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International Islamic Trade Finance Corporation
The International Islamic Trade Finance Corporation (ITFC) aims to develop and expand intra-Organisation of Islamic Cooperation trade. History Since its inception in 1395H (1975G), the aim of the Islamic Development Bank (IDB) has been to improve the lives of ordinary people across the Islamic world by raising economic standards and increasing prosperity within the member countries of the Organisation of Islamic Cooperation (OIC, formerly the Organisation of the Islamic Conference). IDB recognized that this goal could be achieved by advancing trade within the Islamic world. The development of trade between OIC member countries is fundamental to this process. The first formal proposal was made by the Custodian of the Two Holy Mosques during the 10th OIC Summit held in Putrajaya, Malaysia in 1424H (2003G) and supported the following year by the United Arab Emirates at an IDB Board of Governors Meeting in Iran. The ITFC was mandated to streamline and consolidate operations within the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jeddah, Saudi Arabia
Jeddah ( ), also spelled Jedda, Jiddah or Jidda ( ; ar, , Jidda, ), is a city in the Hejaz region of the Kingdom of Saudi Arabia (KSA) and the country's commercial center. Established in the 6th century BC as a fishing village, Jeddah's prominence grew in 647 when the Caliphate, Caliph Uthman, Osman made it a major port for Indian Ocean trade routes, channelling goods to Mecca, and to serve Muslims, Muslim travelers for Islamic pilgrimage. Since those times, Jeddah has served as the gateway for millions of pilgrims who have arrived in Saudi Arabia, traditionally by sea and recently by air. With a population of about 4,697,000 people as of 2021, Jeddah is the largest city in Makkah Province, the largest city in Hejaz, the List of cities in Saudi Arabia by population, second-largest city in the Saudi Arabia (after the capital Riyadh), and the Largest metropolitan areas of the Middle East, ninth-largest in the Middle East. It also serves as the administrative centre of the Organis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Development Bank
The Islamic Development Bank ( ar, البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being Saudi Arabia. History It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the King of Saudi Arabia at the time ( Faisal), and began its activities on 3 April 1975. On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries. The Bank has received credit ratings of AAA from Standard & Poor's, Moody's, and Fitch. Saudi Arabia holds about one quarter of the bank's paid up capital. The IDB is an observer at the United Nations General Assembly. Membership The presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organisation Of Islamic Cooperation
An organization or organisation (Commonwealth English; see spelling differences), is an entity—such as a company, an institution, or an association—comprising one or more people and having a particular purpose. The word is derived from the Greek word ''organon'', which means tool or instrument, musical instrument, and organ. Types There are a variety of legal types of organizations, including corporations, governments, non-governmental organizations, political organizations, international organizations, armed forces, charities, not-for-profit corporations, partnerships, cooperatives, and educational institutions, etc. A hybrid organization is a body that operates in both the public sector and the private sector simultaneously, fulfilling public duties and developing commercial market activities. A voluntary association is an organization consisting of volunteers. Such organizations may be able to operate without legal formalities, depending on jurisdiction, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Two Holy Mosques
Custodian of the Two Holy Mosques (abbreviation ''CTHM''; ar, خَادِمُ ٱلْحَرَمَيْنِ ٱلشَّرِيفَيْنِ, '), Servant of the Two Noble Sanctuaries or Protector of the Two Holy Cities, is a Royal and noble styles, royal style that has been used by many Muslim rulers, including the Ayyubid dynasty, Ayyubids, the Mamluk Sultanate, Mamluk sultans of Egypt, the List of sultans of the Ottoman Empire, Ottoman sultans, Kingdom of Hejaz, Kings of Hejaz and in the modern age, King of Saudi Arabia, Saudi Arabian kings. The title was sometimes regarded to denote the ''de facto'' Caliph of Islam, but it mainly refers to the ruler taking the responsibility of guarding and maintaining the two Holiest sites in Islam, holiest mosques in Islam: Masjid al-Haram, Al-Haram Mosque ( ar, اَلْمَسْجِدُ ٱلْحَرَامُ, Al-Masjid al-Ḥarām, links=no, "The Sacred Mosque") in Mecca and the Al-Masjid an-Nabawi, Prophet's Mosque ( ar, اَلْمَسْجِدُ ٱل ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arab Bank For Economic Development In Africa
