Jeddah hosts meeting on international Islamic stock market

The setting up of an international Islamic stock market topped the agenda of a meeting held last Saturday in Jeddah (Saudi Arabia).

Chairman of the Islamic Development Bank, Ahmed Mohamed Ali, underlined in his opening address, the importance such a market would play to finance Islamic banks and the economy of Islamic countries in general.

The international Islamic financial market will be endowed with financial instruments working in accordance with the principles of the Charia (Islamic law), Ahmed Mohamed Ali said, adding that the market will also finance development projects in member countries and support economic development efforts.

The move is also meant to create a sound economic environment likely to encourage local businessmen to invest in the Islamic world.