IDB increases capital to promote Islamic micro-financing and mutual insurance
Baku, Fineko/abc.az. At its regular session the Board of Executive Directors of the Islamic Development Bank resolved to submit a memorandum on the fifth general increase in the Bank’s authorized and subscribed capital to the annual meeting of the IDB Board of Governors scheduled to take place in Dushanbe, Tajikistan, during 21-22 May 2013.
The Bank reports that an increase in the IDB capital aims to enable to bring comprehensive development in member countries and Muslim communities in non-member countries.
The session also decided to recommend to the Board of Governors annual meeting a proposal to earmark an amount for the promotion of the Islamic financial services industry so that it could develop means and thus help to meet the rising demand for technical assistance, capacity building, promote Islamic microfinance, develop takaful (Islamic mutual insurance system), awkaf (Islamic endowments) and management of zakat (a certain portion of accrued wealth donated to the poor), etc.
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