The Islamic Corporation for the Development of the Private Sector (ICD) has signed a Memorandum of Understanding (MoU) with Bahrain-based Al-Baraka Banking Group to jointly provide Islamic financing services. The two parties also agreed to cooperate and work with each other on a non-exclusive basis to develop and enhance their relationship to their mutual benefit in areas of their business. ICD is the private sector arm of the Islamic Development Bank Group. The MoU was signed recently by Khaled Al-Aboodi, CEO and general manager of ICD, and Adnan Ahmad Yousef, chief executive officer of Al-Baraka Banking Group, according to a press statement published today.
