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Fund of Islamic Integrity for Development to be Set Up |
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Thursday, 31 January 2008 |
Deputy Minister of Economy and Finance for Banking, Insurance and State
Companies' Affairs Hamid Pourmohammadi said here Wednesday that the Fund of
Islamic Integrity for Development will be set up with partnership of more than
30 Muslim states.
Pourmohammadi said the Fund will be established on a decision by the
Organization of the Islamic Conference, and of the General Assembly of the
Islamic Development Bank (IDB) and after final approval of the plan at the IDB's
Executive Board.
He said that besides 30 Muslim countries, the IDB too has been contributing to
forming the Fund.
Iran, Saudi Arabia, Kuwait, Qatar and Algeria are among founders of the Fund.
He added that poverty elimination, materialization of economic potential in the
world of Islam, and campaign against such contagious diseases as malaria and
AIDS in Muslim states have been among objectives of forming the Fund.
The official said the Fund will have a special focus on Africa through using
financial power of its providers.
Putting the Fund's capital at dlrs 10 billion, the official said the Fund will
originally start with an asset of dlrs 2.6 billion to be provided by the IDB and
the members.
He went on to say that the Fund will be active within framework of the endowment
rules and will use zekat and endowment revenues of the Muslim states to meet its
objectives.
He added that the Fund will cooperate with the private sector of Muslim states.
Concluding his remarks, Pourmohammadi said 56 Muslim states are presently the
IDB members and formation of the Fund will effectively contribute to solidarity
and integrity in the world of Islam.
Source: IRNA
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