Islamic countries have been urged to give due importance to the role of Islamic Development Bank (IDB) for enhancing investment Sukuk (Islamic Bonds). This is one of the major recommendations made by the 11th private sector meeting for the promotion of joint venture investments among the Islamic countries. The meeting, held in Manama, Bahrain, on February 5 and 7, was inaugurated by Bahrain Minister for Industry and Trade Dr Hassan Abdullah Fakhro, according to a press release issued by the Islamic Chamber of Commerce and Industry (ICCI) here on Monday.
Sukuk allows potential investors to raise funds for the investment in development projects in the IDB member countries, and represent a perpetual source of Islamic funds for investment in Shariah-compliant projects through a cycle of mobilisation and utilisation.
The meeting called upon the exporters, banks and investors to utilise the programme of Islamic Corporation for the Insurance of Investment and Export Credit, so as to develop the exports and investments at individual and collective level of Islamic countries economies.
The meeting appreciated the signing of a number of agreements for joint venture investments and trade exchanges among the participants, including the agreement between Iran Chamber of Commerce, Industries and Mines and Tajikistan Chamber of Commerce and Industry for establishing an Exhibition and Conference Centre in Tajikistan.
The other agreement related to construction of 2,000 housing hunts in Bangladesh, noting that the total cost of both projects amounts to 65 million dollars.
The meeting looked forward that the steps taken for comprehensive development in Bahrain by creating an open economy and attractive incentives, and conducive climate would find an appropriate response on the part of investors and businessmen who were seeking actual investment opportunities.
The participants expressed their profound appreciation for the IDB efforts and the Islamic Corporation for the Development of the private sector (ICD) in strengthening the capability of the private sector and its organisation.
They anticipated further enhancement of financing terms, and development of credit extended to the small and medium enterprises (SMEs) and promoting capacity-building for member countries by expansion of educational missions and financing scientific researches.
The meeting lauded the important role played by the SMEs in accelerating the economic development process for the member countries and the positive role expected by the governments and people of Islamic countries. The meeting called upon the member countries to support this sector and to co-operate with the ICCI and support its programmes and activities aimed at promoting the SMEs sector.
The meeting expressed its deep regret and sorrow for the horrifying tragic human disaster, tsunami, that hit the people of a number of countries in South and Southeast Asia, and called upon the member institutions to contribute to volunteer efforts and welfare works that took place in their countries so as to extend relief to the victims from those countries.
The meeting also called upon the businessmen and investors from various Islamic countries to give an appropriate consideration for the promising investment opportunities that are available in the Northern Turkish Cyprus.
Addressing the closing session, ICCI Secretary General Aqeel A.Al-Jaseem said the bilateral meetings among the participants provided them the opportunities to discuss the possibilities of co-operation with each other in common areas of interests. A large number of memorandums of understanding (MOUs) were signed among various entrepreneurs for trade exchange and joint venture projects, he said.
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