The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, and Mizuho Bank (Malaysia) Berhad, a subsidiary of Mizuho Bank, Ltd. have formalized a financing agreement Tuesday. The financing is for a term of two years and has been secured for the purpose of funding ICD's projects in its member countries. The $300 million Murabaha agreement is the first cross-border bilateral Islamic facility for Mizuho Bank (Malaysia) Berhad. The agreement was signed by Khaled M. Al Aboodi, Chief Executive Officer of ICD, and Shinichi Nishiyama, Deputy Chief Executive Officer of Mizuho Bank (Malaysia) Berhad. Also in attendance to witness the signing event was Dato› Seri Talaat Husain, Chairman of Mizuho Bank (Malaysia) Berhad and Mohd Mokhtar Ghazali, Board Member of Mizuho Bank (Malaysia) Berhad. Al Aboodi expressed his strong support for the partnership, saying: "We are proud of this landmark funding milestone which will support ICD in our continuous development work. Furthermore, the collaborative effort we are witnessing today is expected to strengthen the relationship between ICD and non-traditional partners in this region. Needless to say, ICD is committed to supporting Japan as the country works toward further developing the Islamic finance capabilities of its well-established financial institutions." Nishiyama said "we are very proud to partner with one of the most dynamic and reputable multilateral development institutions and play a role in supporting ICD's good work in its member countries. Indeed, this ground-breaking transaction marks yet another milestone for Mizuho Bank (Malaysia) Berhad and will further strengthen our capacity to develop our Shariah-compliant business. We look forward to a long-term partnership." — SG
