Khaled Al-Aboodi

Africa is Islamic banking’s new frontier

Several African countries are vying to become regional hubs for Islamic finance. Kenya has three Islamic banks, as well as an Islamic insurance company. A further five conventional banks offer sharia-compliant products through dedicated Islamic 'windows'. Kenya also hopes to issue a sovereign sukuk to raise funds for infrastructure and help foster an Islamic capital market. Nigeria, which has one Islamic bank, plans to do the same. South Africa, Senegal, Côte d’Ivoire and Togo have already issued sovereign sukuk. In north Africa Islamic finance has long been held back by a fear that it means introducing sharia law through the back door. South of the Sahara the problems are more structural. According to Thorsten Beck of City University in London, Islamic banks’ sources of funds are mainly short-term, making it hard for them to offer long-term financing. Khaled Al-Aboodi of the Islamic Development Bank says regulators don’t yet know how to deal with the sector. In Kenya Islamic transactions still face double taxation, which makes it hard to compete.

IDP and JCSB partner to grow #SME businesses

The Islamic Corporation for the Development of the Private Sector (ICD) and JSCB Microkreditbank Uzbekistan have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. The Line of Financing facility agreement for the amount of USD 12 million was signed by the CEO of ICD, Khaled Al-Aboodi and the Acting Chairman of JSCB Microkreditbank, Shukhrat Rasulov. The collaboration will focus on developing the private sector especially SMEs, improving the living standard, generating tax revenues for the government and promoting Islamic Banking in the country. Khalid Al-Aboodi stated that ICD was pleased to extend a line of financing facility to Microkreditbank which will enhance the impact of socio-economic development. Shukhrat Rasulov welcomed the partnership with ICD and ensured that JSCB was committed to providing professional banking services while promoting private entrepreneurship in the Republic of Uzbekistan.

ICD, stakeholders tackle opportunities, challenges

On the occasion of the Islamic Development Bank Group 42nd annual meeting, the Islamic Corporation for the Development of the Private Sector (ICD) organized a side event entitled ICD Clients Day. During the event, ICD seized the opportunity to meet with potential clients and stakeholders from private sectors. In addition, ICD presented its achievements in 2016 and awarded its Best Clients for 2016, namely Coris Bank International, Vitamed Medical Diagnostic Center and Al-Qadi Specialty Hospital. ICD general manager Khaled Al-Aboodi opened the session welcoming all the participants. Later on, Thomson Reuters presented the last edition of the Islamic Finance Development report. The event was a chance to share knowledge, to assess new opportunities and to network with the decision-makers, industry leaders and experts.

SunTrust, ICD Sign Agreement To Establish Non-interest Banking Window

SunTrust Bank #Nigeria has signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to establish a new non-interest banking window. The two institutions said they were determined to collaborate in order to establish a window that incorporates non-interest banking products and services in Nigeria. The CEO of SunTrust Bank, Mr Muhammad Jibrin, noted that the new offering is expected to attract investors from within and outside the country. On his part, Mr. Khaled Al-Aboodi of the ICD said he was looking forward to strengthening mutual efforts in establishing the non-interest window and promoting Islamic finance.

ICD and TUV SUD to develop private sector in Central Asia

The Islamic Corporation for the Development of the Private Sector (ICD) and TUV SUD signed a memorandum of understanding (MoU) to foster their joint operations in the countries of Central Asia. ICD's CEO Khaled Al-Aboodi and the managing director of TUV SUD Central Asia, Anar Ahmadov, signed the MoU on behalf of the two corporations in Astana, Kazakhstan. The aim of the MoU is to facilitate cooperation in promoting private sector participation and inform about business opportunities in countries of Central Asia. This partnership will enable the two institutions to work closely on market studies related to the transit and logistic sector in the common member countries.

ICD and International Association of Islamic Business (IAIB) sign a MoU

The Islamic Corporation for the Development of the Private Sector (ICD) and the International Association of Islamic Business (IAIB), signed a Memorandum of Understanding (MoU) to explore collaboration between entrepreneurs from Islamic countries and Russian Federation. The two institutions are determined to collaborate on introducing Islamic banking products in Russia and lobbying for changes in Russian banking legislation. ICD's CEO Khaled Al-Aboodi said he was looking forward to the collaboration, while IAIB President Marat Kabayev said the purpose of the partnership was to develop economic ties among Islamic countries, to promote Islamic Finance in Russia and attract investors from Islamic countries. ICD and IAIB also agreed to organize joint professional programmes, market research, workshops, publications, study tours and assistance in production and certification of Halal goods.

