IDB's agenda gathers pace (Islamic Development Bank plan of action)

The Islamic Development Bank (IDB), based in Jeddah, has recently embarked on a number of projects that will greatly influence the Islamic finance sector. The Islamic Research and Training Institute (IRTI), the research and the London market. IDB is also planning to play a larger role in project and development finance. IDB must strengthen its initiatives on musharaka if it is to have a substantial influence on the structure of Islamic finance. The bank hopes to introduce istisnas-a medium term of financing focused on trading in capital goods. If it is successful with the use of istisnas, IDB will soon be able to finance working capital. The organization is currently attempting to gain equity positions in new banks. It is also looking for new markets, such as in Central Asia. IDB further hopes to orchestrate regular meetings with a Co-ordination Group consisting of the major players in Islamic finance. If IDB is to move forward, it must not be a Gulf-centric organization. The develop