Qa'dah 17, 1431, Oct 25, 2010, SPA -- The Islamic Development Bank (IDB) President Dr. Ahmad Mohammed Ali, said recently that the IDB over the past three decades has played a pivotal role in the development of the Islamic Financial Services Industry. "This role covers investing in the equity capital of Islamic financial institutions, financing Auqaf (Endowments) projects, and building a capacity in the field of Islamic banking, Takaful, Islamic Microfinance, Corporate Governance, Auqaf and Zakat, said Dr.Ali during a speech to the participants of a forum organized recently by Harvard Law School on the subject entitled ”The Role of the Islamic Finance in the Economic Development.” He said the Bank has nurtured the development of standard bodies such as, Islamic Financial Services Board (IFSB), the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI), the General Council for Islamic Banks and Financial Institutions (CIBAFI), the International Islamic Financial Market (IIFM), the Islamic International Rating Agency (IIRA) and the International Islamic Center for Reconciliation and Arbitration (IICRA). --MORE