ICD plans regular taps of Islamic debt capital markets -CEO

The private sector arm of the Islamic Development Bank Group plans to regularly tap Islamic debt capital markets. Regular access to Islamic financing tools is helping the Islamic Corporation for the Development of the Private Sector (ICD) expand its economic development efforts. Last month ICD completed a debut sale of $300 mn worth of five-year sukuk. CEO Khaled Al-Aboodi said two more sovereign deals are expected this year from West African countries in particular to finance infrastructure projects.

Islamic finance ripe for growth: Al-Aboodi

In his keynote address at the IFN forum Saudi Arabia 2015, Khaled Al-Aboodi, CEO of Islamic Cooperation for the Development of the Private Sector (ICD) said that there is still a need of acquiring more knowledge and experience in Islamic finance. Al-Aboodi, while reviewing the latest global economic situation in the world, said growth remains moderate and uneven. The growth trajectories in emerging and developing markets vary significantly across countries, and in general, the outlook shows more weakening due to low prices of oil and other commodities, as well as the slowdown in China. As far as the Middle East and North Africa (MENA) region is concerned, the economic growth prospects is further hampered by geopolitical tensions and security challenges in some countries, he said.

CEO of Islamic Corporation for the Development of the Private Sector (ICD) bags the "Islamic Finance Personality of the Year" award in Manama

At the 5th Global Islamic Finance Awards (GIFA) 2015 held at the Gulf Convention Center, the CEO of Islamic Corporation for the Development of the Private Sector (ICD), Mr Khaled Al-Aboodi, was awarded the "Islamic Finance Personality of the Year" for his contribution to the development of the Global Islamic finance industry. The Global Islamic Finance Awards (GIFA) aims to highlight the best practices in Islamic banking and finance, and honor the efforts and contributions of individuals and institutions in the Islamic finance industry. Previous award recipients of GIFA include leaders such as Tun Abdullah Badawi, former Prime Minister of Malaysia and HE Shaukat Aziz, former Prime Minister of Pakistan.

Driving the Islamic Economy

Islamic Corporation for the Development of the Private Sector (ICD) CEO Khaled Al-Aboodi speaks out on the work he does around the world to bolster the private sector in accordance with the principles of Shari’ah law, and harnessing the Islamic economy’s vast potential. He says that all of the Halal activities need to be focused and there needs to be an established link between Islamic finance and the Halal activities, and make sure they are served by Islamic finance. The more links, the more demand there will be for Islamic finance, so these forces will work together to make both bigger. However, there are also weak links, like he lack of unified regulation for Islamic finance.

Nigeria and Ivory Coast negotiate the sukuk issuance with the Islamic Development Bank

Nigeria and Ivory Coast have begun negotiations with the Islamic Corporation for the Development of the Private Sector (ICD) for sukuk issuance. According to the ICD head Khaled Al-Aboodi, the two countries are looking to emulate Senegal’s successful move into the market for Islamic bonds. Al-Aboodi added that they were exploring with Nigeria and Ivory Coast. The issuance by Senegal has opened up the whole region, he said. The ICD hopes to support at least two countries in 2015 to issue a sukuk. Meanwhile, Niger has signed up for a sukuk programme worth 150 billion CFA francs ($260 million), although the timing has yet to be determined.

Nigeria to Emulate Senegal's Sukuk Success

Chief Executive of Islamic Corporation for the Development of the Private Sector (ICD), Khaled Al-Aboodi, says Nigeria and Ivory Coast are looking to emulate Senegal's successful move into the market for sukuk. Senegal, meanwhile, is discussing another sukuk after the ICD helped it arranged its debut $208 million Islamic bond last June. Nigeria's neighbour Niger has signed up for a sukuk programme worth 150 billion CFA francs ($260 million), although the timing has yet to be determined. Al-Aboodi said they hoped to issue the sukuk before the end of the year, adding that the tenor depended on its structure and investor appetite.

Islamic Development Bank to raise up to $1.2 billion- Chief Executive Khaled Al-Aboodi

The private sector arm of the Jeddah-based Islamic Development Bank plans to tap Islamic capital markets to raise as much as $1.2 billion in long-term funds during its current financial year, its chief executive Khaled Al-Aboodi said. The Islamic Corporation for the Development of the Private Sector (ICD) will also explore a capital increase as it expands its economic development activities, with a proposal to be presented to shareholders in June 2015. Fitch Ratings has assigned an AA credit rating to the ICD, which has a low level of leverage but which is expected to grow as the institution increases its lending activities. The ICD will consider both syndicated Islamic loans as well as issuance of sukuk, or Islamic bonds, Al-Aboodi added.

