IDB approves International Islamic Organisation for Trade Finance

The approval came during the IDB's annual meeting in Malaysia last week after the UAE delegation, headed by State Minister for Finance and Industry, Dr. Mohammad Khalfan bin Khirbash presented a paper highlighting the importance of such an organization with regards to increasing trade volume between member nations, in line with the tasks of the Bank.

The IIOTf will be founded with a capital of three billion dollars, with an Initial Public Offering (IPO) of 500 million dollars. The headquarters will be in Jeddah, Saudi Arabia, while its main branch in the UAE.

Also during the meeting, attended by 56 finance ministers of Arab and Moslim states, the participants discussed the long term strategy for economic cooperation. The information technology sector also faired high on the agenda of the talks.

During the IDB's last meeting and in recognition of the UAE's leading role in consolidating partnership among Islamic countries, Dr. Khirbash was appointed as a member of the High Committee entasked with overseeing the Bank's vision for the year 2020.

Dubai will host the first meeting of the committee in September with the participation of a host of economists and finance ministers from Arab and Moslim countries.