ID :
48466
Mon, 03/02/2009 - 15:36
Auther :
Shortlink :
https://oananews.org//node/48466
The shortlink copeid
IZO PICKS BMB GROUP TO MANAGE FUND
DUBAI, March 2 (Bernama) -- The International Zakat Organisation (IZO), a
new charitable body of the Organisation of the Islamic Conference (OIC), has
selected The BMB Group to lead a new global charitable initiative which promises
to be the largest in the Islamic world.
In a statement here Monday, Dr Ahmad Zahid Hamidi, Minister in the
Prime Minister's Department and chairman of IZO board of directors, said the
proposed over US$3 billion (US$1=RM3.69) Global Zakat and Charity Fund would
manage charitable funds to address needy causes in the world.
"Every Muslim has the responsibility to solve the collective crises of
poverty, corruption and inequality suffered by millions of Muslims throughout
the Islamic world," he said.
The BMB Group Ltd (The BMB Group), a leading global alternative asset
management and financial services firm, is headquartered in the Cayman Islands.
Its parent company is based in Brunei with offices in London, New York,
Kuala Lumpur and the Middle East.
The BMB Group was founded by Rayo Withanage, with over US$10 billion in
assets under management.
Its participation in the IZO fund is the group's first association with an
international non-profit organisation.
The BMB Group chairman, Prince Abdul Ali Yil Kabier, said the firm's lead
role in the initiative reinforced its sincere commitment to the global Islamic
community.
"The global community is facing serious economic challenges and it is
imperative for Muslims to unite for the common good, working to alleviate the
social, economic and environmental challenges that confront us," he said.
According to the statement, many of the 57 members of the OIC had already
committed themselves to IZO and its initiatives.
It said in addition to co-managing the Fund, The BMB Group would assist in
involving the remaining governments in this special project.
"The Fund will invest in community development projects with an emphasis on
sustainability, targeting four major areas, namely income generation through
the provision of private equity investments to small and medium enterprises and
development of social enterprise through the establishment of hospitals,
educational institutions and housing developments.
"The rest are development of agricultural and other vital infrastructure,
and the provision of relief and emergency funding," it said.
It said the Fund would be run on a professional asset management basis and
would be co-managed by IZO and The BMB Group.
In 2004, Malaysian Prime Minister Abdullah Ahmad Badawi, in his capacity as
then OIC chairman, had proposed that an organisation on zakat be established to
eradicate poverty among the ummah.
The proposed establishment of the IZO was subsequently endorsed during the
34th OIC Foreign Ministers' Meeting in Islamabad, Pakistan, in May 2007.
-- BERNAMA
new charitable body of the Organisation of the Islamic Conference (OIC), has
selected The BMB Group to lead a new global charitable initiative which promises
to be the largest in the Islamic world.
In a statement here Monday, Dr Ahmad Zahid Hamidi, Minister in the
Prime Minister's Department and chairman of IZO board of directors, said the
proposed over US$3 billion (US$1=RM3.69) Global Zakat and Charity Fund would
manage charitable funds to address needy causes in the world.
"Every Muslim has the responsibility to solve the collective crises of
poverty, corruption and inequality suffered by millions of Muslims throughout
the Islamic world," he said.
The BMB Group Ltd (The BMB Group), a leading global alternative asset
management and financial services firm, is headquartered in the Cayman Islands.
Its parent company is based in Brunei with offices in London, New York,
Kuala Lumpur and the Middle East.
The BMB Group was founded by Rayo Withanage, with over US$10 billion in
assets under management.
Its participation in the IZO fund is the group's first association with an
international non-profit organisation.
The BMB Group chairman, Prince Abdul Ali Yil Kabier, said the firm's lead
role in the initiative reinforced its sincere commitment to the global Islamic
community.
"The global community is facing serious economic challenges and it is
imperative for Muslims to unite for the common good, working to alleviate the
social, economic and environmental challenges that confront us," he said.
According to the statement, many of the 57 members of the OIC had already
committed themselves to IZO and its initiatives.
It said in addition to co-managing the Fund, The BMB Group would assist in
involving the remaining governments in this special project.
"The Fund will invest in community development projects with an emphasis on
sustainability, targeting four major areas, namely income generation through
the provision of private equity investments to small and medium enterprises and
development of social enterprise through the establishment of hospitals,
educational institutions and housing developments.
"The rest are development of agricultural and other vital infrastructure,
and the provision of relief and emergency funding," it said.
It said the Fund would be run on a professional asset management basis and
would be co-managed by IZO and The BMB Group.
In 2004, Malaysian Prime Minister Abdullah Ahmad Badawi, in his capacity as
then OIC chairman, had proposed that an organisation on zakat be established to
eradicate poverty among the ummah.
The proposed establishment of the IZO was subsequently endorsed during the
34th OIC Foreign Ministers' Meeting in Islamabad, Pakistan, in May 2007.
-- BERNAMA
