Saudi Arabia- Chad's Islamic finance moves get ICD involvement

(MENAFN - Arab News) The Islamic Corporation for the Development of the Private Sector (ICD), a private sector arm of the Islamic Development Bank Group (IDBG), and Chad's Ministry of Finance and Budget, have signed a partnership agreement aiming at the creation of a local leasing company (ijara) and a local Islamic bank compliant to the principles of Islamic finance.

Through this agreement, ICD will have its first footprint in the financial institution industry in Chad and will then contribute to promote the development of Islamic finance and support the small and medium enterprises (SMEs). The two future entities - leasing company and Islamic bank - will provide Shariah-compliant financial services and products with a special focus on the SME sector.

Khaled Al-Aboodi, CEO and MD of the ICD, has welcomed the signing of this partnership agreement that aims to support the private sector in Chad and also to provide a better access to finance for SMEs.

Minister of Finance and Budget of Chad Atteib Doutoum thanked the ICD and reaffirmed his full support to make the private sector a key player in the economic development of the country. He then promised to provide the necessary support of his Ministry to implement the two financial institutions.

ICD is a multilateral organization and a member of the IDB Group established in 1999 with a paid-up capital of 2 billion. 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 Shariah.

ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.

(Menafn.Com / 09 Jun 2013)

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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com