JEDDAH, 30 October — The Islamic Development Bank (IDB) said yesterday that it would double its paid-in capital to $10.8 billion to meet the financing needs of its member states.
IDB officials said the Jeddah-based bank would raise its paid-in capital from the current 4.1 billion Islamic dinars by issuing 400,000 new units priced at 10,000 Islamic dinars each.
There are $1.34 to the Islamic dinar, a unit pegged to the dollar and used only by the IDB.
"It has been agreed to increase the bank’s authorized capital to 15 billion Islamic dinars ($20 billion) from nine billion dinars, and to increase the paid-in capital by four billion dinars to 8.1 billion dinars," a bank official said.
"No timeframe has been given for the subscription in the new units. The increase was aimed at strengthening the bank’s financial base to help meet financing requirements of its 53-member states," the official said.
