical application of these subjects through studies and the provision of advice to member and non-member countries.

The GAVI Alliance and the Islamic Development Bank (IDB) today signed a Memorandum of Understanding (MoU) to help save children’s lives by accelerating the introduction of life-saving vaccines in IDB member countries. The MoU was signed by Dr Seth Berkley, GAVI Alliance CEO, and Dr Ahmad Mohamed Ali, Islamic Development Bank Group Chairman. By 2020, GAVI plans to vaccinate more than 400 million children in at least 29 member countries. An estimated US$ 7 billion will be required to reach this target. IDB will work closely with GAVI to help secure sufficient funds for immunisation.

Last April the Qatari government signed a memorandum of understanding with the Islamic Development Bank and Saudi Arabia's Dallah Albaraka Group to establish an international Islamic bank with initial capital of $1 billion. Finance Minister Youssef Kamal, however, has not given details about the timing, ownership or other aspects of the new institution but said it would be set up soon.

The Egyptian government has signed a $250m leasing agreement with the Islamic Development Bank (IDB) to purchase equipment for a power plant to generate electricity in South Helwan. The deal will be finalised after presidential approval. The Minister of Planning Ashraf ElAraby signed the agreement in mid-January with the IDB president Ahmed Mohamed Ali. The project aims to meet the growing demand for energy in Egypt.

Standard & Poor's affirmed the rating of the Islamic Development Bank at 'AAA/A-1+'. The stand-alone credit profile of the bank is 'aaa', which is a reflection of the rating agency's assessment of the bank's "very strong" business profile and "extremely strong" financial profile. The outlook is said to be stable. According to expectations, IsDB will continue and maintain its strong credit metrics.

The Egyptian General Petroleum Corporation (EGPC) received $265 million of funds from the International Islamic Trade Finance Corporation (IITFC). Since October 2012, the money provided to the EGPC from the IITFC has almost reached the $500 million mark. The funds are intended to help the state to secure a larger number of basic goods and other necessities for its citizens. The initiative includes petroleum products, wheat and other foodstuffs.

To play a key role in ensuring the quality of Education portfolio performance management and to contribute to the development and implementation of Education sector strategy, policy dialogue and analytical/economic sector work (ESW).
· Play a significant role in the preparation of policy/strategy papers, new programs and knowledge product development.