MSIAN MINISTER OUTLINES ROLE FOR IDB ON INVESTMENT PARTNERSHIPS

KUALA LUMPUR, June 24 (Bernama) -- The Islamic Development Bank (IDB) can
be an intermediary towards forging investment partnerships, particularly on
syariah compliant investments, between its wealthier members and Asia, the
Middle East, Central Asia and Africa(MAMICA) economies.

Second Finance Minister Ahmad Husni Hanadzlah in stating this said the IDB
has among its members, some of the world's richest countries while there are
others at the opposite end of the spectrum.

"The IDB can serve as an intermediary and conduit of capital, technical
resources and advice like no other multilateral organisation can.

"I am convinced that the bank's position can be further strenghtened as an
important champion of economic empowerment for the Muslim world.

"Let us consider the establishment of the world's first supra-sovereign
wealth fund. On behalf of the high-income economies, the fund is to invest in
MAMICA manufacturing, services, natural resources and portfolio investment
sectors," he said in his speech at the 35th IDB Annual Meeting in Baku,
Azerbaijan, Wednesday.

The text of Ahmad Husni's speech was released here Thursday.

He said such an effort could also provide returns that are compatible to the
global sovereign wealth funds industry.

In reinforcing the IDB's role as a catalyst of change, Ahmad Husni said the
profits from the supra-sovereign wealth fund, in excess of a mutually-agreed
threshold, could be channelled into a low-yield fund to finance
capacity-building programmes in the less-privileged Muslim countries.

"Collectively, we have the capability to empower our less fortunate
brothers, to provide them the resources to build a common future of shared
prosperity," he explained.

According to Ahmad Husni, it is estimated that the top 12 of the world's
sovereign wealth funds are Muslim-owned.
-- BERNAMA