Tokyo deal boon for ICD member states

The Islamic Corporation for the Development of the Private Sector (ICD) and the Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad (BTMUM) have signed a memorandum of understanding (MoU) to form a joint strategic collaboration to tap opportunities in the Islamic finance industry. Khaled Al-Aboodi, ICD’s CEO and general manager, and Naoki Nishida, BTMUM CEO, inked the MoU at BTMU headquarters in Tokyo. The parties intend to leverage each other strengths and expertise especially to expand its Islamic finance activities in the ICD member countries. Khaled Al-Aboodi said the agreement will strengthen and deepen the ICD’s relationship with its non-traditional partners from the Pacific region especially to promote cross-border investment in ICD member states.

ICD boosting activity in Africa to widen Islamic finance appeal

The Islamic Corporation for the Development of the Private Sector (ICD) plans to increase its activities in Africa, part of plans to widen the appeal of Islamic finance across the region. Under a new strategy, the ICD is helping develop what it terms "Islamic finance channels" to spread sharia-compliant financial products more widely, ICD chief executive Khaled Al-Aboodi said. Such channels include Islamic banks, investment and ijara companies, and takaful and retakaful firms. Some of the projects will be led by Senegal-based Tamweel Africa Holding which will establish an Islamic bank in Benin and is finalizing a feasibility study for one in Mali. In Chad, the ICD is supporting the establishment of an Islamic bank and a leasing company, depending on the approval from local authorities.

ICD partners with Al-Ajial to invest in Moroccan private sector

Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) has signed a memorandum of understanding with Morocco’s Al-Ajial Funds (Al-Ajial). Through this partnership, ICD and Al-Ajial Funds will establish a framework of cooperation in order to co-invest in potential projects within Morocco’s private sectors. The ICD is particularly interested in Al-Ajial Funds’ experience in supporting Morocco’s private sector, according to ICD chief executive Khaled Al-Aboodi.

Chad's Islamic finance moves get ICD involvement

The Islamic Corporation for the Development of the Private Sector ( ICD ) and Chad's Ministry of Finance and Budget have signed a partnership agreement aiming at the creation of a local leasing company (ijara) and a local Islamic bank compliant to the principles of Islamic finance. The two future entities -- leasing company and Islamic bank -- will provide Shariah-compliant financial services and products with a special focus on the SME sector. Through this agreement, ICD will contribute to promote the development of Islamic finance and support SMEs. Minister of Finance and Budget of Chad Atteib Doutoum thanked the ICD and reaffirmed his full support to make the private sector a key player in the economic development of the country. He then promised to provide the necessary support of his Ministry to implement the two financial institutions.

ICD cements plans to launch mortgage finance company

Earlier this week, the Islamic Corporation for the Development of the Private Sector (ICD) was host to a meeting on a high level discussing the launch of a new national home finance company with committed shareholders. The brand name of the company will be Bidaya. In particular, the status of the new company's development and plans concerning the next steps towards the launch were discussed. According to Khaled Al-Aboodi - CEO of ICD - the Mortgage Law together with the recent release of draft regulations give the industry clarity and direction which was very necessary.

Islamic body to open banks in Mali, Benin

Two new Islamic banks are planned to be opened in Mali and Benin by the Islamic Corporation for the Development of the Private Sector (ICD). The openings are scheduled for next year. The initiative is part of the efforts to expand the industry's consumer base in Africa. According to Khaled Al-Aboodi, the development of Islamic banking in Africa is more important in terms of supplies than in terms of the potentially massive demand. ICD further intends to establish Islamic financial institutions including banks and takaful insurers in Africa. The established in 2009 Tamweel Africa Holding (TAH) is to contribute to the establishment, acquisition and management of Islamic financial institutions in West Africa.

Burj Bank announces Rs 147m profit in 6 months

The half yearly results of Burj Bank Limited (Burj) for the period until the end of June 2012 were made public. The bank registered profit before tax as high as Rs 147 million. The announcement is a reflection of the bank's turnaround in terms of continuous earning for the first two quarters of this year. Furthermore, the growth of the total deposits is 57% reaching Rs 32 billion in the first half of the year. The profits are seen as remarkable progress, especially having in mind the significant challenges the bank has faced in the period.

Syndicate content