IDB, Albaraka, Qatar to Launch $1 Bln Islamic Bank.
Summary: The Saudi-based Islamic Development Bank Islamic Development Bank (also known as IDB), is a multilateral development financing institution. located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC), convened 18 December 1973. (IDB (ITS Data Bus) An interface between devices in an automobile endorsed by the Society of Automotive Engineers (SAE). Designed to fulfill the goal of Intelligent Transportation Systems (ITS), the ITS Data Bus enables engine diagnostic equipment, GPS navigation systems, ), Saudi lender Dallah Albaraka Group and Qatar Qatar or Katar (both: kŭ`tər, gŭ–, kətär`), officially State of Qatar, independent emirate (2005 est. pop. 863,000), c. have signed an agreement to launch an Islamic bank, officials said on Tuesday
The Saudi-based Islamic Development Bank (IDB), Saudi lender Dallah Albaraka Group and Qatar have signed an agreement to launch an Islamic bank, officials said on Tuesday.
The lender would be based in Doha and have a paid up capital of $1 billion, officials told the IDB's annual conference in the Sudanese capital Khartoum.
No more details were immediately available.
Jeddah-based IDB finances projects to fight poverty in Muslim countries.
(Reporting by Ulf Laessing; Editing by Greg Mahlich)
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