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Organization of the Islamic Conference developmentally establish a bank with a capital of $ 100 billion
30/07/2011
In order to support and implement strategic projects in the member states
BAGHDAD - Agencies
Revealed OIC create the largest bank development on the level of Muslim countries, a bank, "reconstruction" which capitalized at $ 100 billion and is based in Bahrain. And between the businessmen of the Organization of Islamic Conference in Cairo create the largest bank development to finance the projects and the work of the private sector in OIC countries Islamic and the 57-nation bank, "reconstruction" with a capital of $ 100 billion.
The new bank will be launched in Bahrain within the next month, with input from governments and Islamic banks and individuals. And provides new opportunities for the Bank to rehabilitate the economy of which were exposed to recent emergencies, including the countries of the Arab spring, as well as project financing system participate in accordance with the Islamic regime.
Has been acknowledged during the final sessions of the Conference of the Federation of Employers countries of the OIC, based in Jeddah, Saudi Arabia, where Cairo hosted meetings with 30 Arab and Muslim countries in the preparation of the second conference of the Union, and which will be held in Doha, Qatar in January next.
Revealed Abdul Mohsen Allnjaw Director General of the Federation of employers participating in the conference about the challenges faced by the economy of the Islamic countries, which imports most of its needs from abroad, where the volume of foreign trade of these countries to around 5.21 trillion dollars, while not exceeding the movement of trade between these countries on 16 percent of the total trade or the equivalent of two trillion dollars, which only lead to widespread unemployment and the weakness of Muslim countries the competitiveness of their exports and high costs as a result of many factors.
These factors include poor marketing of their products and lack of interest in settling the industry and its investment as well as lack of liquidity due to migration of capital from Arab and Islamic countries abroad, noting that everyone was keen to meet these challenges, work to stop capital flight abroad and turn them into a reverse migration of any attraction for investment within Islamic countries through cooperation with governments to remove impediments to investment and solve the problems of financing and marketing and larger amount of the projects studied for possible implementation on the ground.
He Allnjaw been agreed between representatives of Islamic countries have to be the Doha Conference next forum in which all parties involved in the investment process, including entrepreneurs and financial institutions as well as those of strategic support, such as the Islamic Development Bank, and will post the business limited only to those who carry out feasibility studies for projects They have the desire to participate in the meetings (BLOB) display any projects in place, but not by random.
He said that the funding problem, which was the main obstacle to the growth of business in Islamic countries will be possible to solve in the coming period, through the conference, especially if we know that there are more than 470 billion dollars has been frozen in banks in the Gulf over the past year without investing while there are thousands of projects that stopped due to lack of liquidity, which requires the necessary work to remove this contradiction.
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