Islamic development bank to open office in Istanbul
Islamic development bank to open office in Istanbul
Islamic Development Bank (IDB) announced Wednesday that it would open an office in Istanbul.
IDB President Ahmad Mohamed Ali Al Madani said that Istanbul was on its way to become an important finance center and IDB would open a branch there very soon.
IDB will provide financial services to Islamic countries and help enhance competitiveness of small and medium sized enterprises of the OIC countries, Madani said at the 28th session of the COMCEC meeting of OIC (the Organization of Islamic Cooperation).
The IDB 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 Y 1973.
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 Islamic Law. The present membership of the Bank consists of 56 countries.
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