Iranian Majlis (parliament) foreign investment faction head met with the finance deputy of the Islamic Development Bank and expressed Majlis' support for enhancing cooperation between Iran and IDB.
Ezattollah Akbari said the executive and legislative bodies of Iran are ready to expand trade among Islamic countries, adding that the framework of IDB is such that it needs to be restructured in order to broaden economic, trade and banking cooperation.
IRNA news agency reported IDB Finance Deputy Abdullah Aziz al-Hanavi saying that the bank is not only interested in securing banking facilities, but also upgrading trade among Islamic countries.
He expressed hope that Iran's suggestions in Islamic banking be accepted by Muslim countries.
The 7-member IDB delegation to Iran has held meetings with Iranian ministers of housing and oil as well as the governor of the Central Bank.
The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. The Inaugural Meeting of the Board of Governors took place in July 1975, and the Bank was formally opened on 20 October 1975.
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari''ah i.e., Islamic Law.
The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds.
The Bank is authorized to accept deposits and to mobilize financial resources through Shari''ah compatible modes. It is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods, among member countries; providing technical assistance to member countries; and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari''ah.
The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organization of the Islamic Conference, pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IDB Board of Governors.