newsletter - The Islamic Corporation for the Development of the

Islamic Corporation for the
Development of the Private Sector
EDITORIAL
ICD supports the economic development of its member countries
through the provision of finance for private sector projects. ICD also
promotes competition and entrepreneurship and provides advisory
services to governments and private companies and encourages
cross-border investments.
ICD now is internationally recognized via its considerable operations and/or its
Marketing and Communications outreach. Although progress is still needed, ICD
has clearly confirmed its expertise in a range of areas—we provide a range of
services in advisory to numerous clients, addressing their specific needs and turning
strategy into reality. In addition, we continuously produce numerous reports and
studies to showcase and complement our goals, and to date we have positively
contributed to many multi-faceted development projects in the private sector via
Shariah compliant transactions.
Currently, ICD is in a solid financial position due to a capital increase and
the increased participation in a number of projects, together with
improved governance and transparency in our daily operations. Our
corporation thus has the means to take up its positioning in the
member countries as it continues to grow and fulfil its objectives.
Mr. Khaled Al Aboodi
Issue No.11
NEWSLETTER
Rabi-ll- Rajab
Chief Exctuvie Officer
Meetings, Agreements and Memorandum of Understanding
BCEAO and ICD
in deal to boost SMEs
ICD and Shelter Afrique
sign a $25 million deal
Islamic Corporation for the
Development of the Private Sector
H.E Mr. Tiémoko Meyliet KONE, the Governor of BCEAO (Right) and
Mr. Khaled Al Aboodi (left), exchanging the agreement
Shelter Afrique, the Pan-African finance institution
exclusively supporting the development of affordable
housing and real estate sector in Africa, has entered into
an agreement with the ICD for the sum of USD 25M. The
agreement will be used for on-lending to other financial
institutions. More specifically, the loan will be used for
on-lending and project finance in ICD member countries.
QDB signs MoU with ICD
to boost SMEs in Qatar
Mr. Khaled Al Aboodi (left) and Mr. AbdulazizBin Nasser Al-Khalifa
(right), CEO of Qatar Development Bank exchanging the agreement
ICD and Qatar Development Bank (QDB) has signed a
Memorandum of Understanding (MoU). The MoU is a joint
strategic collaboration in examining innovative means and
opportunities to support small-and-medium enterprises
(SMEs) in Qatar. The MoU commits the two institutions to
share knowledge and expertise relating to the SME sector
in Qatar. A work group composed of key stakeholders and
experts from each party will be formed in order to work on
the feasibility of co-developing an investment and
financing vehicle that will focus on supporting and
developing SMEs and local businesses.
ICD and the Central Bank of West African States (BCEAO)
signed a Memorandum of Understanding on Cooperation. This
MoU provides a framework for partnership and establishes the
guidelines and the terms of cooperation between the ICD and
the BCEAO to support financing for SMEs / SMIs in the West
African Economic and Monetary Union (WAEMU).
ICD and CESAG
sign PACT on Islamic finance program
Mr. Khaled Al Aboodi (Right) and Professor Boubacar BAIDARI,
Director Generalof The African Centre for Advanced Studies
in Management (CESAG) exchanging the agreement
ICD and the African Centre for Advanced Studies in
Management (CESAG) signed an agreement for the
implementation of an academic program of Islamic Finance in
West Africa. This agreement involves University of
Paris-Dauphine as the third partner in carrying out this
initiative. The program aims to articulate certificate,
qualification, and diploma awarding training and research and
consulting activities in the field of Islamic finance. This is to
ultimately establish an academy of excellence in Islamic
finance in West and Central Africa.
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Meetings, Agreements and Memorandum of Understanding
ICD signs MoU with CNBM
to launch PPP scheme for
social infrastructure projects
Khaled Al Aboodi, CEO and GM of ICD (left) and the Vice President of CNBM-IE, Ms. Li Xuhui
(right), shake hands after the signing of agreemente
ICD and Saturna Sdn Bhd Partner
on Sustainable Islamic Investing
High ranking officials from ICD and Saturna Sdn.
during signing ceremony at Responsible Finance
Summit in Kuala Lumpur.
ICD and CNBM International Engineering Co. (CNBM-IE)
have signed a memorandum of understanding (MoU) to
conceptualize, develop and structure a global scheme
for the development of social infrastructure projects in
ICD’s 53 member countries. Under the scheme, a
Public-Private-Partnership (PPP) mode of development
called “Design-Finance-Build-Lease-Transfer” (DFBLT)
will be utilised in order to meet the funding gap.
ICD and Saturna Sdn. Bhd. (Saturna), a wholly-owned
subsidiary of US-based Saturna Capital Corporation, sign an
agreement to cooperate in offering sustainable Islamic
investment vehicles to investors. This partnership highlights
ICD’s dedication to promoting the adoption of responsible
investment principles in Islamic finance.
