First Published: 2012-04-04

 

Islamic Solidarity Fund for Development far short of target

 

Islamic poverty alleviation fund has attracted just 17 percent of its targeted $10 billion in funding, offcials say.

 

Middle East Online

Widespread poverty... Small aid

KHARTOUM - An Islamic poverty alleviation fund has attracted just 17 percent of its targeted $10 billion in funding, officials said Wednesday at the annual meeting of the Islamic Development Bank (IDB) in the Sudanese capital.

A resolution expressed its "concern over the wide gap between the initially targeted amount of $10 billion and the announced contributions... only by a number of member countries" in the 56-nation bank, whose members all belong to the Organisation of Islamic Cooperation.

The Islamic Solidarity Fund for Development was established in 2007 to fight poverty and hunger, improve the productive capacity of the needy, reduce illiteracy and promote other development.

"So far members contributed over $1.7 billion to the fund," Abdul Aziz al-Hinai, an IDB vice-president, told reporters.

He said contributions were voluntary over the 10-year period targeted for the $10 billion.

"We are very optimistic that the fund's contribution will increase in coming years," he said. "The bank now is drafting a strategy for resource mobilisation."

Separately, the IDB signed a memorandum of understanding with Qatar and Saudi Arabia's Dallah Albaraka Group to establish the Mega Islamic Bank with a capital of $1 billion.

Ahmad Mohammed Ali, president of the IDB Group, said the new institution aims to help Islamic banks better manage their liquidity.

In a statement, he said the bank hopes to "facilitate the establishment of a financial market amongst the Islamic banks and provide innovative solutions to manage liquidity through generation of assets and launching of an Islamic securities market."

The Jeddah-based IDB, whose major shareholder is Saudi Arabia, was established in 1975 to foster economic development among its members, as well as non-member Muslim communities, in accordance with Islamic law.

 

Jordan ready to do ‘everything’ to save life of IS-held pilot

Egypt orders deportation of Australian reporter Peter Greste

Huthis set three-day deadline to resolve Yemen crisis

Mosques in Britain open doors to public in reassurance gesture

Saudi Prince Alwaleed launches pan-Arab news channel

‘Islamic State’ beheads of Iraq security personnel in latest atrocity

Saudi Arabia frees woman activist close to blogger Raef Badawi

Deadly blast targets Shiite pilgrims in central Damascus

UN says violence in Iraq killed at least 1,375 people in January

Stateless activist gets five years in jail for insulting Kuwait emir

Gunfire wounds two Americans in eastern Saudi Arabia

Japan condemns 'despicable' beheading of second hostage

Who plotted assassination of Hezbollah commander Imad Mughniyeh?

Bahrain revokes citizenship of 72 unrest convicts

Wary of Internet, jihadists change communication strategy

Egypt blacklists Hamas armed wing as ‘terrorist organization’

Concern rises in Japan as hostage negotiations hit 'deadlock'

Party of Yemen ex-president breaks boycott to join Huthi meeting

UN chief backs African force to fight Boko Haram

AU: Ignoring South Sudan findings will help the guilty

Hezbollah warns it does not fear new war with Israel

Saudi blogger’s flogging postponed for third week

Iran seeks good relations with Saudi Arabia

Jordan still kept in the dark over pilot fate

Syria’s Qaeda fights Western-backed rebels

Abbas to visit Stockholm after Palestine recognised

UN chief to African leaders: do not 'cling to power'

Israel to go ahead with 430 new West Bank settler homes

Libya rivals to join peace talks if held on home soil

New Saudi king announces sweeping cabinet shake-up

Deadly Sinai attacks force Sisi to cut short overseas trip

Israel reduces energy supplies to Palestinians

Syria opposition embassy in Qatar renews passports

Hezbollah sends message to Israel ‘conflict is over’

Women protest against Egypt police after fatal shooting

Libyan airline suspends flights

Iraq government vows to investigate Diyala massacre

MSF withdraws help from two Sudan states

Jordan wants to see proof pilot alive before exchange

US says thousands of Somali children facing starvation

Kuwait online activists arrested 'over Saudi criticism'

British mosques open doors to reach out to citizens

Iran, Europe officials to meet Thursday in Istanbul

IS issues new deadline to kill Jordanian pilot if demand not met

Netanyahu warns Hezbollah will pay 'full price'