IDB Signs Agreement with Sudan
The Islamic Development Bank (IDB) has signed an agreement to launch a new Islamic bank in the Sudanese capital of Khartoum.
The agreement was signed between IDB and Sudan’s Dallah al Baraka Group to open an Islamic bank in Khartoum with an initial capital of $ 1 billion.
IDB President Ahmed Bin Muhammad Ali said the new bank is established with the purpose of facilitating creation of a capital market among Islamic banks, presenting innovative solutions to management of liquidity, and creating an Islamic stocks market.
Providing funds for standardization of products in accordance with Islamic laws is another objective of the bank, he said.
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IDB President Ahmed Bin Muhammad Ali said the new bank is established with the purpose of facilitating creation of a capital market among Islamic banks, presenting innovative solutions to management of liquidity, and creating an Islamic stocks market.
Providing funds for standardization of products in accordance with Islamic laws is another objective of the bank, he said.
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