ISLAMIC BANKS ESTABLISH 50 MLN DLR TRADE PORTFOLIO
The Islamic Development Bank (IDB) and
20 Islamic Banks signed an agreement to establish a 50 mln dlr
trade portfolio to finance trade among Islamic countries, IDB
sources said.
    They said IDB's share in the portfolio, which will only
finance exports and imports of the private sector, was limited
to up to 25 mln dlrs.
    The sources said shares in the porfolio could be traded or
redeemed by the IDB, adding that this was a major step in
establishing an Islamic financial market.
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