IslamicFinance.de

Azzad Asset Management today announced that it has further magnified the social impact of its flagship mutual fund by adding investments in ethical trade finance deals. These investments may provide returns for investors while helping underserved populations in Asia and Africa obtain reasonable financing to grow businesses and cooperatives. The Azzad Wise Capital Fund (WISEX) invests primarily in sukuk and community development banks. Through WISEX, the Virginia-based investment firm is participating in a group of syndicated ethical trade finance deals arranged by the International Islamic Trade Finance Corporation (ITFC). The ITFC is charged with advancing trade and improving the economic conditions of people around the world.

The President of the Islamic Development Bank (IDB), Dr Ahmad Ali, will host an online press conference on Thursday, March 19th, 2015 at 09:30 GMT. Journalists interested in attending this online press conference will be able to ask questions live via the internet. The conference will be held in English, Arabic and French. This service is free and only requires a computer connected to the internet. Register on the following website: http://www.apo-opa.com/application.php?L=E&vc=ISB

The Islamic Development Bank's Board of Governors (BoG) has approved to more than triple the Bank's authorized capital to 100 billion Islamic Dinars (about US$150 billion) from 30 billion. The BoG also increased the Bank's subscribed capital from 18 billion to 50 billion Islamic Dinars. The capital increase reflects the Bank's strong balance sheet and the growing economic development needs of its 56 member countries. The Bank also announced it will immediately tap the public market with a US$1 billion offering of sukuk. The five-year offering is rated Triple A by each of the three major bond rating agencies (Standard & Poor's, Moody's and Fitch), and will be dually listed on the London Stock Exchange and Bursa Malaysia. The Bank has been designated as a Zero Risk Weighted Multilateral Development Bank by the Basel Committee on Banking Supervision and the Commission of the European Communities.