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

The Islamic Corporation for the Development of the Private Sector (ICD) Board of Directors names Al Ammari as Acting CEO & General Manager following departure of Al Aboodi

Mr. Al Ammari is assuming the position at the helm of ICD on an interim basis until the designation of a new CEO and General Manager

The Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org) named Mr. Mohammed Al Ammari as Acting CEO & General Manager, succeeding Mr. Khaled Al Aboodi, who has recently been appointed to lead the government-owned Saudi Agricultural and Livestock Investment Company (SALIC).  …

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

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

Both parties agreed that JANA will be incorporating the new model as a test case in its Qarde Hasanah Programme, which is now being operated in different parts of Saudi Arabia

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of Islamic Development Bank (IDB) Group (www.IsDB-pilot.org), signs today a Memorandum of Understanding (MoU) with JANA Bena’a Productive Families (www.JANA-SA.org) of Saudi Arabia in order to test a new banking model named “Biniog Sathi”.…

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

The Islamic Corporation for the Development of the Private Sector (ICD) and the IL&FS Investment Managers Limited (IIML) sign a joint venture Shareholder Agreement to establish a US$1bn Infrastructure Financing Fund focused on Africa

The Fund will target mainly the power and transportation sectors and will promote integrated projects within Africa

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IsDB) (www.IsDB-pilot.org), and the IL&FS Investment Managers Limited (IIML) (www.ILFSInvestmentManagers.com), the private equity arm of IL&FS Group, signed a Shareholder Agreement to establish an infrastructure Fund focused on…

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

The Islamic Corporation for the Development of the Private Sector (ICD) and African Export-Import Bank (Afreximbank) sign First-ever Line of Financing agreement

The USD 100-million line of financing facility will be utilized by Afreximbank to provide Shariah-compliant financing to small and medium-sized enterprises (SMEs) in its member countries in Africa

The Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-ps.org) and the African Export-Import Bank (Afreximbank) (www.Afreximbank.com) signed a Line of financing agreement for a USD 100-million facility. The USD 100-million line of financing facility will be utilized by Afreximbank to provide Shariah-compliant financing to small and medium-sized…

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

Trustbank Amanah, the first Islamic Bank in Suriname and region, to play an important role in the development of entrepreneurship and economic growth

Trustbank Amanah aims to develop, support and encourage Small and Medium Enterprises (SMEs) in accordance with Islamic Finance principles

Islamic banking has made its entry in Suriname with the approval of the Central Bank of Suriname (CBvS) for Islamic products and services in the banking sector. The official opening of Trustbank Amanah (www.TrustbankSuriname.com), the first Islamic Bank in Suriname and the region, took place on Thursday 7th of December…

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

Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance play a larger role in sustaining economic growth

The IFDI global average value, which acts as a barometer of the overall industry’s development, recovered to 9.9 in 2017 from 8.8 in 2016

Islamic finance assets grew 7% to US$ 2.2 trillion in 2016 Assets projected to reach US$ 3.8 trillion by 2022 Recovery in performance of all Islamic finance sectors as oil prices pick up Governments enhancing regulation to strengthen different areas of the industry Islamic financial institutions looking to consolidation and…

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

The Islamic Corporation for the Development of the Private Sector (ICD) and Shobak Wind Energy PSC (the “Project Company”) have signed facility agreements for a US$26 million

The Project, which will deploy 13 wind turbines supplied by Vestas Wind Systems, will be constructed over a 2-year period and have a total cost of approximately US$104 million

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org) and Shobak Wind Energy PSC (the “Project Company”) have signed the facility agreements for a US$26 million Shariah-compliant senior financing to part fund the construction of a 45 MW wind farm (the “Project”) in Jordan near the Shobak…

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

Signing of the USD 10 Million Line of Financing agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Micro-Credit Company Mol Bulak Finance from Kyrgyz Republic

The financial support to micro-entrepreneurs in Kyrgyzstan will contribute to poverty reduction, increase level of employment, and assist in the development of entrepreneurship and social mobilization

The Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-ps.org), the private sector arm of IsDB Group (www.IsDB.org), Mr. Khaled Al-Aboodi, and the Chief Executive Officer of the Micro-Credit Company Mol Bulak Finance (Mol Bulak), Mr. Babyrzhan Tolbaev, signed a Line of financing…

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

ICD and BSIC Niger Cooperate to Finance SMEs in Niger

Mr. Khaled Al-Aboodi CEO of ICD and Mr. Abakar Adoum, Managing Director of BSIC, signed the Line of financing agreement for the amount of 9 million euro under the Wakala structure or agency contract

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org), the private sector arm of IDB Group (www.IsDB.org), and BSIC Niger (www.BSICbank.com/niger) have entered into an agreement to finance SMEs in Niger. Mr. Khaled Al-Aboodi CEO of ICD and Mr. Abakar Adoum, Managing Director of BSIC, signed the…

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

The Islamic Corporation for the Development of the Private Sector (ICD) announces the signing of Islamic facility agreement with Mizuho Bank (M) Berhad

The USD150 million Murabahah agreement is the second bilateral Islamic facility that has been extended to ICD by Mizuho Bank (M) Berhad

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of Islamic Development Bank (IDB) Group (www.IsDB.org), and Mizuho Bank (M) Berhad, a subsidiary of Mizuho Banking Group, have formalized a signing of Islamic financing agreement today. The financing is earmarked for the purpose…