US$1 Bln Islamic Bank Launched At IDB’s Conference

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, Reuters reported.
Jeddah-based IDB finances projects to fight poverty in Muslim countries.