ICD, AIBL Bangladesh
in strategic alliance
ICD, Exim Bank of India
boost bilateral cooperation
Khaled Al Aboodi, CEO of ICD, with officials of the Al-Arafah Islami
Bank Limited, during signing ceremony in Dhaka, Bangladesh.
ICD, announced its strategic investment partnership with
Al-Arafah Islami Bank Limited (AIBL), the leading Islamic
bank in Bangladesh. With this landmark transaction, ICD is
expected to infuse growth capital of around $20 million
through 10% equity subscription in the capital of AIBL.
Khaled Al Aboodi, the CEO and GM of ICD (left), shakes hands with
Tarun Sharma (right), Regional Head of Exim Bank of India. With them
are, the IDB Group Vice President (CCD), Indian Ambassador to Saudi
Arabia Ahmed Javed, Indian Consul General B.S. Mubarak, and Zafer
Sareshwala, Chancellor, Maulana Azad Urdu University.
A Memorandum of Understanding (MoU) was signed between
the ICD and Export-Import Bank of India (Exim Bank). The
MoU envisages cooperation to explore the feasibility of
extending a commercial line of Credit of USD100.0 million to
ICD with the aim of facilitating the export of goods and
services from India to ICD’s member countries.
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Meetings, Agreements and Memorandum of Understanding
Bidaya Home finance
commences operations
Mr. Khaled Al Aboodi (left) and Mazin bin Ahmed Al-Ghunaim (right),
CEO at Bidaya Home Finance in the inaugural press conference
ICD extends $10m Murabah
facility to develop Uzbekistan
health sector
Khaled Al-Aboodi CEO and GM of ICD, third right cut the ribbon with high ranking
officials of Uzbekistan health sector during opening ceremony in Uzbekistan.
The CEO of ICD and the CEO of Bidaya Home Finance
attended the inaugural press conference to announce the
launch of Bidaya Home Finance. The company will begin
operations with a capital of SR900 million. Bidaya Home
Finance is a joint venture between the Ministry of Finance’s
Public Investment Fund and ICD. Bidaya offers professional
and reliable Shariah-compliant financial solutions to customers
and partner. The company’s short-term goal is to open three
service hubs in Riyadh, Jeddah and Dammam.
An opening ceremony of a unique multi-disciplinary medical
center, Vitamed Medical Center, was held in Tashkent,
Uzbekistan. ICD extended a $10 million Murabaha facility
for the financing of medical equipment, furniture and
fixtures required for the operations of the any.
ICD and Cote d’Ivoire
sign deal to set up sukuk program
ICD, CAD Fund sign MoU
to spur investment and growth
Khaled Al Aboodi, CEO and GM of ICD and Shi Jiyang, Chief Executive Officer
and President of CAD Fund, shake hands after the signing of agreement
The Republic of Côte d’Ivoire, acting through the Ministry of
Economy and Finance, closed an inaugural local currency,
CFA 150 Billion (USD 244 million) Sukuk al-Ijara. ICD acted as
the Lead Arranger. The sukuk with a five-year maturity, was
subscribed by regional and international institutional
investors. Retail investors from the eight member West
African Economic and Monetary Union (WAEMU) have also
subscribed.
At the sidelines of the landmark China-OIC Forum 2016 in
Beijing, a memorandum of understanding (MoU) was signed
between the ICD and China-Africa Development Fund (CAD
Fund), a Beijing-based private equity firm focusing on
Africa. The MoU envisages to enhance trade and investment
opportunities in 19 African countries through co-financing
and co-investments, with the aim of promoting inclusive
growth and financial inclusion.
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Snippets
ICD wins IFN of the Year 2015 Awards
DUABI, UAE: The ICD received two awards at the
industry-leading Islamic Finance news Deal of the Year
Awards for 2015. ICD contributed to both the ‘Africa Deal of
the Year 2015’; and ‘Sukuk Deal of the Year 2015’ for its role
in the CFA 150 billion (USD 244 million) Sukuk al-Ijara
(“Sukuk”) inaugural sovereign Sukuk from the Republic of
Cote d’Ivoire in December.
ICD organizes ninth ‘Club Sherpas’
meeting in Morocco
RABAT, Morocco: ICD is hosted all members of the IDFC
this year for the 1st Sherpa Meeting in 2016 the IDBG
regional office in Morocco (Rabat). By hosting this event, ICD
demonstrates its commitment to promote development best
practices and its willingness to work continuously with other
institutions by providing its expertise in Islamic finance and
market knowledge of its 53 member countries, Africa, the
Middle - East, Asia and Central Europe.
