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| 18 January, 2018

Islamic innovation fund raises 40% of $500mln target - adviser

The Transform fund will aim to support innovation to address needs such as food security, education, health and energy among the 57 member countries

Image for illustrative purpose.Islamic Transform fund will aim to support innovation to address needs such as food security, education, health and energy among the 57 member countries.

Image for illustrative purpose.Islamic Transform fund will aim to support innovation to address needs such as food security, education, health and energy among the 57 member countries.

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JAKARTA - A planned fund to help finance scientific innovation in countries that are members of the Islamic Development Bank has raised $200 million out of its $500 million target, the chief scientific adviser to the bank's president said on Thursday.

The Transform fund will aim to support innovation to address needs such as food security, education, health and energy among the 57 member countries of the Jeddah-based Islamic Development Bank.

"We believe with this type of fund we can help a lot of entrepreneurs in rural areas to transform their lives," said Hayat Sindi.

She was in Indonesia as part of a tour promoting the fund ahead of its launch in April.

Indonesia has the world's largest Muslim population.

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The fund has raised $100 million from the Islamic Development Bank and $100 million from the Islamic Solidarity Fund for Development, Sindi said.

(Reporting by Ed Davies; Editing by Richard Borsuk) ((Ed.Davies@thomsonreuters.com; +61 2 9373 1805; Reuters Messaging: ed.davies.thomsonreuters.com@reuters.net))