Thursday, 12 January 2017

Islamic Development Bank to open first Indian branch in Gujarat

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India will soon have Islamic banking facilities with the Saudi Arabia-based Islamic Development Bank (IDB) set to start its India operations from Gujarat, the Gulf kingdom's envoy in New Delhi said on Wednesday.

I would like to point to a very important development in our cooperation with the state of Gujarat, and that is Jeddah-based Islamic Development Bank (IDB) is set to start its India operations from Gujarat," Saudi Ambassador to India Saud Al Sati said at the Vibrant Gujarat Global Summit here. During Prime Minister Narendra Modi's visit to UAE in April last year, the Indian 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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