THE Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, has signed a slew of MoUs with financial institutions during the 42nd annual meeting of IDB in Jeddah. The MoU with the Association for Azerbaijan-Arab Countries Cooperation (AACC) was signed in order to introduce Islamic banking products in Azerbaijan and to lobby for changes in Azerbaijan banking legislation to incorporate Islamic banking. With the signing of the MoU, the two institutions agreed to cooperate to facilitate information and expertise exchange in order to develop effective cooperation, which may include organizing joint investment forums, professional programs, market research, workshops, publications, study tours, qualifications, and much more. ICD's CEO and General Manager Khalid Al-Aboodi declared that this MoU is strategic for both parties. "We believe it will enhance cooperation between ICD and AACC in Islamic business and finance sectors, which reflects ICD's determination to deploy all efforts to encourage Islamic finance in the development of the private sector in Azerbaijan and in CIS region. Elshan Rahimov, chairman of AACC, said the political will of Azerbaijan President Ilham Aliyev plays an important role in the formation of the friendly relations existing between Azerbaijan and Arab countries. ICD, Russian-Kyrgyz Development Fund ICD, has signed MoU with Russian-Kyrgyz Development Fund (RKDF) in order to identify projects and programs for financing and co-financing in financial sector in accordance with the respective policies of each institution. The MoU envisages enhancing trade and investment opportunities in the country through co-financing and co-investments, with the aim of promoting inclusive growth and financial inclusion. Research collaboration and capacity-building programs that are tailored and demand-driven will also be conducted to better serve target markets. In addition, efforts will be focused on boosting support for Russian small-and-medium enterprises (SMEs), widely recognized as an important economic driver and key contributor to sustainable GDP growth. The MoU was signed by Al Aboodi and Kubanychbek Kulmatov, chairman of executive management board for and on behalf of the RKDF. ICD and Hamkorbank ICD, and JSC "Hamkorbank" have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. ICD's Al-Aboodi and Ikram Ibragimov, chairman of the supervisory board of JSC "Hamkorbank", signed the financing agreement for the amount of $12 million. The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country. Al-Aboodi stated, "ICD has been engaging with local banks in Uzbekistan to strengthen the SMEs. This MoU will enable us to establish an all-encompassing financial network to support local SMEs willing to develop their business in the country." ICD and KapitalBank ICD and JSC KapitalBank have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. Al-Aboodi, and Sherzod Karimbaev, deputy chairman of the management board of JSC KapitalBank, signed the financing agreement for the amount of $8 million. The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic banking in the country. Al-Aboodi said, "Uzbekistan is a one of our member countries and ICD has been successfully engaging with local banks to help the local SMEs and strengthen the economy. We are pleased to extend a line of financing facility to KapitalBank which will be enhancing the impact of socio-economic development." ICD and Asia Alliance Bank ICD and JSC Asia Alliance Bank have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. Al-Aboodi and Khakimov Umid, first deputy chairman of JSC Asia Alliance Bank, signed the financing agreements to the amount of $12 million. The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic banking in the country. ICD and Uzbek Leasing IntCooperate ICD and JSC Uzbek Leasing Int. have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. Al-Aboodi and Zafar Mustafaev, CEO of JSC Uzbek Leasing Int., signed the financing agreement for the amount of $7 million. The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic banking in the country. ICD and Ipak Yuli Bank ICD and OJSI Ipak Yuli Bank have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. Al-Aboodi, and Alisher Mirzaev, acting chairman of the management board on behalf of OJSI Ipak Yuli Bank, signed on behalf of their institutions. The collaboration will focus on developing private sector especially SMEs to support economy. It also aims to improve the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic banking in the country. ICD and Afriland First Bank of Guinea ICD and Afriland First Bank Guinea have entered into a Joint Strategic Collaboration to establish an Islamic window in Guinea. The MoU was signed by Al-Aboodi and Dr. Paul Fokam, chairman of Afriland First Bank. Through this advisory mandate, ICD is assisting Afriland First Bank in launching a dedicated Islamic window in Guinea by providing them with total solution covering Shariah, accounting, IT, Marketing and communication, Human Resources and legal aspects combined with an on-site extensive theoretical training and supported by on-job training in Islamic banks. Dr. Paul Fokam said, "The new Islamic banking window is a special opportunity to breed a new generation of entrepreneurs in Guinea and specially to empower hundred thousands of women involved in MUFFA network for making poverty history in Africa." ICD and China-Africa Development ICD and China-Africa Development Fund (CADFund), a Beijing-based private equity firm and subsidiary of the China Development Bank, which focuses on Africa, signed an MoU to boost ties. The envisaged cooperation reflects ICD and CADFund's goal of developing and establishing a strategic framework that focuses on improving the efficiency and efficacy of resource mobilization with third-party investors interested in participating and investing in the African Islamic Infrastructure Financing Fund (AIIFF). In addition, CADFund plans to work with ICD in the establishment of the AIIFF and/or with the AIIFF (following its incorporation) on promoting and financing infrastructure development projects in Africa. Al Aboodi and Shi Jiyang, president and CEO of CADFund, signed the MoU.
