Mozambique: Islamic Development Bank mulls $10B sukuk program report

Published June 8th, 2015 - 06:58 GMT

The annual meeting of the Islamic Development Bank began in the Mozambique capital of Maputo on Sunday that would consider a report on the Medium-Term Sukuk Program for which the bank had already allocated $10 billion.

"This reflects the IDB’s prominent position and the trust placed in it on the international financial scene as one of the few multilateral financial institutions that have been attributed the highest credit rating of AAA by all three major global rating institutions, namely Standard and Poor's, Fitch and Moody's," the bank said in statement after the meeting of the bank’s executive directors Sunday.

The meeting will also consider the progress made so far in the implementation of its member country partnership strategic program; 20 member countries have so far signed up with the bank.

"The groundwork is also being laid with six other countries to implement a partnership strategy with each country as part of a three-year program of the IDB Group’s interventions in the development process of each country in line with the development priorities set by each country," the statement said.

The board of executive directors meeting Sunday was chaired by Ahmad Mohamed Ali, president of the IDB Group.

This is the first time the bank’s meeting is taking place in the southernmost part of Africa, to which the IDB gives priority in its development programs and plans, the statement said.

Ali hailed the solid ties of cooperation existing between the Republic of Mozambique and the Islamic Development Bank since the former became a member in November 1995.

Islamic Development Bank was established on December 7, 1973 by members of Islamic Conference Organization and officially started operating in October 20, 1975. 

According to IDB’s statement, “the bank aims to contribute to the social and economic development of member countries and Muslim communities individually in line with the principles of Islam.”

The bank has provided finance worth more than $104 billion to member countries in total since starting operations, the statement said.

In line with the four day official event, various activities will be organized on Thursday, one of which is a private sector forum where Islamic Corporation for Insurance of Investments and Export Credits will present the importance of export credit and investment insurance in Africa.


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