Cumulative subscription to IDB's capital rises to $ 70 billion: IINA Report

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Sunday 31 Jan 2016 - 11:07 Makkah mean time-21-4-1437 IDB President DR Ahmad Mohamed Ali Jeddah (IN) – The Jeddah-based Islamic Development Bank (IDB) said that the subscription and payment of member states to the capital of the Bank has exceeded 50.5 billion Islamic Dinars for the first time since its inception more than 40 years ago. The Islamic Dinar is the unit of account of IDB, which is equivalent to one Special Drawing Right (SDR) of the International Monetary Fund (IMF). Each Islamic Dinar equaled to $ 1.38 in the IDB's latest report published on January 28.  According to the report which was seen by the International Islamic News Agency (IINA), the IDB's data showed that total subscriptions increased to 50.582 billion Islamic dinars, equivalent to $ 69.90 billion, at the end of Financial Year 1436H (which is according to the lunar calendar the year ending on 13 October 2015), compared to 49.86 billion Islamic dinars ($ 68.90 billion) from the previous year. Ten countries out of the 56 member states of IDB contribute 86.54 percent (about 43.78 billion Islamic dinars, or the equivalent of $ 60.50 billion) of the subscribed capital of the bank. Saudi Arabia tops the list of the major shareholding states by 23.52 percent (11.896 billion dinars), followed by Libya 9.43 percent (4.77 billion dinars), Iran 8.25 percent (4.17 billion dinars), Nigeria 7.66 percent (3.87 billion dinars), United Arab Emirates 7.51 percent (3.8 billion dinars), Qatar 7.18 percent (3.63 billion dinars), Egypt, 7.08 percent (3.58 billion dinars), Kuwait 6.92 percent (3.5 billion dinars) Turkey 6.45 percent (3.26 billion dinars) and Algeria 2.54 percent (1.285 billion dinars). The IDB’s Board of Governors had approved, in their meeting held in Dushanbe, Tajikistan, in May 2013 to more than triple the Bank’s authorized capital to 100 billion Islamic Dinars (about $150 billion) from 30 billion Dinars, to better serve Muslims in member and non-member countries. The IDB Group consists of five entities, namely the Islamic Development Bank (IDB); Islamic Research & Training Institute (IRTI); Islamic Corporation for Development of the Private Sector (ICD); Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC). Zayed Sultan/AB/IINA