IslamicFinance.de

A new $50 million fund - the Central Asia Renewable Energy Fund - was launched by the Islamic Corporation for Development of Private Sector (ICD). According to the CEO of the corporation, Mr. Khaled Al-Aboodi, the money will be used to benefit countries of the Caucasus and Central Asia Regions, most important of which will be Kazakhstan, Azerbaijan and Turkey. Further target countries of the fund include Kyrgyzstan, Turkmenistan, Tajikistan, Uzbekistan, Bosnia, Albania and Kosovo. Factors like growing environmental awareness, evidence of climate change, scarcity of fossil fuels, and an increasing commitment by governments to support new sources of energy lead to growing interest in renewable energy in these countries.

Read more on: http://www.abc.az/eng/news_12_10_2012_68763.html

Maldives Islamic Bank (MIB) and Islamic Banking and Finance Institute Malaysia (IBFIM) will sign a Memorandum of Agreement (MoA) to set up the first Islamic bank in Maldives.
According to the agency, the agreement will bind both parties to co-develop Islamic finance in Maldives through extensive study of Maldives’ legal and banking framework to create a harmonise environment for the growth of Islamic finance.
MIB Chairman Khalid Khaled Al-Aboodi and IBFIM Chief Executive Officer Dr Adnan Alias will sign the agreement during the Global Islamic Finance Forum (GIFF) to be held from October 25-28 in Kuala Lumpur.
The agency quoted MIB Managing Director Harith Harun as saying that the bank is expected to be established within the next six months.