The Islamic Corporation for the Development of the Private Sector (ICD) celebrates its 15th anniversary in Mozambique - African Business Magazine
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The Islamic Corporation for the Development of the Private Sector (ICD) celebrates its 15th anniversary in Mozambique

The Islamic Corporation for the Development of the Private Sector (ICD) celebrates its 15th anniversary in Mozambique

In conjunction with the 40th IDB Annual Meeting in Mozambique, ICD 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 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”.

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Written by African Business Magazine

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