Islamic Development Bank to open first Indian branch in Gujarat

[Chanakyaa]

Gandhinagar, Jan 11 (IANS) India will soon have Islamic banking facilities with the Saudi Arabia-based Islamic Development Bank (IDB) set to start its India operations from Gujarat, the Gulf kingdom's envoy in New Delhi said on Wednesday.

"I would like to point to a very important development in our cooperation with the state of Gujarat, and that is Jeddah-based Islamic Development Bank (IDB) is set to start its India operations from Gujarat," Saudi Ambassador to India Saud Al Sati said at the Vibrant Gujarat Global Summit here.

During Prime Minister Narendra Modi's visit to UAE in April last year, the Indian Exim Bank had signed a memorandum of understanding with IDB for a $100 million line of credit to facilitate exports to IDB's member countries.

"The IDB also signed a $55 million agreement with the Rashtriya Institute of Skill and Education to invest in medical care in some areas in Gujarat, including Chhota Udaipur, Narmad and Bharuch," the Ambassador said.

The state will also get 30 medical vans as part of IDB's social sector initiatives, he added.

IDB's main objective is to foster the economic development and social progress of member countries, as well as of the Muslim community, in accordance with principles of Shariah -- Islamic law. The bank has 56 Islamic countries as its members.

https://in.news.yahoo.com/islamic-d...indian-branch-gujarat-143205165--finance.html

 

[somebozo]

Seriously..what is Islamic in banking?

 

[Chanakyaa]

Seriously..what is Islamic in banking?

Purpose
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.


Functions
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. The Bank is also required 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. The Bank is authorized to accept deposits and to mobilize financial resources through Shari'ah compatible modes. It is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods, among member countries; providing technical assistance to member countries; and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari'ah.

India surely has started getting seriously in the "Islamic World" !
But Gujrat ? Seriously ?

@SarthakGanguly