MANAMA — The Tunisian leasing firm El Wifack has signed an advisory services contract and a term sheet with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), in order to process and support its conversion to full Shariah- compliant Banking operations. The advisory agreement is designed to develop an advisory process in order to efficiently and effectively deliver full conversion: including to identify challenges and address impediments to this mutual collaboration. The ICD will dedicate seven key teams across the full conversion process: including in the areas of project management, Shariah-compliance, treasury, accounting, human resources, information technology, marketing and legal framework. The partnership agreement is designed to increase the capital and fully convert El Wifack Leasing firm into a fully-fledged Islamic financial institution in order to undertake commercial banking activities in Tunisia, and represents a groundbreaking move in the development of a strong and supportive Islamic financial sector in the country. With authorized capital of at least TND150 million the new bank will be a valuable addition to the Tunisian banking landscape, as well as opening the door to further development of Shariah compliant products and services for the Tunisian population. “The agreement will be a pivotal step in the development of a robust Islamic financial sector in Tunisia, which is currently in the early stages of progress, and we are pleased to assist El-Wifack in its strategic move towards Islamic operations,” Al Aboodi noted. In a related development, ICD and the Infrastructure Leasing & Financial Services Limited (IL&FS) signed a cooperation agreement for mutual cooperation and collaboration for the purpose of carrying joint project evaluations, project finance, advisory services and asset management in ICD member countries. The agreement was signed between the CEO and General Manager of ICD Khaled Al Aboodi and Shahzaad Dalal the CEO-International Business of IL&FS Group. ICD and IL&FS will work together in evaluating and structuring of infrastructure opportunities in the member countries of ICD. They plan to work jointly on achieving financial closure of projects. Furthermore, both institutions might provide advisory services to governments, public and private entities of member countries in different sectors. “This cooperation will enhance and strengthen the coordination of complementary activities, interests and capacities between the ICD and IL&FS towards promoting private sector development, providing advisory services and financing infrastructure projects in our member countries,” Al Aboodi said. — SG
