IDB, WB eye $1.9 trillion Islamic finance market

Updated 23 January 2018
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IDB, WB eye $1.9 trillion Islamic finance market

RIYADH: The Islamic Development Bank (IDB) and the World Bank are to use the rapidly growing Islamic finance market for infrastructure development projects through public-private partnerships (PPP).
The IDB recently organized a forum in Washington in partnership with the World Bank on this subject, IDB spokesperson Dr. Abdul-Hakim Elwaer told Arab News on Sunday.
IDB Vice President Dr. Mansur Muhtar represented IDB President Dr. Bandar Hajjar during the forum attended by IDB member countries.
“The IDB, in partnership with the World Bank, will work to unlock the potential of the $1.9 trillion Islamic finance market to mobilize resources for infrastructure development projects using public-private partnership (PPP),” Muhtar told the forum.
The IDB vice president made the statement based on a report, “Mobilizing Islamic Finance for Infrastructure-Public Private Partnership,” which was funded by the Jeddah-based development bank.
The World Bank suggested that the Islamic financial market has reached $1.9 trillion over the past six decades.
Elwaer said the aim of the forum was to create awareness about the potential for infrastructure development through PPP, especially in developing countries.
“This falls in line with the new development orientations of IDB member countries including Saudi Arabia, whose ambitious 2030 plan is targeting to increase the private sector’s contribution to the GDP (gross domestic product) from 40 to 65 percent,” he said.
He said the Kingdom aims to achieve this through increasing the use of PPPs and through the privatization of government entities.
Dr. Mahmoud Mohieldin, World Bank senior vice president on sustainable development goals, said: “One of the advantages that the IDB has in using Islamic finance is localization.
“The IDB has worked in many villages in its areas of operation, and has always demonstrated how localization helps in benefiting from Islamic finance.”


Saudi public prosecution announces results of investigation into Khashoggi killing

Updated 6 min 20 sec ago
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Saudi public prosecution announces results of investigation into Khashoggi killing

RIYADH: Saudi Arabia’s public prosecutor said on Thursday he was seeking the death penalty for five out of 11 suspects charged in the murder of Saudi journalist Jamal Khashoggi.

Khashoggi was killed in the country’s Istanbul consulate on Oct. 2 after a struggle by a lethal injection dose and his body was dismembered and taken out of the building, he told reporters in Riyadh.

The Prosecutor said Khashoggi’s body parts were then handed over to a local Turkish agent outside the consulate grounds, the spokesman said, adding that the drawing of the agent has been prepared and will be handed over to the Turkish authorities.

He said that the head of Khashoggi’s repatriation team was the one who ordered the killing of the victim, adding that the investigations into the whereabouts of the victim’s body are still ongoing.

He noted that the mission of the team was to persuade Khashoggi to return to the kingdom.

The prosecutor said a former adviser had been due to meet the team that was ordered to repatriate journalist Khashoggi, who was killed after efforts to negotiate his return failed.

He added that the ex-advisor had been banned from travelling and remained under investigation, and that the case has been transferred to court while investigations continue.