BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Muscat, Oman
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Jeddah, Saudi Arabia
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Kuwait City, Kuwait
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Manama, Bahrain
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Detailed explanation-1: -The Islamic Development Bank is a multilateral development bank (MDB), working to improve the lives of those we serve by promoting social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale.
Detailed explanation-2: -INTRODUCTION TO IDB GROUP It is headquartered in Jeddah (Saudi Arabia) with three regional offices in member countries: Almaty (Kazakhstan), Kuala Lumpur (Malaysia), and Rabat (Morocco). It also has field representatives in seven member countries: Indonesia, Iran, Kazakhstan, Libya, Pakistan, Senegal and Sudan.
Detailed explanation-3: -2.1 ISLAMIC DEVELOPMENT BANK (IDB) The IDB was established in pursuance of the Declaration of Intent issued at the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Qa’adah 1393H (December 1973).
Detailed explanation-4: -Saudi Arabia does not officially recognize the concept of Islamic banking. The logic is that if one bank is recognized as an Islamic institution then all others, by implication, would be un-Islamic. The official line was that all banks operating in Saudi Arabia were by definition Islamic.
Detailed explanation-5: -There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.