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Islamic banking to debut in Gujarat

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Gandhinagar, May 26: Jeddah-based Islamic Development Bank (IDB) is set to start its India operations from Gujarat. The international financial institution from Saudi Arabia has chosen Gujarat to set up its first branch in India. The state will also get 30 medical vans as part of IDB’s social sector initiatives.

IDB’s main objective is to foster the economic development and social progress of member countries as well as the Muslim community in accordance with principles of Shariah (Islamic law). The bank has 56 Islamic countries as its members.

During prime minister Narendra Modi’s visit to UAE in April this year, India’s EXIM Bank had signed a memorandum of understanding with IDB for a $100 million line-of-credit to facilitate exports to IDB’s member countries.

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