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| (icric.org) IDB-SAARC cooperation can be of immense benefit |
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(Sukuk.net - Arab News) A proposal seeking cooperation between the Islamic Development Bank (IDB) and the South Asian Association for Regional Cooperation (SAARC) can benefit the member countries of both the organizations, Sri Lankan Consul General Abdul Latiff Mohamed Lafeer said yesterday.
SAARC is an economic and political organization of eight countries in Southern Asia including India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives and Bhutan, with Afghanistan becoming its eighth member last year.
Its sphere of influence is the largest of any regional organization as it has a combined population of almost 1.5 billion of its member states.
With its 56 member countries, the IDB is a specialized international financing institution that directly deals with its member countries, offering micro loans to mega projects. The purpose of the bank is to foster the economic development and social progress of member states and Muslim communities individually as well as collectively in accordance with the Shariah principles.
Its assistance covers areas including infrastructure development, health care and poverty eradication, which can be beneficial to even SAARC's non-Muslim member countries, said Lafeer who was inadvertently reported as Bangladesh consul general in these columns yesterday.
"The proposal I made to IDB President Dr. Ahmed Muhammad Ali for cooperation between the two groups over the weekend was meant to get an idea of the IDB's response, which is positive. I will now forward the details of our meeting to the foreign affairs ministry of Sri Lanka, which currently chairs the SAARC," Lafeer said.
Source: Sukuk.net
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