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

ICD to open two new Islamic banks in Africa

The Islamic Corporation for the Development of the Private Sector (ICD) considers opening two new Islamic banks in the countroes of Mali and Benin in the coming year. This was announced by the CEO of the ICD - H.E. Khaled Mohammed Al-Aboodi - at the Islamic Banking Summit Africa in Djibouti. This way, Islamic financial services can be provided in a greatly underserved area. Furthermore, the corporation intends to issue a $200 million Sukuk which is to serve the Government of Senegal to provide liquid Islamic products for Islamic banks.

ICD starts sponsoring and investing in Islamic finance specialists in private sector

A memorandum of agreement (MOA) for a capacity building initiative of the private sector in the field of Islamic finance was signed between the Islamic Corporation for the Development of the Private Sector (ICD) and the International Centre for Education in Islamic Finance (INCEIF).
The MOA was signed by ICD’s CEO and General Manager Mr. Khaled Al-Aboodi and INCEIF President and Chief Executive Officer Mr. Daud Vicary Abdullah.
As a result of the agreement, the ICD will counterpart the INCEIF-implemented program Charted Islamic Finance Professional (CIFP) participants learning experience through its corporate attachments within ICD and its investee companies globally, with its reputable regional partners and within the IDB Group.

ICD, Kolon in deal to set up Islamic leasing companies in OIC

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and Kolon Corporation signed a memorandum of understanding (MoU) for jointly establishing Islamic leasing (ijara) companies to support small and medium enterprises (SMEs) in 57-member countries of the Organization of Islamic Cooperation (OIC).
The MoU was signed by ICD's CEO and General Manager Khaled Al-Aboodi and Kolon's CEO and President Kim Nam-soo.
The MoU arranges the establishment of a platform for mutual collaboration on market studies related to the leasing industry in countries where the project is to be initiated.

ICD adopts IFC's Master Cooperation Agreement

It appears that ICD has adopted IFC's Master Cooperation Agreement. This will help the collaboration between the two on private sector investments in the Middle East and North Africa and in emerging markets worldwide.
The Master Cooperation Agreement standardizes steps that lenders take when joining IFC to co-finance projects, increasing efficiencies and cutting costs to borrowers and lenders throughout the loan period.

ICD priorities: Financing of SMEs, food security and housing

The Islamic Corporation for the Development of the Private Sector (ICD) is currently engaged in challenging issues related to the financing of small and medium enterprises (SMEs), and projects providing food security and housing among member countries.
There already are some members that have potential for providing food security so that those who do not have such potential could benefit, and that include countries like Kazakhstan, Sudan and Indonesia.

Govt. of India urged to allow financial bodies to adopt Islamic practices

The International conference's conclusions on "Prospects for Islamic Venture Capital Funds in India" were that India needs to make steps to allow various financial institutions to adopt Islamic products and practices and to lay foundations of a level playing field in economics and finance in which all players are alloud to take part in a fair and just manner.
The organizers of the two-day International conference were the Institute of Objective Studies, (IOS), New Delhi and Indo-Arab Economic Cooperation Forum. The conference was held on May 14 & 15 May at the Parliament House Annexe. Foreign participants at the conference were: Dr. Rudy Yaksick, Partner, Concord Capital Partners LLC, from USA and Khaled M. Al-Aboodi, CEO & General Manager of Islamic Corporation for the Development of the Private Sector (ICD), Jeddah; Mr. Nabil El-Alami, Corporate Marketing & Communication Manager, ICD, Jeddah, KSA.

ICD offers Islamic finance study tours to Russian, CIS officials

The consensus at the pioneering inaugural Roundtable on "Islamic Finance in Russia and the CIS: Market and Regulation" which was held last week in Istanbul and organized by Bank Conference and largely sponsored by the Jeddah-based Islamic Corporation for the Development of the Private Sector was the following:
The intellectual argument for and the demystification of Islamic finance has gained much ground in Russia and the CIS countries over the last two years, but the political decision makers and bureaucracy, especially the banking regulatory authorities, still need to be convinced about the role an alternative Islamic system of financial management can play, especially in the aftermath of the global financial crisis. As such, Islamic finance in the region is at best a work in progress but the task ahead remains huge.

ICD ready to assist in developing Turkmen private sector

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, signed a Memorandum of Understanding (MOU) with the State Bank for Foreign Economic Affairs of Turkmenistan in Ashgabt, to promote mutual cooperation between ICD and the private sector particularly the small and medium enterprises (SMEs).
The MOU provides a general framework to facilitate cooperation in promoting economic development and emphasize priorities for joint action on accelerating private sector contribution to the country’s GDP especially in the financial, agricultural, logistics, affordable housing, services and manufacturing industries.

ICD signs MoU to promote SEZs

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), the Statistical, Economic & Social Research & Training Center for Islamic Countries (SESRIC) and the Economic Policy Research Foundation of Turkey (TEPAV) signed a memorandum of understanding (MOU) to promote and support the development of Special Economic Zones (SEZs).
Khaled Al-Aboodi, CEO and General Manager of ICD, Dr. Savas Alpay, Director General of SESRIC and Dr. Umit Ozlale, Director of TEPAV, signed the MOU in Istanbul, Turkey, on Oct. 6 on the sidelines of the 26th Session of COMCEC.
The institutions will liaise with one another and would also consider supporting each other through jointly conducting due diligence on specific feasible projects that have been identified for possible cooperation.

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