Islamic banking to debut in Gujarat

Saudi Arabia based Islamic Development Bank (IDB) has announced to open its first branch in India at Ahmedabad, GujaratIts a part of MoU between India’s EXIM Bank and IDB during Prime Minister Narendra Modi visit to United Arab Emirates (UAE) in April 2016The IDB is also keen at investing in small and medium enterprises (SMEs) of Gujarat. 

IDB’s main objective is to foster the economic development and social progress of member countries as well as the Muslim community in accordance with principles of Shariah (Islamic law). The bank has 56 Islamic countries as its members and as part of the MoU a 100 million dollar line-of-credit was to be given to facilitate exports to IDB’s member countries.
Besides, it also announced to provide 30 medical vans as part of IDB’s social sector initiatives. These vans will be used for the tribal areas of Chhota Udepur, Narmada and Bharuch in Gujarat, in the first phase. This plan is part of 55 million dollar pact signed between IDB and Rashtriya Institute of Skill and Education (RISE) to provide medical care to rural poor in India. As part of it, IDB will provide 350 fully-equipped medical vans (mobile clinics) to India. 

So let’s discuss some questions related to this post :
1. Saudi Arabia based Islamic Development Bank has announced to open its first branch in which state of India ?
2. How many countries are the members of Islamic development Bank (IDB) ?

Courtesy : Times Of India 


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