Ajman Chamber of Commerce and Industry Participated in the conference of Islamic Banks in Africa recently hosted by the Arab hotel and was attended by a number of ambassadors, consuls and businessmen and representatives of chambers of commerce in the country.
The Chamber paper presented during the conference by, Dr. Abdel-Fattah, Mohamed Farah, the Economic Adviser to the Ajman Chamber of Commerce and Industry who suggested the establishment of a charity investment bank aiming to finance the economic and social development in rural and developing communities. Dr. Abdel Fattah Farah said that the proposed bank does not deal with the interests but it receives current bank deposits, together with investment and savings accounts and charitable endowments from charitable donors of private entities and government support that is to be channeled to areas that may be identified by the donors or to the community development by mandate from the same.
The paper describes the community-based projects which the Bank can invest in, such as agriculture, livestock, fishery and related industries to contribute to rural development and prepare individuals for production within the community-based projects and the exploitation of natural resources and human-performing investment and to distribute dividends and provide community services.
And the owners of investment accounts and savings shall gain their share of the profits, while the Bank's share shall be circulated once again to the same direction, in addition to the proceeds of endowment and charitable incomes as a substitute for consumable aids following the methodology of assistance on production and not just by feeding.