ADB, Islamic Development Bank to Set Up Shari'ah-Compliant Infrastructure Fund

MANILA, PHILIPPINES – The Asian Development Bank (ADB) and the Islamic Development Bank (IDB) today agreed to set up Asia's first major multi-country Islamic infrastructure fund.

The Islamic Infrastructure Fund, targeted at $500 million, will make Shari'ah-compliant equity investments in the 12 countries that are borrowing members of both development banks; currently Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.

Read the full news release.