ICD Signs MOU with RKDF to cooperate in identifying projects that need financing

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of Islamic Development Bank (IDB) Group, has signed Memorandum of Understanding (MOU) with Russian-Kyrgyz Development Fund (RKDF) in order to identify projects and programmes 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 Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr. Mr. Kubanychbek Kulmatov Chairman of Executive Management Board for and on behalf of the RKDF.

During the signing ceremony, Mr. Khaled Al-Aboodi commented: “ICD and RKDF are founded on similar principles and mandate. We share the vision of promoting trade, foreign direct investment and inclusive economic growth on a country, which is full of potential. By joining hands, we can better combine our expertise and commitment to achieve greater economic prosperity for the benefit of all. Additionally, as we focus on the SME sector, we hope to unleash entrepreneurial energy and help attract private investment in ideas that are new, inspiring, and useful.”

Mr Kubanychbek Kulmatov noted that this Memorandum will allow developing joint steps, various financial instruments and applying the long-term experience of ICD for business opportunities in Kyrgyzstan”.

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.ICD-ps.org.

About Russian-Kyrgyz Development Fund

Russian Kyrgyz Development Fund provides specialized financing services for small and medium-sized enterprises in Kyrgyzstan. It provides medium- and long-term loans, through either partner banks or direct financing, in order to promote economic cooperation between the Kyrgyz Republic and the Russian Federation. Russian Kyrgyz Development Fund gives priority to the development of agriculture, textile industry, manufacturing, mining and metals industry, trade, transportation, housing and infrastructure projects. Russian Kyrgyz Development Fund was founded in 2014 and is headquartered in Bishkek, Kyrgyzstan.

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ICD Signs MOU with the Association for Azerbaijan-Arab Countries Cooperation (AACC) to introduce Islamic banking in Azerbaijan

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of Islamic Development Bank (IDB) Group, has signed Memorandum of Understanding (MOU) with the Association for Azerbaijan-Arab Countries Cooperation (AACC) in order to introduce Islamic banking products in Azerbaijan and to lobby for changes in Azerbaijan banking legislation in order 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 organising joint investment forums, professional programs, market research, workshops, publications, study tours, qualifications, and much more.

On this occasion, Mr. Khalid Al-Aboodi declared that this MoU is strategic for both parties. We believe it will enhance cooperation between ICD and AACC in the 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.

Mr. Elshan Rahimov, Chairman of AACC added that the political will of Azerbaijan President of Ilham Aliyev plays an important role in the formation of the friendly relations existing between Azerbaijan and Arab countries. Mr. Rahimov said that high-level economical and political relationship in recent years between Azerbaijan and Arab countries, expansion of cooperation between businesses, increasing visitors from Arab countries to Azerbaijan create favorable conditions for the development of the relations. We consider ICD as strategic partner in Arab region and by signing this MoU we cemented our relationships and it will help us to define our strategy for coming months. AACC together with ICD plans to host First investment Forum for the investors from Arab countries in October 2017 in Baku, Azerbaijan.

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Inquiries
Mr. Nabil El Alami
Email: nalami@isdb.org
Fax: +966 12 6444427
Tel: +966 12 6468192

About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.ICD-ps.org.

About Azerbaijan-Arab Countries Cooperation

The decision to create the “Cooperation of Azerbaijan and Arab Countries” Public Association is timed to President Ilham Aliyev’s initiative that 2017 has been declared the Year of Islamic Solidarity in Azerbaijan, and Baku currently hosting the Islamic Solidarity Games. The aim of establishment of the Association, in which, along with Azerbaijani businessmen, entrepreneurs from Arab countries will also be represented, is the strengthening of economic partnership between Azerbaijan and Arab countries through the promotion of mutual trade and investment, development of friendly relations between the states.

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ICD and JSC “Hamkorbank” Cooperate to Finance SMEs in Uzbekistan

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org), the private sector arm of IDB Group, and JSC “Hamkorbank” (www.HamkorBank.uz) have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.

Mr. Khaled Al-Aboodi CEO of ICD and Mr. Ikram Ibragimov, Chairman of the Supervisory Board of JSC “Hamkorbank”, signed the financing agreement for the amount of USD12 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.

Mr. Khalid Al-Aboodi, CEO of ICD 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.”

Mr. Ikram Ibragimov said, “We are delighted about this partnership with ICD and Hamkorbank. Through this partnership we intend to further provide high quality services to the clients, to stably develop our banking business, to grow together with our clients, partners and all stakeholders for the benefit of the country.”

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Note for Editors

About JSC “Hamkorbank”

Joint-Stock Commerical Bank “Hamkorbank” (www.HamkorBank.uz) is one of the fastest growing banks catering individuals, commercial companies as well as large, medium and small sized corporates.
The Bank intends to reach its goals by consolidating and by expanding its positions all over the country, improving the professionalism of its staff, improving the quality and the level of automation and technology related to the offered services in order to establish trustworthy relations with each client, focused on long-term and mutually beneficial cooperation. Further information can be found at www.HamkorBank.uz

Media Inquiries
Mr. Davron Akbarov
email: davronakbarov@yahoo.com
fax: +998 (74) 298 10 00
tel: +998 71 150 91 28

About the Islamic Corporation for the Development of the Private Sector

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org

Media Inquiries
Mr. Nabil El Alami
Email: nalami@isdb.org
Fax: +966 12 6444427
Tel: +966 12 6468192

Source:: ICD and JSC “Hamkorbank” Cooperate to Finance SMEs in Uzbekistan

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ICD and JSC “KapitalBank” Cooperate to Finance SMEs in Uzbekistan

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org), the private sector arm of IDB Group, and JSC “KapitalBank” (www.KapitalBank.uz) have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.

The CEO of ICD, Mr. Khaled Al-Aboodi, and Mr. Sherzod Karimbaev Deputy Chairman of the Management Board of JSC “KapitalBank”, signed the financing agreement for the amount of USD8 million during the IDB 42nd Annual Meeting.

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.

Mr. Khalid Al-Aboodi, CEO of ICD stated, “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 Kapital Bank which will be enhancing the impact of socio-economic development.”

Mr. Sherzod Karimbaev said, “We are delighted about this partnership with ICD and Kapital Bank. Through this partnership we are further committed to provide professional provision of wide spectrum of banking services which conform to the business needs of customers while promoting private entrepreneurship in the Republic of Uzbekistan.”

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Source:: ICD and JSC “KapitalBank” Cooperate to Finance SMEs in Uzbekistan

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