JEDDAH, July 5 (KUNA) -- The growth rates of Muslim economies have dropped
from 5.7 percent in 2010 to 4.9 percent in 2011, a specialized economic report
showed on Thursday.
The report of the Islamic Development Bank (IBD) said these economies have
been gravely impacted by the struggling global economy, eurozone debt crisis
and the political upheavals in the Middle East and North Africa region.
It, however, unveiled that the current account surpluses for the IDB
members have jumped from 4 percent of the country's GDP in 2010 to 5.6 percent
of the GDP in 2011.
Data also showed foreign debt of member states have eroded from 32 percent
of the GDP to only 29.5 percent of the GDP in the corresponding time.
The report added that the global economic recovery still facing major
challenges, noting that the global growth rates have plummeted from 5.3
percent in 2010 to roughly 4 percent in 2011.
The Islamic Development Bank is an international financial institution
established in pursuance of the Declaration of Intent issued by the Conference
of Finance Ministers of Muslim Countries held in Jeddah December 1973.
The purpose of the bank is to foster the economic development and social
progress of member countries and Muslim communities individually as well as
jointly in accordance with the principles of Shariah.
There are 56 shareholding member states. On the basis of paid-up capital,
major shareholders include: Saudi Arabia, Libya, Iran, Egypt, Kuwait, Turkey,
Qatar, UAE and Nigeria.(end)
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