Global industry leaders to explore
China-OIC joint investment opportunities
China – Beijing: ICD hosted for the first time ever, a
groundbreaking event to connect investors and regulators
from Asia, Africa and the Gulf with senior decision-makers of
the world’s second-largest economy. The OIC China forum
was held in Beijing and with senior-level participation from
state-owned funds, regulators, multilateral institutions and
market players with the aim of enhancing partnerships
between key industry players and multilateral bodies as well
as identify joint investment opportunities.
Launching of the report
“China: The Time is Now”
China – Beijing: ICD released its latest report entitled
“China: The Time is Now”. The report was developed in
conjunction with the landmark China-OIC Forum 2016. The
report entails three sections: The History of China’s Economic
Development: “A Rocky Road from Socialism to
Consumerism”, China’s Economic Landscape: “Calibrating
China’s Economy” and Islamic Finance in China “An Impetus
to Growth”.
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5
International, Regional and Local Events
In the past three months, ICD attended and sponsored many
conferences, regionally and globally to promote the Islamic finance industry
ICD Organized with BADEA and in collaboration with THIQAH an Agriculture
Workshop in Khartoum, Sudan
ICD Organized business forum in Morocco
ICD participated in Africa Islamic Finance Forum in Casablanca, Morocco.
Date
ICD organized with RedMoney the China OIC Forum in Beijing, China
Event
Date
Location
17-18 Feb 2016
The CIS Global Business Forum
Dubai - UAE
17-18 Feb 2016
Sudan Investment Forum
Khartoum - Sudan
19 Feb 2016
Agriculture Business Forum
Khartoum - Sudan
22 Feb 2016
Top 50 Business Forum
Casablanca - Morocco
24-25 Feb 2016
Africa Islamic Finance Forum
Casablanca - Morocco
08 March 2016
4th Annual Saudi Arabia Institutional
Investor Forum
Riyadh - KSA
6-7 April 2016
IFN Asia
Jakarta - Indonesia
11-13 April 2016
Annual Investment Meeting
Dubai - UAE
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International, Regional and Local Events
Furthermore, the Knowledge Sharing and Legal Units organized the
following events during the second quarter of the current Hijri year:
Date
Feb 2016
April 2016
Title
Presenter
•
Nouadhibou Free Zone (NFZ)
From Concept to Reality
Mr Bakkar Maasher
Program Lead, IBES,
ICD
•
A new generation Banking Model
Mabroor Mahmood
Principal, Term Finance,
ICD
Building and Expanding Business in
Mr. Kamal
Azerbaijan, Kazakhstan, Uzbekistan
Mammadzada, Partner,
and Russia. The presentation included Dentons
information on the legal environment,
foreign investment promotion,
challenges, latest developments in
general and Islamic Finance legislation
and other topics.
Operational Performance
ICD approved 2 projects in the second quarter of 1437H for a total
approved amount of USD 10.64 million. This increases the total
number of projects since inception to 213 projects for a total
approved amount of USD 2.11 billion. At the end of the second
quarter of 1437H, the ICD’s direct investment exposure spread
over nine different sectors, where the Industry & Mining sector has
the largest share of the exposure with 48.1% followed by Real
Estate Sector with 35.8%. Saudi Arabia holds the highest portion
of direct investment’s exposure was with 21.8%, followed by
Mauritania With 18.1% and Egypt with 9.6%.
In the same period, in term of equity, ICD have an approval of USD
20.64 million equity investment in AIR-Arafat Islam Bank Limited in
Bangladesh and USD 5.51 million equity in Capitas Group
International in Saudi Arabia. Furthermore, ICD approved USD 44
million line of finance to financial institution in Burkina Faso, Mali
and regional countries.
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Social News
ICD wins IDBG
Intra Entity Cricket Tournament
JEDDAH: ICD beat IDB Operations by 19
runs to win back-to-back titles in the
IDBG Intra Entity Cricket Tournament
2016 at IDB cricket ground on the
outskirts of Jeddah. The match was
sponsored by Staff Social Club. At the
presentation ceremony, ICD captain Asif
and team manager Hussain Bahij were
presented with the winner’s trophy by
Asim Raza, Sayed Javed and Misbah (IDB
Cricket Committee members).
ICD cricket team wins IDBG intra entity Cricket Tournament.
KAUST won the ICD's
3 Annual Football Tournament in Jeddah
rd
JEDDAH: KAUST (King Abdullah University Science
and Technology) won the ICD 3rd Annual Football
Tournament, beating host team ICD at the Greenlawns
ground In IDB Group Complex. Both teams were
deserving finalists having topped their respective
groups. ICD defeated Ewaan in the other semifinal in
Champion team KAUST celebrates with the trophy and gold medals.
the tournament that began with eight teams, four
each in Group A and Group B. Heads of the ICD’s
along with high ranking officials and other dignitaries
from international organizations attended the final.
ICD football team
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