Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

IDB plans to set up center of excellence in Kuala Lumpur  Join our daily free Newsletter

MENAFN - Arab News - 21/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The Jeddah-based Islamic Development Bank, which will celebrate its 40th anniversary in 2014, has brought about positive changes to the lives of millions of people around the world, said Ahmed Mohamed Ali, president of IDB.

"This is one of the bank's greatest achievements," he told a high-level forum in Kuala Lumpur that was organized to discuss the IDB's future strategies.
Ali emphasized the need to transform the bank's futuristic vision taking into consideration the speedy global changes as well as the economic growth achieved by member countries during the past years.
"We welcomed proposals for the development of IDB from member countries, international organizations and representatives of the private sector and civil groups. We also welcome their assessment of the bank's performance during the past 40 years," the president said.

Plans are under way to set up the Islamic Banking Center of Excellence in Kuala Lumpur, which will enable IDB to provide a myriad of Islamic banking products and offerings that include research and development in innovation, capacity building, knowledge sharing and liquidity management.
"Malaysia welcomes a proposal by IDB to build their office in Malaysia. We are pleased to offer a strategic location at the Tun Razak Exchange," Malaysian Second Finance Minister Ahmad Husni Hanadzlah said.
"The Malaysian government has always viewed IDB not only as an international institution, but also as a partner in charting the country's growth," Hanadzlah said.Mohd Irwan Serigar Abdullah, secretary-general to the Malaysian Finance Ministry, said the project was still in the beginning stage.

"We are just starting the discussions. We are also talking to 1Malaysia Development Bhd that owns the Tun Razak Exchange... they will be coming up with the conceptual plan for the center. In fact, we will hand in the concept papers during our meeting with IDB next week," he said.
The IDB president expressed his optimism about the collaboration and foresees more regional centers of excellence once the plan becomes a success.
"It will be the first of its kind and we are choosing Malaysia as our center in Southeast Asia, given its incredible strength of Islamic banking. The center of excellence will mitigate Islamic banking deals not only in Malaysia and Southeast Asia, but also to the greater part of the world," he said.
The IDB group comprises five entities, which include the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC).

Both entities are excited about the development of the regional center.
"We look forward to the development of the center. We will be able to showcase our full offerings and get in touch with more investors," said Khaled Al-Aboodi, CEO of ICD.
Hani Salem Sonbol, ITFC's deputy CEO, is also optimistic.
"By having a center of excellence here, we will be able to conduct thorough knowledge-sharing activities with Malaysia and can adopt its superior knowledge in governance and liquidity management for use in other member countries," he said.

 


Arab News




  MENA News Headlines
 Jul 29 2015 - Egypt says 'new Suez Canal' ready for businessAFP
(MENAFN - AFP) Egypt said on Wednesday that the "new Suez Canal" was ready for navigation for all kinds of ships, as authorities geared up to launch the shipping route officially next month. Dubbed ...

 Jul 29 2015 - Israel welcomes 200 French Jewish immigrantsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Two-hundred French Jewish immigrants have arrived in Israel, according to a Tuesday statement issued by The Jewish Agency for Israel.The newcomers € half of ...

 Jul 29 2015 - Germany criticizes Israel's new settlement plansThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Germany has criticized Israel for approving the construction of more than a thousand settlements in occupied West Bank, terming the move a threat to the ...

 Jul 29 2015 - President Erdogan calls Jordanian KingThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkish President Recep Tayyip Erdogan informed Jordanian King Abdullah II and Italian Prime Minister Matteo Renzi about Turkey's ongoing "anti-terrorist ...

 Jul 29 2015 - Egypt- Fascism Incorporated: Our faultDaily News Egypt
(MENAFN - Daily News Egypt) When the blood of the other becomes a fathomable reality, fascism is born. I remember well standing among thousands in front of the UN, on 30 June 2013, as we screamed ...

 Jul 29 2015 - Egypt- Media gag ordered for case involving judge demanding sexual favoursDaily News Egypt
(MENAFN - Daily News Egypt) A media gag was ordered by the General Prosecution on Tuesday in the case of a judge who is charged with demanding sexual bribes from a woman in a lawsuit he was ...

 Jul 29 2015 - Bomb explodes in Al-ArishDaily News Egypt
(MENAFN - Daily News Egypt) A bomb explosion took place on Tuesday morning in the North Sinai town of Al-Arish with no casualties reported, a North Sinai resident told Daily News Egypt.The explosion, ...

 Jul 29 2015 - Egypt- 19 die in wood factory blazeDaily News Egypt
(MENAFN - Daily News Egypt) A fire in a wood factory in Qaliubiya governorate left 19 people dead and 22 injured on Tuesday.The fire occurred in an industrial district of Obour City, northeast Cairo. ...

 Jul 29 2015 - HRW accuses Saudi-led coalition of war crime in YemenDaily News Egypt
(MENAFN - Daily News Egypt) Human Rights Watch (HRW) reported Monday that its investigations into several air strikes by the Saudi-led coalition in Yemen on 24 July found no apparent threat at or ...

 Jul 29 2015 - Detention renewed for Esraa El-TaweelDaily News Egypt
(MENAFN - Daily News Egypt) The detention of amateur photojournalist Esraa El-Taweel, accused of spreading false news and belonging to the outlawed Muslim Brotherhood, was renewed on Monday, after ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help