Islamic Development Bank First Branch in India - GK for Bank Exam

IDB Aka Islamic Development bank is a Saudi Arabia based bank formed in 1975.  As a part of MoU signed between IDB and India’s EXIM Bank during Prime Minister Narendra Modi visit to United Arab Emirates (UAE) in April 2016, bank is going to open its first branch in India at Ahmedabad, Gujarat.

IDB Bank Quick Overview:

• Motto: Together We Build A Better Future
• Headquarters: Jeddah, Saudi Arabia
• President : Ahmad Mohamed Ali Al-Madani
• Associated organizations: ICD
• No. of Member Countries : 56
• Official website: http://www.isdb.org/

 These current affair questions are most likely to be asked in various IBPS recruitment exams.

GK Question : Where will be Islamic development bank's first branch in India

Answer - Ahmadabad, Gujarat.
Other branches will be rolled out soon.

GK Question : What will be IDB's Social ventures in Gujarat?

Answer - As a social initiative, IDB has decided to provide 30 medical vans.IDB has promised to donate $55 million to India to set up some 350 mobile medical units for rural regions.

GK Question : What oppositions did IDB faced in India?

Answer - VHP(Vishwa Hindu Parishad) has decided to oppose the opening of IDB branches. Many other Hindu groups are also opposing the opening of Sharia-compliant international bank.

GK Question : Who will be benefited by the financial services of Islamic Development Bank?

Answer - Muslims & Non Muslims both will be recipient  of loan of Islamic finance. - other benefits too.