| 25 Jan 2012 |
|
IDB ready to fund Oman's Islamic banking sector, public-private business ventures
- Text size
Islamic Development BankIslamic Development Bank
(IDBIDB), an international financial institution based in Jeddah, Saudi Arabia, is ready to provide equity capital to Oman's upcoming Islamic banking industry, development projects in the sultanate and private-sector businesses. IDBIDB provides equity capital and loans for projects and enterprises in accordance with Sharia law, besides providing financial assistance to member countries for economic and social development.
Speaking to Muscat Daily on the sidelines of the Islamic Finance and Banking Conference, Dr Ahmed Mohammad Ali, IDBIDB president and chairman of the board of executive directors, said the bank is willing to provide capital assistance in Oman.
He said, "We are at the disposal of both authorities and institutions to provide assistance in Oman. IDBIDB has, from the start, been supporting the establishment of Islamic banks and financial institutions through equity participation.
"The option is open and depends on the needs of the industry, authorities and founders of Islamic banks in Oman. We are ready to provide equity capital to banks which are making a foray into Islamic banking."
IDBIDB, Dr Ali added, wishes to increasingly support development projects under Oman's Eighth Five-Year Plan. "We will be happy to participate in development projects in different sectors, but all depends on the desire of the Oman government and institutions."
Dr Ali said the Islamic Corporation for the Development of the Private Sector (ICD), the private-sector arm of IDBIDB
, is also looking to support Oman's private-sector enterprises.He said, "We are also ready to provide financing to private-sector enterprises. ICD would be willing to participate to support private sector enterprises in terms of equity capital.
"The CEO of ICD was in Oman recently and had discussions with local businessmen and we hope something will materialise in this direction in the near future. Oman is a founding member of IDBIDB and has always been supportive to its activities."
The present membership of the bank consists of 56 countries. The basic condition for membership of IDBIDB is that the prospective member country should be a member of Organisation of the Islamic Cooperation.
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
More News in Islamic Finance
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.