The Arab Bank for Economic Development in Africa (BADEA) (Banque Arabe pour le Développement Economique en Afrique) (المصرف العربي للتنمية الاقتصادية في أفريقيا) was established pursuant to the resolution of the 6th Arab Summit Conference at Algiers (28 November 1973). The Bank began operations in March 1975. BADEA is a financial institution owned by eighteen Arab countries members of the League of Arab States (LAS) which signed its Establishing Agreement on 18 February 1974. The Bank is an independent International Institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law. Structure and Objectives Headquarters The Bank's Headquarters are located in Khartoum, the capital of the Republic of the Sudan. Objectives The Bank was created for the purpose of strengthening economic, finan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arab League
The Arab League ( ar, الجامعة العربية, ' ), formally the League of Arab States ( ar, جامعة الدول العربية, '), is a regional organization in the Arab world, which is located in Northern Africa, Western Africa, Eastern Africa, and Western Asia. The Arab League was formed in Cairo on 22 March 1945, initially with six members: Kingdom of Egypt, Egypt, Kingdom of Iraq (1932–1958), Iraq, Emirate of Transjordan, Transjordan (renamed Jordan in 1949), Lebanon, Saudi Arabia, and Syria. Yemen joined as a member on 5 May 1945. Currently, the League has member states of the Arab League, 22 members, but Syria's participation has been suspended since November 2011. The League's main goal is to "draw closer the relations between member states and co-ordinate collaboration between them, to safeguard their independence and sovereignty, and to consider in a general way the affairs and interests of the Arab countries". The organization has received a relatively l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tajikistan
Tajikistan (, ; tg, Тоҷикистон, Tojikiston; russian: Таджикистан, Tadzhikistan), officially the Republic of Tajikistan ( tg, Ҷумҳурии Тоҷикистон, Jumhurii Tojikiston), is a landlocked country in Central Asia. It has an area of and an estimated population of 9,749,625 people. Its capital and largest city is Dushanbe. It is bordered by Afghanistan to the south, Uzbekistan to the west, Kyrgyzstan to the north, and China to the east. It is separated narrowly from Pakistan by Afghanistan's Wakhan Corridor. The traditional homelands of the Tajiks include present-day Tajikistan as well as parts of Afghanistan and Uzbekistan. The territory that now constitutes Tajikistan was previously home to several ancient cultures, including the city of Sarazm of the Neolithic and the Bronze Age and was later home to kingdoms ruled by people of different faiths and cultures, including the Oxus civilization, Andronovo culture, Buddhism, Nestorian Ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Finance
Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. It signifies financing for trade, and it concerns both domestic and international trade transactions. A trade transaction requires a seller of goods and services as well as a buyer. Various intermediaries such as banks and financial institutions can facilitate these transactions by financing the trade. Trade finance manifest itself in the form of letters of credit (LOC), guarantees or insurance and is usually provided by intermediaries. Description While a seller (or exporter) can require the purchaser (an importer) to prepay for goods shipped, the purchaser (importer) may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks may assist by providing various forms of support. For example, the importer's bank may provide a letter of credit to the exporter (or the exporter's bank) providing for payment upon presentation of cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include ''Mudarabah'' (profit-sharing and loss-bearing), ''Wadiah'' (safekeeping), ''Musharaka'' (joint venture), ''Murabahah'' (cost-plus), and ''Ijara'' ( leasing). Sharia prohibits ''riba'', or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to ''riba''). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also ''haram'' ("sinful and prohibited"). These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices. In the late 20th century, as part of the revi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
