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

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.

ICD and Saturna launch #sustainable Islamic #fund

The Islamic Corporation for the Development of the Private Sector (ICD) and Saturna have announced the launch of the ICD Global Sustainable Fund. The fund is designed for investors who seek to align their investment goals with social values. The launch of the fund enhances Malaysia’s position as the marketplace of innovation. ICD serves as one of the Fund’s seed investors and advisor, while Saturna is the Fund’s investment manager. The Fund will invest at least 80% of its net assets in equities of global issuers that demonstrate sustainable characteristics. The firm uses a proprietary ESG rating system to identify issuers with sustainable characteristics. Investors can buy the Fund with no sales charge, paying only low administrative fees and transparent distribution fees.

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 Extends $5 Million Line of Finance Facility to Arab Gambian Islamic Bank

The Islamic Corporation for the Development of the Private Sector (ICD) and Arab Gambian Islamic Bank (Agib) have entered into a Joint Strategic Collaboration to finance the private sector in The Gambia. The financing agreement for the amount of USD5 million was signed by the CEO of ICD, Khaled Al Aboodi and Muhammed Jah, Chairman of Agib Bank. The collaboration will focus on developing the private sector, supporting the local economy and promoting Islamic Banking in the country. CEO of Agib Bank, Nuha Marenah, assured ICD of Agib Bank’s resolve to contribute to the socio-economic development of The Gambia. He also said Agib Bank has the capacity, both in terms of technology and human resources to manage the line of financing to the total satisfaction of all stakeholders.

ICD and KIMB signed a MoU to cooperate in Islamic #Microfinance

The Islamic Corporation for the Development of the Private Sector (ICD) and Al Kuraimi Islamic Microfinance Bank (KIMB) have entered into a Joint Strategic Collaboration to implement Islamic Microfinance Institutions. The memorandum was signed by the CEO of ICD, Mr Khaled Al Aboodi and the CEO of KIMB, Mr. Yousuf Al Kuraimi. The collaboration will focus on the implementation of Islamic Microfinance Institutions and Banks. KIMB will make equity investments conditioned upon ICD and its affiliates co-investing alongside. Special focus is on the provision of required technical and advisory services by ICD for the global expansion and diversification of KIMB’s current operations beyond Yemen.

ICD Signs MOU with the City Bank Limited to Strengthen Collaboration

The Islamic Corporation for the Development of the Private Sector (ICD) signed a Memorandum of Understanding (MOU) with City Bank Bangladesh in order to strengthen their collaboration. The signing ceremony was held at the 42nd Annual Meeting of the IDB Group in Jeddah, Saudi Arabia. The MOU was signed by the CEO of ICD, Mr Khaled Al Aboodi and Mr Sheikh Mohammed Maroof, Deputy Managing Director and Mr Mohammad Mahbubur Rahman, Chief Financial Officer of City Bank. The collaboration will encompass the areas of Term Finance, Public Private Partnership transactions, Lines of Finance and other areas. The signing ceremony was also attended by Mr Farid Masmoudi, Director of ICD, Mr Mahbub Jamil, Head of Structured Finance of City Bank and other high officials of both institutions.

ICD, the private sector arm of the Islamic Development Bank Group (“IDB”) cooperates with Coris Bank International to launch Islamic windows

The Islamic Corporation for the Development of the Private Sector (ICD) and Coris Bank International have entered into a Joint Strategic Collaboration to establish Islamic windows. ICD is assisting Coris Bank International’s subsidiaries in launching four dedicated Islamic windows in Cote d’Ivoire, Mali, Senegal and Benin. The advisory agreement was signed by the CEO of ICD, Mr. Khaled Al Aboodi and Mr. Idrissa Nassa, CEO and Chairman of Coris Bank International. Mr. Nassa stated that the signature of this advisory agreement with ICD aims to achieve the bank's objectives. The current strategy of the group is to implement an Islamic Window in all its banking network. In midterm the group aspires to create sharia compliant subsidiaries.

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.

$100m fund launched in #Bahrain to help #SMEs growth

A $100 million fund has been launched in Bahrain to invest in the country's small and medium-sized enterprises (SMEs). The initiative has been unveiled by the Islamic Corporation for the Development of the Private Sector (ICD) in partnership with Ibdar Bank and Labour Fund Tamkeen. The Bahrain SME Fund is a Shariah compliant mezzanine private equity fund which will target SMEs with high growth potential in consumer, industrial, ICT, education and healthcare sectors. Khalid Al Aboudi, CEO of the ICD, said that SME support is at the centre of ICD’s strategy as they seek to facilitate further prosperity in Islamic countries. Ahmed Al-Rayes, CIO of Ibdar Bank, added that the creation of this fund is aligned with the Bank’s mission to support Bahrain’s economic diversification through private sector growth.

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, Tamkeen & Ibdar launch $100million #Bahrain #SME #fund

The Islamic Corporation for the Development of the Private Sector (ICD) in partnership with Ibdar Bank and Labour Fund Tamkeen has announced the launch of the Bahrain SME fund. The Bahrain SME Fund is a Shariah compliant mezzanine private equity Fund which will invest in Bahrain’s Small and Medium Enterprises (SME’s). The Fund will target SME’s with high growth potential in consumer, industrial, ICT, education and healthcare sectors, as well as sectors experiencing dynamic change. The Fund will add immense value to Bahrain as a tool for SME growth and development where 90% of Bahrain enterprises are SMEs and their contribution accounts for about 30% of the Kingdom’s GDP.

#Japan keeps making inroads into global Islamic finance

Japan continues foraying into the global Islamic finance sector in order to benefit from previously untapped opportunities. The Japanese Mizuho Bank through its Malaysian subsidiary became the next bank to enter an Islamic finance deal by signing a murabaha credit facility agreement. The deal is valued at $300mn and was signed by Mizuho Bank and the Islamic Corporation for the Development of the Private Sector (ICD). The two-year financing term will be used to fund projects undertaken by ICD in its member countries and is the first cross-border bilateral Islamic facility for Mizuho Bank. The agreement follows a similar deal between the ICD and Bank of Tokyo-Mitsubishi UFJ on a $100mn murabaha facility back in 2014. Japan’s capital market regulator Financial Services Agency supports Japanese banks to conduct Islamic finance business by allowing their foreign subsidiaries to take Islamic deposits. Currently, the sector is waiting for amended banking regulations to enable banks to provide Islamic banking products on the domestic market for the first time.

Mizuho opens $300m Islamic #credit facility to Jeddah group

Mizuho Bank #Malaysia opened a $300 million credit facility to the Islamic Corporation for the Development of the Private Sector (ICD). The two-year deal will finance projects in the member countries of ICD. According to ICD Chief Executive Khaled Al Aboodi, the $300 million accounts for 24% of funding programs earmarked by ICD in 2017. He added that funds could be disbursed for hospitals in Gambia, manufacturing facilities in Tajikistan or trade finance in Maldives. For Mizuho Bank Malaysia, the deal marks its first cross-border bilateral Islamic facility based on the concept of Murabahah. The bank's deputy CEO, Shinichi Nishiyama, said lending to ICD will expose Mizuho Bank Malaysia indirectly to the markets in Islamic countries and they are looking forward to a long-term partnership with ICD.

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.

Syndicate content