Financial Ties between Malaysia and Iran

Financial Ties between Malaysia and Iran

Minister of Economic Affairs and Finance Masoud Karbasian met with top-ranking officials of the Islamic Development Bank as well as his counterpart from Malaysia.

In the present membership of the bank, which consists of 57 countries, Iran ranks third with a total share of 8.25% and stands behind Libya and Saudi Arabia that respectively hold 9.43% and 23.50% of shares. The basic condition for membership is that the prospective member country should be a member of the Organization of Islamic Cooperation.

In the meeting with IDB officials, Karbasian called on them to consider the rights of all member states and pointed to the multilateral development bank’s special standing in the region.

Karbasian talked about ways through which the Iranian private sector will be able to enjoy facilities offered by IDB and it was decreed that both sides would negotiate further when an IDB delegation travels to Iran in the foreseeable future.