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IDB Symposium on Economic Integration Calls for Further Promotion of Shariah Compliant Banking

June 27, 2014

ENP Newswire - 27 June 2014

Release date- 26062014 - Experts at the 25th IDB Annual Symposium on 'Strengthening Regional Economic Cooperation & Integration for Development in IDB Member Countries' have called for further convergance and promotion of efforts in Shariah compliant banking and business around the world.

The experts made the call in Jeddah as part of the 39th Annual Meeting of the Islamic Development Bank (IDB) and 40th Anniversary celebrations of IDB.

'IDB has successfully created about 20 banks, which could be merged into one bank so that it could conduct business and compete with the conventional Banks', said Dr Abdullah Ibrahim El-Kuwaiz, Chairman of International Advisory Board, ACWA Power Co.Riyadh, and a panelist during the symposium.

Dr El-Kuwaiz suggested that IDB could work towards a global Shariah Committee on Islamic finance.

The experts at the Symposium also called on IDB to consider creating a specialized bank for Small and Medium Enterprises (SMEs) that will focus on poverty alleviation in member countries.

Present during the seminar were the Chairman of the IDB Board of Governors, Dr Ibrahim bin Abdulaziz Al-Assaf, Chairman of the IDB Group, Dr Ahmad Mohamed Ali, Deputy Prime Minister for Economic and Financial Affairs of Turkey Mr Ali Babacan, and Deputy Minister for Economy and Industry of Azerbaijan Mr Sahil Babayev.

Other participants and speakers were Dr Shamil Aleskerov, Secretary General Economic Cooperation and Organisation (ECO) Tehran, Mr Abdalla Al Dardari, the Chief Economist and Director in Economic Development and Globalisation Division (ESCWA), HE Dr El Hadj Abdallah Toikeusse Mabri, Minister of State for Planning and Development of Cote d Ivoire and HE Dr Muhamad Chatib Basri, Minister of Finance of Indonesia.

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Source: ENP Newswire

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