Jan 25 2012
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IDB ready to fund Oman's Islamic banking sector, public-private business ventures
IDB 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, IDB president and chairman of the board of executive directors, said the bank is willing to provide capital assistance in Oman.
"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."
Dr Ali said the Islamic Corporation for the Development of the Private Sector (ICD), the private-sector arm of IDB , 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 IDB and has always been supportive to its activities."
The present membership of the bank consists of 56 countries. The basic condition for membership of IDB is that the prospective member country should be a member of Organisation of the Islamic Cooperation.
© Muscat Daily 2012
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