Jeddah-based IDB to start Islamic banking in Gujarat
Gujarat will soon have Islamic banking in place with Jeddah-based Islamic Development Bank (IDB) set to start its operations in the state.
During Prime Minister Narendra Modi's visit to UAE in April this year, India's EXIM Bank had signed a memorandum of understanding with the IDB for a $100 million line-of-credit to facilitate exports to IDB's member countries, the Times of India reported.
Zafar Sareshwala, chancellor, Maulana Azad National Urdu University (MANUU) - who had accompanied the PM during his visit to Saudi Arabia - told the Times of India that the branch would be set up in Ahmedabad.
This will be the first India branch of the bank - which has 56 member countries.
"IDB and its private sector arm, the Islamic Corporation for the Development of the Private Sector (ICD), have already met with top officials of the Reserve Bank of India (RBI), EXIM Bank and other nationalised banks. They are likely to start their India operations from Gujarat with a branch in Ahmedabad," he told the daily.
Social initiatives
According to the Times of India report, the IDB will provide 350 fully-equipped medical vans (mobile clinics) to India, 30 of which will be received for the tribal areas of Chhota Udepur, Narmada and Bharuch in Gujarat, in the first phase.
The IDB has also reportedly entered into a $55-million pact with Rashtriya Institute of Skill and Education (RISE) to provide medical care to rural poor in India.
"IDB's entry into Gujarat and India is likely to boost long-term private finance from its member countries on a large scale. IDB has also shown keen interest in the SME sector of Gujarat," Sareshwala added.
As per news reports, the bank is also working on projects on Wakf properties in different countries. "There are a number of such properties in Gujarat. The properties stand neglected as Wakf Board or the concerned trusts do not have money to maintain these monuments. IDB is keen to finance projects under which these properties can be maintained and redeveloped," he said.
First published: 24 May 2016, 2:15 IST
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