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
 Dec 26 2014 - Russia hopes to host Syria talks in JanuaryThe Peninsula
(MENAFN - The Peninsula)  -Russia plans to host delegations from the Syrian opposition in late January, possibly followed by a visit by regime representatives that could bring the two sides together ...

 Dec 26 2014 - Lebanon's Hezbollah detains 'Israeli spy' in its ranksThe Peninsula
(MENAFN - The Peninsula)  Lebanon's Hezbollah has detained a senior party official it accused of spying for Israel and "sabotaging security operations" abroad, a source close to the movement said on ...

 Dec 26 2014 - Syrian rebel groups in Aleppo enter allianceThe Peninsula
(MENAFN - The Peninsula)  Rebel groups fighting in Syria's northern Aleppo province have agreed to form an alliance, a group monitoring the country's civil war said on Thursday.A lack of unity among ...

 Dec 26 2014 - Israel approves 243 new settler homes in East JerusalemThe Peninsula
(MENAFN - The Peninsula)  Israel has given preliminary approval for the construction of 243 new homes on West Bank land that Israel annexed to Jerusalem, and advanced plans for another 270 homes in ...

 Dec 26 2014 - Iraq, Turkey pledge to join hands to fight ISIS jihadistsThe Peninsula
(MENAFN - The Peninsula)  Iraq and Turkey on Thursday pledged to join forces to fight Islamic State insurgents who are holding swathes of Iraq and Syria."ISIS threatens not only Iraq's and Turkey's ...

 Dec 26 2014 - Tunisia arrests blogger for 'defaming' army officers: lawyerThe Peninsula
(MENAFN - The Peninsula)  Tunisian authorities have arrested a blogger who has been critical of the party of newly elected president Beji Caid Essebsi, as he returned home from France, his lawyer ...

 Dec 26 2014 - Qatar- Zakat Fund got 575 applications in November for aidThe Peninsula
(MENAFN - The Peninsula)  The Zakat Fund at the Ministry of Awqaf and Islamic Affairs received 575 applications for social assistance in the month of November.Zakat Fund, a charity dedicated to ...

 Dec 26 2014 - Kuwait commissions new gas processing plantThe Peninsula
(MENAFN - The Peninsula)  Kuwait has commissioned a new natural gas plant that will raise the energy-rich state's production capacity to more than 2 billion cubic feet a day, officials said on ...

 Dec 26 2014 - Egyptian pound steady on official and unofficial marketsThe Peninsula
(MENAFN - The Peninsula)  The Egyptian pound held steady at a central bank dollar sale on Thursday and on the black market.The bank offered $40 million and said it had sold $38.2 million at a cut-off ...

 Dec 26 2014 - Saudi lifts spending in 2015 budgetThe Peninsula
(MENAFN - The Peninsula)   Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first ...

more...


 






Google

 
 

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