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Jakarta Post

Islamic funding initiative aims to help reduce poverty

  • Desy Nurhayati

    The Jakarta Post

Jakarta   /   Sat, March 8 2008   /  12:10 pm

Indonesia has come out in support of an initiative by the Islamic Development Bank (IDB) to establish a fund aimed at promoting solidarity and cooperation among Islamic countries in line with poverty alleviation movements. President Susilo Bambang Yudhoyono on Thursday met with the president of the IDB, Ahmed Mohammed Ali Al Madani, at the State Palace. They discussed the idea of establishing the Islamic Solidarity Fund for Development (ISFD), which was proposed during an Organization of the Islamic Conference (OIC) meeting in 1991. Finance Minister Sri Mulyani Indrawati said after the meeting the ISFD was a fund collected by OIC member countries and the IDB to be disbursed for poverty alleviation programs in Islamic countries. "As of now, we have collected US$2.6 billion, with $1.6 billion from OIC members and the remaining from the IDB. We have target...