IslamicFinance.de

The Islamic Development Bank (IDB) has committed US$5.2 billion worth of loans until 2020 to aid Indonesia’s priority development projects. Finance Minister Bambang Brodjonegoro said the prioritized sectors include energy, transportation, urban development, higher education and skills development, private sector development and Islamic financial broadening. The IDB will work with other lenders, including the World Bank, the Asian Development Bank (ADB) and China-backed Asian Infrastructure Investment Bank (AIIB). Going forward, the IDB will prioritize efforts to shift away from dependency on commodities.

The Islamic Development Bank (IDB) is planning to establish the Islamic Infrastructure Bank, which would be led by Indonesia and Turkey. Indonesia plans to spend US$300 mn on equity participation in the project. However, Turkey has committed to surpass Indonesia’s capital in a bid to bring the new bank’s headquarters to Ankara. Indonesian Vice President Jusuf Kalla expressed his support for the Islamic Infrastructure Bank. The IDB has recently elected Bandar bin Mohammed bin Hamza Asaad Al Hajjar as its new president, following the retirement of Ahmad Mohamed Ali. Bandar will hold the position for a five-year term.

The Islamic Development Bank (IDB) this morning listed its trust certificate issuance programme or sukuk programme on Bursa Malaysia.
The conferment is given to foreigncurrency denominated issuances with a focus to provide greater visibility to the Malaysian market in raising funds by local and foreign corporations.