Jeddah, 1.2.09 : A Memorandum of Understanding was signed today between the Islamic Development Bank (IDB) and the International Islamic Forum for Science & Technology and Human Resources Development (IIFTIHAR) for providing a general framework to facilitate cooperation between IDB and IIFTIHAR in promoting economic and social development through science and technology. The MoU was signed by H.E. Prof. Dr Bacharuddin Yusuf Habibie, the former Indonesian President and Chairman of IIFTIHAR, and H.E. Dr. Ahmad Mohamed Ali the President of IDB. As per the MoU, the IDB will provide assistance to IIFTIHAR to develop commercial properties through Waqf ( Islamic Endowment) concept, and prepare feasibility study of the proposed Waqf Project by extending technical assistance. In addition the Bank will cooperate in financing the construction of the IIFTIHAR's first Waqf Project in Jakarta. IIFTIHAR is a Non-Governmental Organization based in Jakarta, Indonesia. It was established in 1996 under the chairmanship of H.E. Prof. Dr. Bacharuddin Yusuf Habibie. The main objective of IIFTIHAR is to enhance science and technology and support capacity building in Islamic countries and communities. Among its membership , IIFTIHAR also has around 84 scientists from different Islamic organizations in the world.