Dubai Chamber of Commerce and Industry DCCI hold a seminar in cooperation with Islamic Development Bank IDB for the Development of the Private Sector and Trade Finance & Development in the Conference hall at DCCI building.
The Seminar aims to introduce the Islamic Development Bank and other belonging establishments. Also briefing the programs and finance activities of the Bank and the ways that how the public and private sectors benefit from these facilities in the fields of trade finance and development, investment insurance, and private sector development.
Mr. Tariq Hilal Lootah the Director of business and Industrial Development Department introduced the opening speech. He explained the DCCI is hosting this event believing the importance of cooperating between the chamber & all the authorities that support the private sector specially IDB to encourage its important role in the Islamic World.
Lootah added choosing Dubai ensure the economical level that the UAE in general and Dubai in particular on both Arabic and Islamic level as a regional and international business hub.
Lootah mentioned organizing this seminar in cooperation with IDB convoy with DCCI strategy and its active participation in applying the general policies that organize the business issues. In edition it is part of its vision to be the chosen authority and authorized to promote and represent the business community in Dubai by offering value added services that create new platform for business and enable the members to compete in international level.
Lootah pointed that the seminar will highlight the important role of IDB especially on financing overseas projects and capitalist investments for the Islamic countries specially the outgrowth countries which lack to these investments which could achieve their plans in order to support the economical development efforts in the member countries according the Sharia.
Mr. Mohammed A. K. Al Sayed from the Trade finance & Promotion Department in the IDB spoke during the seminar. He explained the IDB aims and gave a brief on IDB services. Al Sayed made a presentation explaining the financial choices, the difference between the IDB financing and the other commercial banks. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah.
Mr. Wassim Aboul Naja Division Chief of follow up Portfolio & follow up department in the Islamic Corporation for the Development of the Private Sector explained in his presentation that the companies authorized money capital is 1 billion US Dollars. And it offers its services in the countries members of IDB.
He pointed that the corporation aims to understand the available opportunities in the private sector that will improve the economical growth. Besides offering many choices of financial products and services that convoy with Islamic Sharia, enhancing the private sector companies opportunities in reaching the Islamic markets and developing the Islamic markets. Aboul Naja explained the terms and conditions required in the projects to apply.
Abu Al Naja explained that the value of the approved projects reached 390 US million Dollars.
Mr. Lotfi Zairi in charge of financial establishments in the Marketing Department at the Islamic Corporation for the Insurance of Investment and Export Credit made a presentation about the establishment explained it was established in 1995 with capital of 150 million US Dollars. IDB participate with 50% of the money capital, other is participated by the members countries at Islamic Conference Organization.
Zairi explained the corporation objectives that aim to expand the range of commercial transaction and the flow of investments between the member's countries. In edition it offers services for the exporters, banks and investors in the member's countries such as Insurance Credit Risks against the commercial and non commercial risks, Insurance services against non commercial risks.
The corporation encourages the exporters in the member's countries enhancing their exports by offering them export credit insurance against the risk of not paying by the buyers in the foreign countries. The Islamic Corporation for the Insurance of Investment and Export Credit help the buyers doing business in countries with higher level of risks, as well as offering credit facilities for the foreign buyers and financing their exports from other banks and financing companies.
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© Press Release 2005
