IslamicFinance.de

The Central Bank of Suriname has granted the Trust Bank a licence to commence Islamic banking. Trust Bank plans to be in operation by the first quarter of 2017. A year ago, Trust Bank signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), to support its conversion into Islamic compliant operations. CEO of Trust Bank, Maureen Badjoeri said that Trust Bank wants to facilitate SMEs in more ways than just financially. With this approach, SMEs will be able to start-up or expand production of goods and services with a spin-off in job creation, trade, export and adding to GDP growth. With the Trust Bank closer to reality, Suriname may emerge as a hub for Islamic banking and finance in the region.

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.

The Jeddah-based Islamic Development Bank (IsDB) and Mardi Holdings of Malaysia are interested in investing in the agriculture sector of Suriname, according to the CEO of Mardi, Anas Nasrudin, who met with farmers in Suriname this week. The Islamic Bank and Mardi Holdings are seeking joint ventures in agriculture and food production. Besides rice, they have shown an interest in herbal products, coconut, pineapple, and the palm oil industries of Suriname. Mardi Holdings and the Islamic Bank will assist Suriname to tap the Hallal market globally, assisting in standardisation, accreditation, certification and adoption of the Hallal industry.