The Islamic Development Bank will launch the Poverty Reduction Fund at the annual meeting of the board of governors of the IsDB in Dakar, Senegal on May 29-30, 2007.
• This conference is listed on the IHI conference listing page.
Emirates Islamic Bank to enter Kazakhstan
Emirates Islamic Bank, a subsidiary of Dubai-based Emirates Banking Group will cooperate with JSC Bank TuranAlem in developing Islamic financial products for the Kazakh market. Kazakhstan estimates that Islamic banking could make up 5 to 7 percent of the country's banking market. Kazakhstan is 47% Muslim.
Gulf Daily News: "Central Bank of Bahrain Governor Rasheed Al Maraj yesterday received a Philippines Central Bank delegation led by Corazon J Guerrero and briefed them on Bahrain's control mechanisms and Islamic banking supervisory procedures."
Arabian Business: "Al Seyassah, Kuwait: Islamic lender Kuwait Finance House plans to set up a unit in Algeria."
Khaleej Times: "Dubai-based Islamic mortgage lender Tamweel TAML.DU said on Tuesday its first-quarter net profit surged almost five-fold as its home loan business grew."
The Edge Daily: "ING Funds Bhd expects a 10% to 12% annualised average return from its newly launched fund, the ING Baraka Capital Protected, which provides investors with 100% capital protection and potential capital appreciation over a three-year period.">
A U.K. Regional Development Agency will offer £2 million of loans for small business and not-for-profit social enterprises to be matched by private funding. The fund will include Shari'ah-compliant funding for businesses in the Manchester area.