Islamic Corporation for the Development of the Private Sector (ICD)
Source: Islamic Corporation for the Development of the Private Sector (ICD) |

ICD, Saba Islamic Bank (SIB) and Al-Kuraimi Islamic Microfinance Bank (KIMB) support Business Resilience of MSMEs in Yemen under BRAVE Project

The pilot phase will support around 300 firms in five key sectors (agribusiness, food processing, fisheries, garmenting and health care) through an integrated package of tailored training program and financial support in partership with four local banks

JEDDAH, Kingdom of Saudi Arabia, May 18, 2017/APO/ --

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-PS.org), the private sector arm of IDB Group, Saba Islamic Bank (SIB) and Al-Kuraimi Islamic Microfinance Bank (KIMB) have entered into partnership to support Business Resilience of MSMEs under the pilot phase of BRAVE Project currently implemented jointly with the Small and Micro Enterprises Promotion Services (SMEPS) – a subsidiary of the Social Fund for Development in Yemen.

The CEO of ICD, Mr. Khaled Al-Aboodi, and Mr. Mohammed Al-Ammari, Chairman of SIB and Mr. Yousef Al-Kuraimi CEO and Vice Chairman of KIMB, signed on behalf of their institutions during the IDB 42nd  Annual Meeting, which took place at Hilton Hotel in Jeddah.

The objective of the Business Resilience Assistance for Value-adding Enterprises (BRAVE) project aims to enhance the resilience of the private sector, as the engine of sustainable growth, against the impact of ongoing conflict. The pilot phase will support around 300 firms in five key sectors (agribusiness, food processing, fisheries, garmenting and health care) through an integrated package of tailored training program and financial support in partership with four local banks: Tadhamon International Islamic Bank (TIIB), SIB, KIMB, and National Bank of Yemen (NBY).

Mr. Khalid Al-Aboodi stated that “ICD and SMEPS as the local executing agency, have been successful in launching the initial stage of BRAVE pilot to receive applications from eligible SMEs across Yemen by engaging four local partner banks. We are pleased to witness today the signing with SIB and KIMB. The second round will include TIIB and NBY. We look forward to widen such partnership and include more participating banks upon the success of the pilot phase.”

Mr. Mohammed Al-Ammari said, “At SIB, we are further committed, through this partnership towards promoting private entrepreneurship and resilience in the Republic of Yemen at such difficult period. Such unique partnership with the local banks will be instrumental in the effective and inclusive implementation of BRAVE across the country.”

Mr. Yousef Al-Kuraimi noted, “We are delighted to be here today and take the partnership with ICD, SMEPS and the other participating banks towards more coordinated and streamlined implementation of BRAVE to ensure timely response and wider coverage of the most needy and most critical segment of the private sector which is the MSMEs. KIMB is always committed to contribute to such noble objectives.” 

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Inquiries:
Mr. Nabil El Alami
Email: NAlami@ISDB.org
Fax: +966 12 6444427
Tel: +966 12 6468192

About the Islamic Corporation for the Development of the Private Sector:
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-PS.org.

About Saba Islamic Bank:
Saba Islamic bank (SIB) is considered the second largest Islamic bank in Yemen. The Bank commenced operations on April 4, 1997 in accordance with Article No. 26 of law No 21 for 1996 regarding Islamic banks.  The Bank’s authorized, capital is YER 10 billion according to the Bank’s extraordinary general assembly decision on May 8, 2008. The Bank’s paid up capital as of December 31, 2014 was YER 9,292,104 thousands divided into 9,292,104 shares of a nominal value of YER1,000 each. SIB head office is in Sana'a having a net of 15 branches spread over most Yemeni governorates. Further information can be found at www.SabaBank.com. 

ALKURAIMI Islamic Microfinance Bank (KIMB):
KIMB was established based on the Microfinance Law N.15 for the Year 2009, because of the transformation of Al-Kuraimi Exchange Company. In the year 2010 and with the help of the Social Fund for Development (SFD), the company transformed into Islamic Microfinance Bank aiming at supporting the development of the nation by providing finance and savings. KIMB is accepting saving, and investing money according to Islamic Sharia. The bank got the final license from the Central Bank of Yemen in 02/06/2010. The bank has its head office is in Aden, having a net of 78 branches spread over most Yemeni governorates. Further information can be found at www.KuraimiBank.com.