IDB shares financing numbers to date at Global Islamic Investment Gateway

The Chairman of the Islamic Development Bank (IDB) Group, Dr Ahmad Mohamed Ali, has underlined the significance of the Group’s member countries’ accession to and implementation of the convention for promotion, protection and insurance of investments prepared by the Organization for Islamic Cooperation (OIC) that are related to intra-trade and investment.

At the opening ceremony of the 1st Global Islamic Investment Gateway (GIIG) Forum in Manama, Bahrain, in early March, Dr Ali shared that IDB, through its trade financing arm, the International Islamic Trade Finance Corporation (ITFC), has offered US$27 billion of financing to foreign trade (export and import) operations in addition to US$29.5 billion of financing provided by IDB itself for promotion of intra-trade prior to the establishment of the ITFC in 2008. He added that the Islamic Corporation for the Development of the Private Sector (ICD), IDB’s private sector development arm, has contributed more than US$3 billion of financing to nearly 300 private sector development projects while the IDB’s own total contribution from its Ordinary Capital Resources (OCRs) to support the private sector in member countries stood at US$3.5 billion
for 45 development projects.

The Chairman also mentioned that more than US$23 billion worth of investments and export credits have been insured by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which has contributed to the flow of investment projects and helped promote intra-trade amongst member countries.

The 1st GIIG Forum, co-organised by Bahrain’s Economic Development Council, the Islamic Development Bank and Thompson Reuters, was attended by more than a thousand businessmen and investors representing more than 700 firms and banking institutions. 

Global Islamic Investment Gateway to bring Islamic opportunities to investors this March

A new event aimed at generating business in the Islamic finance sector has been introduced by the Islamic Development Bank (IDB) in conjunction with Thomson Reuters and supported by the Bahrain Economic Development Board (EDB).

The Global Islamic Investment Gateway was launched last month and aims to bring investors and cross-border Islamic investment opportunities in some of the world's fastest growing economies together. Decision makers from investment banks, sovereign wealth funds, investment companies and family offices of high net worth individuals are expected to attend.

The Global Islamic Investment Gateway is organised by Thomson Reuters and the IDB, through its Business Forum THIQAH. It will be held at the Gulf Hotel in Manama, Bahrain on March 2 and 3 under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, First Deputy Prime Minister and Chairman of the EDB, and His Excellency Dr Ahmad Mohamed Ali Al Madani, President of IDB Group.

It will be supported by an online portal which will collate international investment opportunities. The organisers are already collaborating with investment development agencies and investment originators in Islamic markets to obtain, review and standardise investment opportunities across sectors.

Organisation of Islamic Cooperation (OIC) markets are projected to grow at an average of 5.4% till 2019, significantly higher than the rest of the world (3.6%) and the high growth BRICS markets (3.9%). This increased economic growth is accompanied by a greater maturity in their financial markets, enabling greater involvement of private capital in their development.

His Excellency Dr Al Madani said: "The OIC economies are at the heart of the world's most rapid economic growth and Islamic finance provides an excellent chance to connect capital to exciting opportunities in these markets. This event can play an important role in making that process happen."

His Excellency Kamal bin Ahmed, Minister of Transportation and Telecommunications and Acting Chief Executive of Bahrain EDB said: "We are very proud to support this event in Bahrain. We are committed to the development of the international Islamic finance sector and event such as this, which will enable real investment in viable projects, can play a great role in the process."

Dr Sayd Farook, Global Head of Islamic Capital Markets, Thomson Reuters, said: "The Global Islamic Investment Gateway will be the premier event for any investor looking for access to opportunities in emerging and frontier Islamic markets. These markets have the value chains that have the potential to provide excellent returns for the capital in the GCC and this event will give investors the means to access them."

Hasan Al Jabri, Chief Executive Officer, SEDCO Capital said: "Other events have focussed on the intellectual issues around Islamic investment which are important but Global Islamic Investment Gateway is very focussed on linking real investors with real opportunities and facilitating actual business and we are very excited to be involved."

The event will feature over 30 OIC countries, split into the key regional sectors including GCC, MENA, CIS, Southeast Asia, South Asia, West Africa and Sub-Saharan Africa and will cover all major investment sectors, driven by the opportunities presented by the investment development agencies and investment originators.

Individuals can register their interest here.