Tuesday, Apr 02, 2013
Dubai: The Dubai Government’s recent initiative to launch a parallel Islamic economy culture has been endorsed by a large number of international institutes and officials.
Dr Ahmad Mohammad Ali, President of Islamic Development Bank (IDB) described Dubai’s initiative as an effective move to promote an interest-free Shariah-compliant system not only in the Arab region but worldwide.
Moreover, he expected that the Arab funds will witness a remarkable growth in the coming year as a result of the joint Arab cooperation towards achieving a sustainable social and economic development.
Ali highlighted that IDB has approved recently $250 million to help empower financial institutions, employers, education and Vocational training organisations in the Arab region to reduce youth unemployment
On the other side, he added that the Jerusalem fund has been set up by $250 million provided by Qatari government and it is expected to reach $1 billion.
The total value of finances offered by IDB has exceed $80 billion since its inception.
By Zaher Bitar Senior Reporter
Gulf News 2013. All rights reserved.
