The Islamic Corporation for the Development of the Private Sector (ICD) celebrates its 15th anniversary in Mozambique
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Wednesday, June 10, 2015
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danielmjema.blogspot.com
PRESS RELEASE
Its
subsidiary Tamweel Africa Holding has already established multiple
Islamic banks in the region including across Senegal, Niger, Guinea and
Mauritania, with others in the pipeline for Mali, Chad, Benin and more
MAPUTO, Mozambique, June 9, 2015/ -- In conjunction with the 40th IDB Annual Meeting in Mozambique, ICD (http://www.icd-idb.com)
organized a cocktail/reception for IDB Governors, executive directors,
Mozambican officials and private sector representatives to celebrate its
15 years anniversary in developing the private sector in its member
countries.
ICD
is the leading Multilateral Financial Institution offering a multitude
of Islamic Finance investment and financing products and continues to
play an important role for the development of the private sector in its
member countries. ICD has also been successful in mobilizing resources
to bring highly needed investments in certain member countries through
the comfort it provides to other foreign investors by its own
participation in these projects. ICD also offers advice to governments
and private sector organizations to encourage the establishment,
expansion and modernization of private enterprises, the development of
capital markets and the adoption of best management practices.
ICD has received AA and Aa3 rating from Fitch and Moody’s respectively with stable outlook.
ICD
delivers direct investment and financing for larger scale projects.
Complementing the direct investment approach, ICD also reaches many more
local SMEs through the chain of channel financing. ICD invests in local
funds, Islamic banks, and leasing companies who then channel investment
funds to SMEs in their respective markets.
ICD
is committed in developing Islamic financial institutions, and it is
within the ICD 1440H (2020G) Strategy to establish at least one Islamic
financial institution per member country. ICD has successfully
established number of Ijara companies across the Member Countries and
countries with Muslim minorities, specifically in Tatarstan (Russian
Federation), Sudan, Kazakhstan, Tajikistan, Uzbekistan, Azerbaijan,
Kyrgyzstan, Palestine, Malaysia, Brunei and Albania. In addition, ICD
has a number of core activities in Africa and is seeking to increase its
scope in the continent. ICD is developing Islamic finance channels
including Islamic banks as well. Its subsidiary Tamweel Africa Holding
has already established multiple Islamic banks in the region including
across Senegal, Niger, Guinea and Mauritania, with others in the
pipeline for Mali, Chad, Benin and more.
ICD,
while embracing its developmental mandate, has developed the Islamic
Finance Talent Development Program (IFTDP) which is designed for
mid-career professionals who possess prodigious leadership competencies.
Its sole objective is to build up a pool of highly talented Islamic
finance executives who are capable of leading the industry in the
future.
Since
its inception, ICD has been active in over 40 countries, has helped
develop over 270 projects, and has invested over 3 billion dollars. It
has made a significant impact around the world.
Mr.
Khaled Al Aboodi, the CEO of the ICD, commented that: “ICD’s
investments have delivered significant developmental impact throughout
the Islamic world. Looking to the future, ICD has ambitions to make an
even greater impact as it continues to identify promising private sector
opportunities across the IDB Group’s member countries”.
Distributed
by APO (African Press Organization) on behalf of The Islamic
Corporation for the Development of the Private Sector (ICD).
SOURCE
Islamic Corporation for the Development of the Private Sector (ICD)
Habari Zingine
Mjulishe Mwenzako
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