IDB President: Global financial crisis has no influence on Islamic banks
Azerbaijan, Baku, June 19 / Trend N. Ismayilova /
The global financial crisis has no influence on the Islamic banks, because it was linked to debt operations, President of the Islamic Development Bank (IDB) said.
"As it is known, Islamic banks do not hold such [debt] operations. But when it dealt with economic crisis, it had impact on the IDB member-countries. Now the IDB is working on this," the IDB President Ahmad Muhammad Ali said upon arrival in Baku today.
He said that Azerbaijan has a high rate of development. It is very important for different investors.
"Therefore, using the annual meeting [to be held in Baku], we want to attract investors here," Ali said.
Several important issues will be solved at the annual meeting in Baku.
These isues include the 35-th annual report of the IDB for 2009-2010, Nigeria's request to increase subscription to participate in the capital of the IDB, allocation of 5 percent (not less than $ 5 million) from net income of the IDB to provide technical assistance for implementation of grant operations, allocation of two percent (not less than $ 2 million) from net income of the IDB to finance the scholarship program, an invitation of Tajikistan to hold the 39-th annual meeting of the IDB Board of Governors, as well as the date and venue for the 36-th annual meeting of the IDB Board of Governors, which is scheduled to be held in Yemen.
As a part of the annual meeting of the IDB, the annual symposium entitled "Achieving of food security in member-countries in post-crisis world" will be held.
During the meeting, the IDB Board of Directors will approve a number of new projects in development for member-countries and societies in countries-non-members.