Islamic Bank creates a new fund

Meetings of the committee of executive director of the Islamic Development Bank council in charge of following up on setting up the infrastructure fund were concluded on Tuesday in Riyadh.

In a statement following the meeting, acting chairman of the Islamic Bank for Development Dr. Fuad Abdullah al-Omar said the new fund's capital will be U.S. $1.5 billion, noting that the IBD will be the main source for finance besides several Islamic institutions and establishments concerned.

Al-Omar said the fund will be a limited collaborative company comprising two main companies: the first in charge of drawing up policies of which the IBD owns 51% and has 5 members of its 9-member board, chaired by the IBD president and the second company is in charge of monitoring the daily operation of the fund.