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IDB to set up financial crisis monitoring team

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Points of Essence:

  • Despite the perceived resilience of Islamic finance from the current credit malaise , IDB took a proactive role in establishing a financial crisis monitoring team.  The global Islamic financial industry will indeed benefit from this set up as apart from an opportunity to gain deep understanding of the current crisis so as to shield Islamic finance accordingly, it will promote better communication and exchange of information between the stakeholders of Islamic finance to encourage them to be well prepared for any eventuality of the crisis to also affect Islamic finance.

JEDDAH – The Board of Executive Directors of the Islamic Development Bank (IDB), endorsed on Monday the formation of a work team composed of experts and practitioners to study the effects of the international financial crisis on the Islamic financial industry and the economies of member countries.

The board also approved $44.67 million for new development projects.

The work team, recommended at the forum on international financial crisis and its impact on the Islamic financial industry, will conduct timely follow ups on the escalation of the crisis, ensure a better coordination and exchange of information within the industry, and prepares working papers reflecting the Islamic banking industry vision on the crisis and to be distributed to all participants in local, regional and international meetings and forums dedicated to this crisis.

It also endorsed the forum’s recommendation to create referential bodies for the Islamic banking industry.

The new funds are set to finance three development projects in member countries in the framework of the Islamic Solidarity Fund for Development (ISFD) in Mauritania, Mozambique and Gambia, and a road project in Togo financed by IDB, in addition to grants from Waqf Fund for four Islamic communities in non-member countries in Ethiopia, India, Russian Federation and France.

© The Saudi Gazette 2008

Source: http://www.zawya.com

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Written by Suapi Shaffaii

October 29, 2008 at 9:04 pm

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