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Islamic finance institutions invited to Guyana next year

Representatives from several Islamic development and finance institutions might arrive in Guyana in the starting of 2019 at the invitation of Winston Jordan, Guyana's Minister of Finance.

In 2017, the South American country became the 57th member country of the Islamic Development Bank (IsDB) and has already secured three agreements for loan and grant support due to the high level of interest the Bank has in expanding its operations into Latin America and the Caribbean.

Over the past week, Mr. Jordan and a team of officials from Guyana visited the Islamic Development Bank (IsDB) in Jeddah, Kingdom of Saudi Arabia (KSA) at the invitation of IsDB President, Dr Bandar Hajjar. The Guyana delegation had an opportunity to learn more about the five entities comprising the IsDB Group, the functional areas of the bank, the financial and technical support available and the process of accessing this support.

The five entities of the IsDB Group are; the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Research and Training Institute (IRTI), the Islamic Corporation for Development of the Private Sector (ICD), And the Islamic solidarity Fund for Development (ISFD)

IsDB is a multilateral development bank (MDB), working to improve the lives of those it serves by promoting social and economic development in Muslim countries and other communities worldwide. The present membership of the Bank consists of 57 countries. The basic condition for membership is that the

prospective member country should be a member of the Organization of the Islamic Cooperation (OIC), of which Guyana has been since 1998.

IsDB says one of its key objectives is to bring together the public and private sectors as well as civil society groups to foster development through Public Private Partnerships and other joint projects.

In the last two decades, the IsDB has secured an AAA rating, and become the largest global issuer of Sukuk (Islamic bonds), through which it funds research and training to develop the future of Islamic banking and finance.

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