Global financial crisis debated at Islamic Development Bank summit in Ashgabat
Turkmenistan, Ashgabat, June 2 / Trend G. Hasanov /
Islamic Development Bank (IDB) President Ahmad Mohamed Ali Al-Madani called activity of this regional financial institute during the world financial crisis as calm harbor at the 34-th summit of IDB managers opened in Ashgabat today.
"Financial speculations became plague for world inter-bank relations," he said. Principles based on Shariat (Muslim right) and not allowing such manipulations demonstrated vitality and turned IDB in calm harbor, he said. Leading world rate agencies stress the bank's high rate of reliability ААА without any risk asset within the last three years.
"IDB feels well. Portfolio of cooperation is growing," Al-Madani said. Special feature for granting loans by IDB is preferential terms for partners owing to such mechanism as leasing, down payment, grant, share of profit and participation in capital.
IDB promotes economic development not only participants-countries but Muslim communities in countries that are not IDB members.
Speakers addressing in Ashgabat stressed special role of IDB in initiatives to reduce poverty, especially, via special program for development of Africa and Islamic Solidarity Fund for development.
The Islamic Development Bank was established in 1975. From the day of its establishment authorized capital of the bank increased 15 times from 2 billion of Islamic dinars (Islamic dinar is count of the IDB and equal to one special right of borrowing of the international currency fund) to 30 billion of Islamic dinars.
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