Islamic Corporation for the Development of the Private Sector (ICD)

Asia’s Islamic finance industry growing stronger by the year

The Malaysia International Islamic Finance Center (MIFC) published in cooperation with the Islamic Corporation for the Development of the Private Sector (ICD) the latest report entitled “Islamic finance in Asia: Reaching new heights”. According to the report, Asia’s Islamic finance assets registered an annual growth of 8.4% between 2011 and 2016 and stood at $528.7bn, or 26% of the world’s Shariah-compliant financial assets, at the end of 2017. Furthermore, Asia has grown to the largest market for sukuk. $52.3bn or 52.5% of all newly issued sukuk came from Asia in 2017, with most notable contributors being Hong Kong, Indonesia and Pakistan. The region also has a global market share of 60.7% of sukuk outstanding and is market leader in Islamic funds. The report states that Malaysia, Bangladesh, Brunei and Indonesia are currently among the most developed Islamic banking jurisdictions in Asia.

Jaiz Bank, others secure $50m for #SMEs financing

Jaiz Bank, Wema Bank and SunTrust Bank signed a Memorandum of Understanding (MoU) and secured $50 million from the Islamic Corporation for the Development of the Private Sector (ICD) for lending to SMEs. Under the terms of the MOU, SunTrust bank will get a financing of $10 million for lending purposes, Jaiz bank $20 million and Wema bank $20 million. Jaiz bank Managing Director Hassan Usman expressed his optimism about disbursement of the fund and said the bank has been supporting SMEs since it was created five years ago. According to Segun Oloketuyi, the Managing Director of Wema Bank, the funds will help bolster the Bank’s vision of building a sustainable retail sector by supporting micro, small and medium scale enterprises.

Orabank #Togo benefits from Islamic Development Bank’s support to SMEs

Oragroup received €40 million from the Islamic Corporation for the Development of the Private Sector (ICD). The funds which will be dispatched to various subsidiaries of the group such as Orabank Togo, will mainly be used to support small and medium enterprises (SMEs). According to Binta Touré Ndoye, Managing Director of Oragroup, this financing will help the region by creating jobs, accelerating industrialization and local processing, creating value, redistributing wealth, fighting poverty and contributing to the emergence of the middle class.

ICD Committed to Private Sector in #Cote d’Ivoire Through Direct Investments

The Islamic Corporation for the Development of the Private Sector (ICD) hosted a delegation from Cote d’Ivoire composed of 40 entrepreneurs, the Ambassador of Cote d’Ivoire in Saudi Arabia, the President of Chamber of Commerce of Cote d’Ivoire and the Vice president of the Confederation of Corporation of Cote d’Ivoire. The B2B Meeting was an opportunity to exchange on the opportunities of doing business in Cote d’Ivoire. ICD re-emphasized its commitment to support the private sector in Cote d’Ivoire through Direct Investments, Investments in dedicated Funds and through Line of Financing to financial institutions.

#Russia’s Sberbank inks MoU with ICD to offer Islamic finance products

Sberbank of Russia (SBR) has signed a Memorandum of Understanding (MOU) with the Islamic Corporation for the Development of the Private Sector (ICD) to help the bank’s clients access Islamic finance products. ICD senior regional manager Samir Taghiyev said the MoU would reinforce SBR efforts to develop Russia as a strong hub. He added that the ICD would help share its knowledge to develop the corporate, retail and private banking as well as the training needed. The MoU was signed by Okan Altasli, the Director of Regional offices at ICD and Oleg V Ganeev, Deputy Chairman of SBR. The document was signed on the sidelines of the 1st Russian Islamic Economy Forum co-organized by ICD, IAIB, Sberbank, KPMG and Thiqah in Moscow.

#Kazakhstan getting closer to implementing Islamic finance

Kazakhstan will host a meeting on the implementation of Islamic finance on March 5. The Islamic Corporation for the Development of the Private Sector (ICD) is organizing the event to discuss the development of Islamic finance with the further release of sukuk in Kazakhstan. The list of participants includes the regional manager of the ICD Samir Tagiyev, the representative of the Entrepreneurship Development Fund "Damu" Rustem Ismailov, the chairman of the Islamic Finance Development Association (ARIF) Timur Rustemov, along issuers and investors of the Kazakhstan Stock Exchange. The parties will also consider the ARIF projects on Islamic financing in Kazakhstan, as well as the possibility of the Kazakhstan Stock Exchange functioning as a platform for the development of Islamic finance.

#Mali's debut sale of Islamic bonds to fund social housing

The government of Mali will complete its first sukuk sale using a lease-based structure linked to affordable housing projects. The West African nation aims to raise 150 billion CFA franc ($285 million) via a seven-year deal that carries a profit rate of 6.25%. The sukuk uses an ijara structure that is underpinned by social housing projects in N‘Tabacoro in the southwest of the country. The sale is being arranged by the Islamic Corporation for the Development of the Private Sector (ICD), which has advised the governments of Togo, Ivory Coast and Senegal on their own sovereign sukuk. The sukuk assets are managed by Taiba Titrisation, a Senegal-based subsidiary of the ICD.

