In May 2007, during Annual Meeting of the European Bank for Reconstruction and Development following a
meeting between the Tatarstan President Mintimer Shaimiev and the Islamic Bank President Dr Ahmed Mohammad Ali, the Republic of Tatarstan and Islamic Bank for Development signed a memorandum of understanding and came to an agreement to hold an international investment conference in Kazan on 9-12 June, 2008.
It is for the first time that the Islamic Development Bank is holding such investment conference in the territory of the non-member country of the Organization of the Islamic Conference that undoubtedly contributes to stronger cooperation between
The objective of the conference is to present the
The Islamic Development Bank was presented by representatives of leading companies, banks and investment funds from countries of the Persian Gulf, the
The programme of the conference included the plenary meeting attended by the federal and Tatarstan authorities and subject meetings in the following categories of innovative and trade and economic cooperation: mechanical engineering; petrochemistry; public health services; construction, transport and roads; agriculture, etc.
During the conference an exhibition with participation of leading companies of the Republic was arranged. The President, IDB Group, and Chairman of Board of Executive Directors, Dr Ahmad Mohamed Ali, was told by CEO of Technopark “Idea” , Sergey Yushko, about innovative development in Tatarstan and principles of innovative infrastructure operating.
Short information about The Islamic Development 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. During the second Conference of Finance Ministers of Muslim Countries held in Jeddah in August, 10 1974 a corporate charter was approved and accepted. An agreement entered into force in April, 23 1975.The Inaugural Meeting of the Board of Governors took place in Ar Riyard in July, 26 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, and also to strengthen solidarity and mutual collaboration between members of the Bank and to stimulate Islamic economic, financial and banking development.
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.
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.
to accept deposits and to mobilize financial resources through Shari'ah compatible modes.
to assist in the promotion of foreign trade especially in capital goods, among member countries;
to provide technical assistance to member countries;
to extend training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari'ah.
A unit of account of IDB is Islamic Dinar which is equivalent to one Special Drawing Right (SDR) of the International Monetary Fund. The authorized capital of the Bank is 6 billion ID (1 ID = 1,4 USD) divided into 600,000 shares having a par value of 10,000 Islamic Dinars (ID) each. Its subscribed capital also became 3,761 billion ID. Besides the Bank can accept deposit fees that are operated and distributed according to rules and standards of the Bank.
The Bank’s Headquarters is in
The present membership of the Bank consists of 56 countries. The President of IDB Group, and Chairman of Board of Executive Directors is Dr Ahmad Mohamed Ali.