Islamic development bank marks 25 years of achievements
Regional, Economics, 10/18/1999

The Islamic Development Bank (IDB) will celebrate its silver jubilee during the first week of November at the meeting's of its governors' board here.

The IDB had held several celebrations in many member states such as Pakistan and Senegal.

A bank press release said the IDB had made vital contributions to the economies of member states, mainly infrastructural projects and financing inter-trade operations.

It said that the bank earmarked more than 22 billion dollars for over 3,000 development projects in the 53 member states and poured nearly 13 billion dollars for 925 financing operations.

The bank's plans and programs raised inter-trade from 4 to 10% and aims to raise it to 13%.

Although the bank is considered the first international financing institution that bases its transactions on the Islamic Shariaa (law) and was able to come up with and upgrade a number of work mechanisms and Islamic financing methods such as easy loans, profit-sharing, rental, murabaha (resale with a profit) and others.

The bank also set up the basic structure fund and the Islamic corporation to develop the private sector with 1.5 billion and two billion dollars respectively.

The Jeddah-based bank's capital is estimated at 9 billion dollars.

Previous Stories:
  Interest-free Islamic banking, an absolutely workable system, IDB chief says   (9/20/1999)
  Islamic Development Bank establishes investment corporation with $1 million capital   (9/10/1999)
  Islamic Development Bank may finance agricultural bank project in Indonesia   (8/4/1999)

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