Chief executive of #Saudi-based ICD departs

The chief executive of the Islamic Corporation for the Development of the Private Sector (ICD) has stepped down to take a role with the Saudi government. Khaled Al-Aboodi joined the ICD in 2001 and took over as chief executive officer in 2007. Starting next month, he will join the Saudi Agricultural and Livestock Investment Co (SALIC) as Managing Director. The ICD has appointed Mohammed Al Ammari to lead the multilateral body on an interim basis, until a new chief executive is selected. As the private sector arm of the Islamic Development Bank, the ICD is tasked with supporting economic development across its 53 member countries.

Islamic finance assets seen at $3.8tn by 2022

The Islamic finance industry is climbing to new heights on the back of strong global demand for sustainable and socially responsible investments. According to the fifth edition of the Islamic Finance Development Report and Indicator, the growth of the industry is unabated despite an economic slowdown caused by the decrease in oil revenues. The report is the result of a joint research made by Thomson Reuters and the Islamic Corporation for the Development of the Private Sector (ICD). Mustafa Adil, Head of Islamic Finance at Thomson Reuters, says that Islamic finance can serve as a strategic tool for policymakers to cope with the slowdown, especially in the Middle East. The report estimates that the Islamic finance industry will reach a global asset volume of $3.8tn by 2022, up from $2.2tn at the end of 2016, which translates into an expected compound annual growth rate of 9.5%. The leading country remains Malaysia and the leading region the Gulf Cooperation Council (GCC).

The Islamic Corporation for the Development of the Private Sector (ICD) Signs Memorandum of Understanding with JANA to Test New Banking Model

The Islamic Corporation for the Development of the Private Sector (ICD) signed a Memorandum of Understanding (MoU) with JANA Bena'a Productive Families of Saudi Arabia in order to test a new banking model named Biniog Sathi. The MOU was singed by Khaled Al-Aboodi, the CEO of ICD and Mohammed Al Khamis, Chairman of JANA Bena'a Productive Families. The new banking model will resolve the problem of credit default in the banking industry with the help of Zakat and Sadaqa. JANA Bena'a Productive Families Centre provides interest free loans to support women in starting their own businesses.

Islamic finance assets projected to reach $3.8tr by 2022

According to the Islamic Corporation for the Development of the Private Sector (ICD), Islamic finance assets are projected to reach $3.8 trillion by 2022 from $2.2 trillion in 2016. In cooperation with Thomson Reuters, the ICD released its new report on Islamic Finance. In the report Bahrain features prominently among all GCC countries and second globally behind Malaysia. Bahrain is at the forefront of providing access to Islamic finance in addition to promoting it via education and financial literacy initiatives. The Central Bank of Bahrain recently released a new Shariah governance module which is impacting the Shariah compliance and governance standards of Islamic banks. Also, Bahrain continues to invest in technology and capitalize on the development of the ICT sector.

Afreximbank taps Islamic finance to support Africa trade

The African Export-Import Bank (Afreximbank) has raised around $260 million via three Islamic finance facilities to support small- and medium-sized businesses in the region. The Egypt-based bank obtained a $100 million financing from the Islamic Corporation for the Development of the Private Sector (ICD). It also signed two financing agreements with the International Islamic Trade Finance Corporation (ITFC) worth $100 million and 50 million euros ($59.8 million) to help finance exports among African countries. Both ICD and ITFC are part of the Saudi-based Islamic Development Bank group of companies.

Islamic #microfinance necessary for poverty eradication

The 7th Global Islamic Microfinance Forum successfully concluded in Istanbul between 24–28 November, 2017. The first two days of the conference focused on topics like Islamic microfinance financial technology, financial inclusion, Micro Takaful, Waqf and Zakat as Supportive Elements for Islamic Microfinance. In the next two days, Islamic Agriculture and Rural Finance, the role of Islamic finance in the rural development and micro takaful came under discussion. While addressing the inaugural ceremony, Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), said that Islamic microfinance was a core element of Islamic financial industry. Dr Amjad Saqib, Founder of Akhuwat Pakistan welcomed the guests and participants. He further announced that the next time such an event would be organised would be in London next year in October.

Thomson Reuters and the ICD just released its study on Islamic Finance, find out what it says

Thomson Reuters and the Islamic Corporation for the Development of the Private Sector (ICD) released the Islamic Finance Development Report and Indicator (IFDI) at the World Islamic Banking Conference 2017 held in Bahrain. The report studied key trends across five indicators: Quantitative Development, Knowledge, Governance, Corporate Social Responsibility and Awareness. The IFDI global average value recovered to 9.9 in 2017 from 8.8 in 2016. This reflected improved performances in each area. Malaysia, Bahrain and the UAE lead the IFDI country rankings for the fifth consecutive year, while the GCC remains the leading regional hub for the industry. The report also highlights how Islamic finance can help countries adapt to difficult economic conditions.

Islamic finance seen adapting to new economic conditions

The Islamic Finance Development Report and Indicator (IFDI) 2017 was presented at the 24th World Islamic Banking conference 2017 held from December 4 to 6 in Bahrain. The report was commissioned by the Islamic Corporation for the Development of the Private Sector (ICD) and put together by business intelligence provider Thomson Reuters. The report uses five indicators to measure the development of the $2.2tn Islamic finance industry, which are quantitative development, knowledge, governance, corporate social responsibility and awareness. This year, Malaysia, Bahrain and the UAE kept leading the IFDI country rankings for the fifth consecutive year, while the GCC remains the leading regional hub for the industry. Oman remained unchanged on rank four, while Saudi Arabia dropped two notches to rank seven, and Jordan, Qatar and Indonesia fell one notch each to ranks nine, ten and eleven. The big newcomer is the small Southeast Asian sultanate of Brunei, which made a jump from rank 14 to rank 9.

Islamic finance assets will grow 72% to $3.78trn

The total size of the global Islamic finance assets is projected to grow by nearly 72% to $3.78 trillion (Dh13.87 trillion) by 2022 from $2.2 trillion (Dh8 trillion) last year. According to the Islamic Finance Development Report, Malaysia topped followed by Bahrain, the UAE, Oman, Pakistan, Kuwait, Saudi Arabia, Jordan and Brunei in terms of industry growth. The report studied key trends across five indicators: quantitative development, knowledge, governance, corporate social responsibility and awareness. Khaled Al Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector, said Islamic finance was still tiny in comparison with the global financial industry, but the industry's rapid development suggested it would continue to grow.

ICD and BSIC Niger cooperate to finance SMEs in #Niger

The Islamic Corporation for the Development of the Private Sector (ICD) and BSIC Niger have entered into an agreement to finance SMEs in Niger. The line of financing agreement was signed for the amount of €9m under the Wakala structure. The collaboration will focus on developing SMEs, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country. Abakar Adoum, Managing Director of BSIC, said the signing of the agreement marked the beginning of a lasting partnership and SMEs will enjoy a mentoring that meets their needs at acceptable costs. SME clients will get access to a a 5-year line of financing. Adoum believes that other forms of partnership, like the opening of an Islamic window, will also develop in the near future.

ICD, Mizuho Bank (M) Berhad seal $150m #Murabahah deal

The Islamic Corporation for the Development of the Private Sector (ICD) and Mizuho Bank have formalized the signing of a Murabahah deal. The financing is earmarked for the purpose of scaling up of ICD’s projects in its selected 55 member countries. The $150 million Murabahah agreement is the second bilateral Islamic facility that has been extended to ICD by Mizuho Bank. The agreement was signed by Khaled Al Aboodi, CEO of ICD and Shojiro Mizoguchi, CEO of Mizuho Bank. Al Aboodi expressed his strong support for the partnership. Shojiro Mizoguchi said he was very proud to continue to work with ICD and looking forward to leverage on each other’s expertise and experience.

Source: 

http://saudigazette.com.sa/article/521372/BUSINESS/ICD-Mizuho-Bank-(M)-Berhad-seal-$150m-Murabahah-deal

#Master in Islamic Finance

The Islamic Corporation for the Development of the Private Sector (ICD) in collaboration with IE Business School offers a training program for the development of executives across the Islamic finance industry. The Master in Islamic Finance program has a blended format, combining on-site periods in Spain and Saudi Arabia with dynamic, interactive online modules to minimize the time away from work. The length of the training is 13 months and intake starts in October 2017. Throughout the program, participants will obtain practical knowledge of high-level financial tools, develop practical Islamic Finance technical skills and acquire leadership skills. Upon program completion participants receive a University Private Degree from IE Business School and IE Universidad. IE Business School is a school within IE Universidad, which is a University officially accredited by the Spanish education authorities.

ICD gets active in Africa to widen Islamic finance appeal

The Islamic Corporation for the Development of the Private Sector (ICD) is planning to increase its activities in Africa to widen the appeal of Islamic finance across the region. ICD chief executive Khaled Al-Aboodi said the ICD was helping develop Islamic finance channels, that is Islamic banks, investment and ijara companies, takaful and retakaful firms. Africa represents around 12% of the ICD’s cumulative investment approvals and this figure is expected to rise in coming years. Some of the projects will be led by Senegal-based Tamweel Africa, jointly owned by the ICD and Turkey’s Bank Asya. Tamweel already holds stakes in Islamic banks in Senegal, Niger, Guinea and Mauritania. Further Islamic banks will be established in Benin, Mali and Chad. In Tunisia, the ICD has teamed up with the newly created sovereign wealth fund, Caisse de Dépôts de Tunisie, to set up a $30 million (R315m) fund to support businesses. The ICD also hoped to improve access to sharia-compliant financing for small and medium-sized enterprises (SMEs) across Muslim countries, Al-Aboodi said.

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